RACE - Ferrari N.V.

NYSE - NYSE Delayed Price. Currency in USD
153.22
-1.89 (-1.22%)
At close: 4:02PM EDT
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Previous Close155.11
Open154.01
Bid150.01 x 900
Ask153.08 x 2200
Day's Range152.92 - 155.65
52 Week Range93.85 - 170.54
Volume731,699
Avg. Volume398,060
Market Cap38.329B
Beta (3Y Monthly)1.15
PE Ratio (TTM)34.16
EPS (TTM)4.49
Earnings DateJan 31, 2018 - Feb 5, 2018
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2018-04-23
1y Target Est170.32
Trade prices are not sourced from all markets
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  • Thomson Reuters StreetEvents

    Edited Transcript of RACE earnings conference call or presentation 2-Aug-19 1:00pm GMT

    Q2 2019 Ferrari NV Earnings Call

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    A few months ago, it looked like auto stocks were being left in the dust as a result of widespread sales declines. Auto data firm Edmunds reported on June 26 that auto sales fell 2% during the first half of 2019, representing the industry’s second year-over-year sales dip since the Great Recession. Sales for the whole year are expected to drop to 16.9 million, down from 17.3 million in 2018. However, with lower interest rates and higher inventories presenting attractive buying opportunities for consumers, analysts argue that opportunities can once again be found within the automotive industry for compelling investments.Here are 3 auto stocks that analysts believe are revved up and ready to go. Ford Motor Company (F) While Ford shares have plummeted 7% in the last month, some analysts are saying now is the time to buy. The company has shifted efforts towards restructuring its operations. Management has stated that the focus of the European segment of its business will now be placed on its commercial vehicle sales, as that is its strength in the region. F has also made progress in reducing its capital expenditures and getting its EBIT margin closer to 6%. Ford announced that it will spend $11 billion over the next few years to develop and manufacture electric vehicles. It will start developing electric, hybrid and plug-in hybrid-power versions of the Explorer and Escape, its two most popular SUV models. They are expected to be released in 2020. To appeal to construction workers, F is designing an electric F150 pickup truck. The trucks would be able to charge power tools. On July 12, the company announced that it had expanded its partnership with Volkswagen AG (VWAGY) to add autonomous and electric vehicles to the list of joint projects.Morgan Stanley believes that the dip represents a unique buying opportunity for investors. Top analyst, Adam Jonas, upgraded F to a Buy and set a $12 price target, suggesting 26% upside potential. “Our upgrade is driven by three main factors: (1) restructuring actions; (2) strategic actions; and (3) product mix enhancement. Additionally, our previous concerns over Ford’s ability to maintain its dividend payment have largely subsided,” he said on August 6. UBS analyst, Colin Langan, agrees that investors should buy Ford while the stock is down. On July 1, he reiterated his Buy rating while raising the price target from $12 to $13. He believes share prices could surge by 36% over the next twelve months. The analyst boasts a 67% success rate and gets an average return of 10% per rating. F has a ‘Moderate Buy’ analyst consensus and a $12 average price target, indicating 29% upside potential. General Motors Company (GM)Despite a drop in income from China, analysts tell investors not to worry. On August 1, General Motors reported that its second quarter net revenue dropped 2% from the prior-year quarter to $36.1 billion. The decline occurred after its China income plummeted over 60% from the year-ago quarter. GM’s domestic deliveries of full-size trucks were also down 7% year-over-year. Management highlighted the fact that despite the delivery and income dip, operating profit in North America remained stable at almost $5 billion. The company did report double-digit sales growth for its crew-cab pickups in each of the first two quarters of 2019, implying that the underlying demand for the company's trucks remains strong. GM also increased its annual production capacity by 20,000 units for light-duty trucks and 40,000 units for heavy-duty trucks. “As a result, sales of light-duty trucks -- the higher-volume part of the market -- should return to growth in the second half of 2019. Supply constraints may continue to weigh on sales of heavy-duty trucks this quarter, but sales growth should resume before year-end in that segment, too,” top financial blogger, Adam Levine Weinberg writes. Citigroup analyst, Itay Michaeli, believes that “GM has a story that is unique and compelling”. On August 2, he reiterated his Buy rating and raised his price target from $67 to $68. Michaeli believes share prices could skyrocket by 73% in the next twelve months. “Its fleet age that suggests pent-up demand through 2024 and pickups appear less susceptible to industry disruption. We like management’s confidence about the second half outlook, and while the consensus has GM turning in a year over year decline in 2020, we believe GM can grow EPS next year,” the analyst said. The Street is bullish on this auto stock. GM boasts a ‘Strong Buy’ analyst consensus and a $53 average price target, suggesting 34% upside. Ferrari NV (RACE)Ferrari stands out from the other stocks on our list because it doesn’t want to sell too many cars. Its luxurious image and brand reputation are built on its exclusivity and high prices. RACE trades at 35x its estimated 2020 earnings, vastly exceeding the Russell 3000 Auto & Auto Parts Index’s 9.7x multiple. Its margin on EBIT is 24.1%. Bayerische Motoren Werke AG (BMWYY), Ford and GM all trail behind at 8.1%, 2.5% and 6.8%, respectively. By the end of 2022, the company plans to develop 15 new models. Management claims the sales generated from these models could almost double its profits, making the company more secure as U.S. light vehicle sales slow down. Top financial blogger, Daniel Miller, argues that Ferrari’s first SUV, which is expected to be released in 2022, could send margins even higher. “Even more intriguing are its plans for its first SUV, which could boost margins even higher and appeal to more Chinese buyers, who crave SUVs. The number of wealthy consumers in China has grown large enough that Ferrari can expand its sales there without compromising its brand exclusivity or watering down its pricing,” he writes. Societe Generale analyst, Stephen Reitman, agrees that Ferrari’s growth is poised to speed up. On August 5, he upgraded the rating from a Hold to a Buy and raised the price target from $141 to $183, suggesting 16% upside. “Ferrari is targeting over 38% EBITDA margin in FY22, a level likely to match European luxury goods sector outlier Hermès, whose business model Ferrari increasingly resembles, in our view. We now believe it can justifiably be valued on Hermès’ multiples,” he said. RACE has a ‘Strong Buy’ analyst consensus and a $182 average price target, implying 15% upside. Discover Wall Street’s top-rated stocks over the last week

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  • Ferrari N.V. (RACE) Q2 2019 Earnings Call Transcript
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  • Ferrari's Growth Momentum on Profit, Shipments Slows Down
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    (Bloomberg) -- Supercar manufacturers typically operate in the rarefied sphere of recession-proof consumption, where wealthy customers possess enough money to drop $300,000 or more on their purchases.On Friday, Ferrari NV experienced the limits of that behavior, reporting growth in the second quarter far behind the first three months of the year, sending its stock tumbling. Both profit and shipments slowed from more buoyant demand at the start of the year.The shares fell as much as 6.9%, before closing 4.4% lower in Milan trading. Ferrari fell the most in almost ten months after climbing 70% this year before Friday’s setback. Some investors had hoped to see a raised outlook, which didn’t materialize. It shows even a supercar maker isn’t immune to a car market that has rapidly deteriorated in recent months, with companies from Daimler to BMW to Toyota cutting their goals as customers have second thoughts about purchases.The company’s deliveries rose 8% during the second quarter compared with last year, less than a 23% gain during the first three months of the year, Ferrari said. Sequentially, shipments and profits were flat. The slowdown followed rival Aston Martin Lagonda this week reporting lower vehicle prices, an ominous development for an elite brand.Still, Chief Executive Officer Louis Camilleri pointed to an acceleration in demand in coming months.“Ferrari’s order book has reached record-levels,” Camilleri told analysts on a call, with the pace of orders set to quicken during the remainder of the year.The carmaker plans to unveil a record five new models in the coming months with a goal of delivering about 10,000 vehicles in 2019, he said. That’s up from total shipments of 9,251 cars last year.Operating return on sales was “a touch” worse than expectations, Mediobanca analyst Andrea Balloni said in a note. Ferrari’s own forecast range on annual operating profit is below market expectations, he said.While rising sales of the entry-level Portofino model continue to drive volumes, this was partially offset by lower deliveries of high-end vehicles like the 488 GTB, Ferrari said. Adjusted earnings before interest and amortization rose to 314 million euros ($349 million). Analysts’ estimates averaged 315.1 million euros.Ferrari’s results remain more encouraging than the profit warnings and sharp declines in profit across other manufacturers. The industry faces an economic slowdown and trade tensions against a backdrop of the need for unprecedented spending on electric cars.Demand in China has shrunk 12% through June, as Ferrari’s deliveries in the world’s biggest car market jumped up by more than half.Ferrari fell 3.8% to 143.70 euros at 5:34 p.m. in Milan trading.Profit GoalCEO Camilleri is pursuing a target to generate 2 billion euros in operating profit before some items no later than 2022 for the brand with the prancing-horse logo. To get there, he’s planning more profit-boosting limited-edition sports cars.In May, Ferrari showed off its plug-in hybrid designed for a full production run, the 1,000-horsepower SF90 Stradale, designed to keep pace with tightening emissions regulations while still satisfying its power-hungry customers.\--With assistance from Karen Lin.To contact the reporter on this story: Daniele Lepido in Milan at dlepido1@bloomberg.netTo contact the editors responsible for this story: Elisabeth Behrmann at ebehrmann1@bloomberg.net, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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