Oddo BHF - Ferrari NV (RACE) Ferrari : Citius, Altius, Fortius

Report

Oddo BHF

Anthony Dick ...

Michael Foundoukidis

Ferrari : Citius, Altius, Fortius

>Another excellent quarter, 2024 guidance raised and still conservative - Yesterday during trading hours, Ferrari published Q2 results that were once again excellent and above forecasts (EBIT +9% vs cons., EPS +14%). The group posted strong growth at all levels with EBIT up 17% y-o-y, +16% q-o-q, and a record margin of close to 30% (29.8%), i.e. already the high end of the 2026 guidance. Specifically, we note a very strong price/mix impact (€ 423k/car excl. sales tax ...

02/08/2024 1 EN

Underlying

Ferrari NV

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NL0011585146 Netherlands

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.

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Analysts

Anthony Dick

Michael Foundoukidis

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GlobeNewsWire

Ferrari N.V.: Periodic Report on the Buyback Program

Ferrari N.V.: Periodic Report on the Buyback Program Maranello (Italy), September 16, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 250 million share buyback program announced on June 28, 2024, as the fifth tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “Fifth Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the Euronext Milan (EXM) and o...

September 16, 2024 September 16, 2024 1 EN

GlobeNewsWire

Ferrari N.V.: Periodic Report on the Buyback Program

Ferrari N.V.: Periodic Report on the Buyback Program Maranello (Italy), September 10, 2024 – Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the “Company”) informs that the Company has purchased, under the Euro 250 million share buyback program announced on June 28, 2024, as the fifth tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “Fifth Tranche”), the additional common shares - reported in aggregate form, on a daily basis - on the Euronext Milan (EXM) and o...

September 10, 2024 September 10, 2024 1 EN

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Ferrari N.V.: 1 director

A director at Ferrari N.V. sold 2,500 shares at 438.742EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

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September 6, 2024 September 6, 2024 1 EN

Mercedes-Benz AG : Profit warning : la Chine tourne au cauchemar

>Profit warning; -20% sur l’EBIT 2024, la Chine premier coupable - Mercedes-Benz a émis hier soir un avertissement sur sa guidance 2024. Le groupe cite, en particulier, une poursuite de la détérioration de l’environnement en Chine et, dans une moindre mesure, des ajustements de participations. Dans le détail, le groupe prévoit désormais :Une marge d’EBIT Auto ajustée comprise entre 7,5 et 8,5% (vs 10-11% précédemment et un consensus VA à 10,1%), avec un S2...

3m 3m 1 FR

Jean-François Granjon

Jean-François Granjon

Crit : Résilience et surperformance vs le marché

>Une bonne résilience des marges - Les résultats semestriels ont plutôt été de bonne facture avec certes, un tassement des marges, mais une baisse limitée des résultats. Ainsi, la marge d’EBITDA s’est affichée à 4% vs 4.5% en repli de 50 pb. Cela a été le cas pour le périmètre France (-70pb, 3% vs 3.7%) et pour le périmètre international (3.5% vs 4.3% malgré la contribution relutive de OpenjobMetis). Cette érosion des marges s’explique principalement par la moindre ac...

9m 9m 1 FR

Jean Danjou

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Richemont : More challenging environment in China and visible reductions to our estimates but still an enviable position relative to the rest of the sector

>A more cautious view on the sector outlook leads us to adopt a more conservative growth scenario for the group for FY 2024-25 and FY 2025-26 - We think that growth in the luxury goods sector is unlikely to improve significantly in H2 2024 after slight growth in H1 of +1%/+2% given that luxury goods consumption in China is showing increasing signs of weakness. While the group and notably its jewellery division (Jewellery Maisons) probably continued to grow in Q2 (ca...

15m 15m 1 EN

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Ferrari : Citius, Altius, Fortius

Ferrari N.V.: Periodic Report on the Buyback Program

Ferrari N.V.: Periodic Report on the Buyback Program

Ferrari N.V.: 1 director

Mercedes-Benz AG : Profit warning : la Chine tourne au cauchemar

Crit : Résilience et surperformance vs le marché

Richemont : More challenging environment in China and visible reductions to our estimates but still an enviable position relative to the rest of the sector

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