(BFM Bourse) – Rising on the Milan Stock Exchange in the wake of rising annual targets, the title of the Italian luxury builder -coté since January 2016- reaches a historic high which brings the capitalization of the group of Maranello to more 30 billion euros.
The luxury car maker Ferrari on Monday raised its targets for 2019, after posting solid results for the first nine months of the year, bouncing the stock price to a historic level. At the Milan Stock Exchange, investors were celebrating this announcement, the title with the mnemonic code is "RACE" jumping 7.17% to 154.80 euros to 15:45, in an Italian market up 1.67%. A gain that brings the manufacturer's market capitalization to the prancing horse above the threshold of 30 billion euros (to 30.02 billion) for the first time in its history. Such a valuation puts the luxury vehicle manufacturer in the ninth position of global car manufacturers, behind Ford Motors (32.1 billion euros) but quite clearly ahead of Renault (13.94 billion euros) and Peugeot (22 billion euros). euros), in alliance with Fiat Chrysler (22.4 billion euros).
Ferrari has certainly disclosed a net profit down 41% in the third quarter, to 169 million euros, but this figure is slightly higher than expectations, analysts expected 164 million, according to the consensus establish by Factset. Sales rose by 9.2% to 915 million euros, which is also a better than expected result (884 million).
Less than 2,500 vehicles delivered
This increase in revenues was driven by a 9.4% jump in the number of cars delivered in the quarter (2,474 units), notably to the success of Portofino, Ferrari's new entry-level model (196,000 euros). same) and the 812 Superfast. These volumes offset the decline in engine sales (-34.3%) to the Maserati group, which was losing momentum.
Europe-Middle East-Africa remains Ferrari's main market, with 1,143 vehicles delivered in the quarter (+ 14%, or 138 additional vehicles). On the other hand, sales decreased by 2% (3 vehicles less) in mainland China, Hong Kong and Taiwan as a result of the decision to speed up deliveries early in the year before the new standards came into force. CO2 emissions, while they jumped 23.1% in the rest of Asia.
Adjusted operating profit (EBITDA) increased by 11.7% to € 311 million due to higher volumes and a more favorable mix / price. The group's debt (called "net industrial debt", which corresponds to total debt less cash and cash equivalents) reached 369 million euros and is slightly higher than at the end of June when it stood at 353 million euros. millions of euros.
All 2019 targets revised upwards
The results announced Monday morning before market by the manufacturer of Emilia-Romagna also reveal a good consistency over the first nine months of the year, with a rise in turnover of 10% to 2.84 billion euros and EBITDA adjusted by 11% to 698 million euros. Net profit is down 11% to 533 million euros.
In this context, the brand founded by Enzo Ferrari in 1947 has revised up all its targets for 2019. It now forecasts a turnover around 3.7 billion euros, against a previous guidance of "more than 3 , € 5 billion ", with adjusted EBITDA of around € 1.27 billion (vs." between € 1.2 and 1.25 billion "previously). Guidance is also reported on adjusted earnings per share, ranging from 3.50 to 3.70 euros to a new 3.70 to 3.75 euros. Lastly, Ferrari now relies on free cash flow of over € 600 million for the full year, compared to € 550 million previously.
As part of its strategic plan 2018-2022, Ferrari intends to accelerate the hybrid, while focusing on special series, including a new concept called "Icona" (Icon), to boost its profits by 2022. Two models, Monza SP1 and SP2, sold starting from 1.5 million euros, have also begun to be delivered since the end of September.
Quentin Soubranne – © 2019 BFM Bourse