Oddo BHF - Ferrari NV (RACE) Ferrari : Des perspectives toujours dynamiques et une visibilité unique

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Oddo BHF

Anthony Dick ...

Michael Foundoukidis

Ferrari : Des perspectives toujours dynamiques et une visibilité unique

Depuis son dernier CMD (06/2022), Ferrari affiche une performance boursière et financière Best-in-class. Après un certain « ralentissement » en 2025 lié au cycle produit, nous attendons une forte réaccélération en 2026 (BPA +17% y-o-y), puis, sur l’horizon du prochain BP (2026/30), une performance moins exceptionnelle, mais toujours très robuste (TMVA BPA 10%) et, surtout, d’une visibilité unique. Le relèvement de nos estimations 2026/27 et la relative détente des multiples nous permettent de réitérer notre opinion Surperformance, avec un OC relevé de 455 € à 470 €.

30/09/2025 1 FR

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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Oddo BHF

Ferrari : A still dynamic and uniquely visible outlook

Since its last CMD (06/2022), Ferrari has posted best-in-class stock market and financial performance. After a temporary “slowdown” in 2025 linked with product changeovers, we expect firm reacceleration in 2026 (EPS + 17% y-o-y), followed by less exceptional but still very robust performance over the next BP (2026-2030 EPS CAGR 10%), with still unique visibility. On these strengths, an increase in our 2026/2027e estimates and a relative easing of the stock’s multiples, we reiterate our Outperform rating, with a target price raised from € 455 to € 470.

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GlobeNewsWire

FERRARI RENEWS THE PARTNERSHIP WITH CEVA LOGISTICS

FERRARI RENEWS THE PARTNERSHIP WITH CEVA LOGISTICS Maranello (Italy) September 30, 2025 – Ferrari N.V. (NYSE/EXM: RACE) announces the renewal of multi-year partnership between Ferrari S.p.A., its wholly-owned Italian subsidiary, and CEVA Logistics (CEVA France SASU), a world leader in 3rd party logistics. Under the terms of the agreement – signed today and taking effect on January 1, 2026 – CEVA Logistics will continue to support Ferrari's racing and logistic activities. For further information:Media Relationstel.: Email: Attachment

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Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada offered initially 7NC1 EUR 550m SS FRNs to refinance non-portable SS FRNs and amounts drawn under the RCF and later materially upsized the transaction in a unique move to address the EUR 600m SS FRNs due 2030. Closing of the CapVest/Stada transaction (a very large one for CapVest with reportedly EUR 10bn AuM) is expected for Q1 26. We do not expect regulatory headwinds. We change our Credit Opinion to Stable (vs. Positive) as Stada left the IPO route. The refinancing is a leverage-neutral transaction. Starting net leverage is at 5.7x. Note the EUR 1.4bn of PIK debt outside the restricted...

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Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

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ODDO : Une hiérarchie défensive dans un cycle négatif

Les 3 acteurs évoluent dans un environnement sous contrainte, à l’origine de résultats en fort repli et d’incertitudes sur le timing de la reprise de cycle. Nous révisons en baisse nos estimations (-8% sur le ROC 2025/27 en moyenne). Notre hiérarchie privilégie la qualité des bilans, l’exposition à l’Europe et la communication transparente. Cela nous amène à mettre en avant Manitou (Surperformance ; OC 25 €) vs Exel Industries (Neutre ; OC 40 €) et Haulotte (Sous-performance, OC 1.15 € vs 2 €).

2h / 36m 2h / 36m 1 FR

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Ferrari : Des perspectives toujours dynamiques et une visibilité unique

Ferrari : A still dynamic and uniquely visible outlook

FERRARI RENEWS THE PARTNERSHIP WITH CEVA LOGISTICS

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

ODDO : Une hiérarchie défensive dans un cycle négatif

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