Ferrari N.V.

RACE

426.93 (0.38%) 1.64

76.49(B)

Consumer Discretionary

Automobiles

Ferrari N.V. through its subsidiaries engages in design engineering production and sale of luxury performance sports cars worldwide. The company offers range special series Icona and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars and spare parts and engines as well as after sales repair maintenance and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods. In addition the company operates Ferrari museums in Modena and Maranello; Il Cavallino restaurant in Maranello; and theme parks in Abu Dhabi and Spain. Further it provides direct or indirect finance and leasing services to retail clients and dealers; manages racetracks; develops and sells a range of apparel and accessories; and operates franchised and owned Ferrari stores. The company also sells its products through a network of authorized dealers operating points of sale as well as through its website. The company was founded in 1947 and is headquartered in Maranello Italy.

Holdings:

Cost basis:

Ferrari N.V. (RACE) price target and intrinsic value estimate

RACE's fair price estimate is $176.2

This valuation is based on a fair P/E of 20.2 and EPS estimates of $8.73

The median analyst price target for RACE is $499.4.

Analyst price targets range from $387.4 to $558.7

Is RACE overvalued or undervalued?

RACE is currently trading at $426.93

RACE is overvalued by 142% using the pevaluation method.

RACE is undervalued by 15% compared to median analyst price targets.

Do you agree with this valuation?

Valuation

PEvaluation

Low $132.1

Median $176.2

High $220.2

Fair P/E

Margin of safety

Analyst valuation

Low $387.4

Median $499.4

High $558.7

Strong Buy4

Buy6

Hold3

Sell0

Strong Sell1

Discounted cash-flow

TTM FCFFCF est.Growth FCFTerminal FCF

Discount rate:

10%

Terminal rate:

Growth phase length:

Growth phase rate:

10%

Economic moat: Very wide

Overview

Market data

Market cap:$76.49(B)

Enterprise value:$78.28(B)

Total Equity:$3.72(B)

Shares outstanding:179.16(M)

Div. yield:0.64%

P/S:10.68

P/E:48.24

P/FCF:47.54

P/B:20.61

EPS:$8.8

FCF per share:$9.0

Dividend per share:$2.7

Income (TTM)

Revenue$7.20(B)

Gross profit$3.58(B)

EBITDA$2.33(B)

Net income$1.59(B)

Gross margin49.8%

Net margin22.1%

Balance sheet

Total assets$10.01(B)

Total liabilities$6.28(B)

Cash & Short-term inv.$1.67(B)

Long-term debt$1.94(B)

Debt issued$828.19(M)

Debt repaid$-216.92(M)

Cash flow (TTM)

FCF$1.61(B)

CapEx$-569.92(M)

Dividends paid$-489.18(M)

Stock issued$0

Stock repurchased$-575.43(M)

Stock-based comp.$34.86(M)

Future Growth

Revenue

CAGR: 7.8%

FY+1$6.94(B)

FY+2$7.48(B)

FY+3$8.13(B)

FY+4$8.89(B)

FY+5$9.35(B)

Net Income

CAGR: 10.6%

FY+1$1.53(B)

FY+2$1.67(B)

FY+3$1.87(B)

FY+4$2.19(B)

FY+5$2.29(B)

EPS

CAGR: 11.5%

FY+1$8.52

FY+2$9.44

FY+3$10.65

FY+4$12.47

FY+5$13.16

FCF per share

CAGR: 8.5%

FY+1$12.11

FY+2$13.73

FY+3$15.18

FY+4$15.48

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Historical Financials

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YearlyQuarterly

Income

RevenueNet IncomeCOGSGross ProfitTotal OpEx.R&DSG&AOperating IncomeInterest ExpenseInterest IncomePre-tax incomeIncome tax

Cash flow

FCFCFONet IncomeD&AStock-based Comp.CFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures

Balance sheet

Total AssetsTotal LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EGoodwillCurrent liabilitiesAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity

Shares outstanding

Shares (Basic)Shares (Diluted)

Per share data

EPS (Basic)EPS (Diluted)FCF/ShareDividend/ShareBook value/Share

Ratios

P/EP/FCFP/BP/SEV/EarningsEV/FCFDebt/EquityPayout ratio

Margins

Net Income MarginOperating MarginGross MarginEBITDA MarginFCF Margin

Returns

ROICROAROCEROE

Market Cap.