Report
Ferrari Group PLC : In a luxurious position
Founded in 1959, Ferrari Group PLC (Ferrari) is a family-owned global luxury logistics company. With a strong focus on providing services to hard luxury brands, Ferrari generated sales of € 333m and adjusted EBITDA of € 90m in 2023. It reported a 2021-2023 sales CAGR of 19%, and EBITDA CAGR of 18%. Ferrari has a recurrent client base with low price-sensitivity, and it is financially strong with a net cash position including leases of € 75m at 9M 2024. In the medium term, Ferrari expects annual sales growth of 6-8%, and an EBITDA margin of 27-29%. Ferrari expects ordinary capex of 2% of sales and a dividend pay-out ratio of at least 40%. We initiate coverage on Ferrari with an Outperform recommendation and a target price of € 11.
Underlying
FERRARI GROUP PUBLIC LIMITED COMPANY
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Robert Jan Vos
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