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Ferrari

WBAG:RACE
Snowflake Description

Adequate balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RACE
WBAG
$26B
Market Cap
  1. Home
  2. AT
  3. Automobiles
Company description

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The last earnings update was 51 days ago. More info.


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RACE Share Price and Events
7 Day Returns
1.2%
WBAG:RACE
6%
Europe Auto
3.4%
AT Market
1 Year Returns
22.9%
WBAG:RACE
-11%
Europe Auto
-2%
AT Market
RACE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ferrari (RACE) 1.2% 5.5% 24% 22.9% - -
Europe Auto 6% 8.6% 10.9% -11% 11.6% -5.7%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • RACE outperformed the Auto industry which returned -11% over the past year.
  • RACE outperformed the Market in Austria which returned -2% over the past year.
Price Volatility
RACE
Industry
5yr Volatility vs Market

RACE Value

 Is Ferrari undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ferrari to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ferrari.

WBAG:RACE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:RACE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 9%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.57
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.575 (1 + (1- 24%) (8.25%))
0.739
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (0.8 * 9.02%)
7.73%

Discounted Cash Flow Calculation for WBAG:RACE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ferrari is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WBAG:RACE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.73%)
2019 389.10 Analyst x13 361.19
2020 457.97 Analyst x13 394.63
2021 639.90 Analyst x9 511.86
2022 943.42 Analyst x6 700.53
2023 1,081.90 Analyst x1 745.73
2024 1,187.18 Est @ 9.73% 759.62
2025 1,269.87 Est @ 6.97% 754.25
2026 1,333.73 Est @ 5.03% 735.37
2027 1,382.72 Est @ 3.67% 707.70
2028 1,420.38 Est @ 2.72% 674.84
Present value of next 10 years cash flows €6,345.72
WBAG:RACE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €1,420.38 × (1 + 0.51%) ÷ (7.73% – 0.51%)
€19,784.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €19,784.17 ÷ (1 + 7.73%)10
€9,399.67
WBAG:RACE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €6,345.72 + €9,399.67
€15,745.38
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €15,745.38 / 187.64
€95.33
WBAG:RACE Discount to Share Price
Calculation Result
Exchange Rate EUR/USD
(Reporting currency to currency of NYSE:RACE)
1.124
Value per Share
(USD)
= Value per Share in EUR x Exchange Rate (EUR/USD)
= €83.91 x 1.124
$94.32
Non-primary Listing Adjustment Factor 1 share in WBAG:RACE represents 0.88021x of NYSE:RACE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88021x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 94.32 x 0.88021
€83.03
Value per share (EUR) From above. €83.03
Current discount Discount to share price of €123.15
= -1 x (€123.15 - €83.03) / €83.03
-48.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Ferrari is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ferrari's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ferrari's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:RACE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €4.16
NYSE:RACE Share Price ** NYSE (2019-04-18) in USD $139.91
NYSE:RACE Share Price converted to EUR reporting currency Exchange rate (USD/ EUR) 0.89 €124.46
Europe Auto Industry PE Ratio Median Figure of 17 Publicly-Listed Auto Companies 8.36x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ferrari.

WBAG:RACE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:RACE Share Price ÷ EPS (both in EUR)

= 124.46 ÷ 4.16

29.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ferrari is overvalued based on earnings compared to the Europe Auto industry average.
  • Ferrari is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does Ferrari's expected growth come at a high price?
Raw Data
WBAG:RACE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
2.6%per year
Europe Auto Industry PEG Ratio Median Figure of 10 Publicly-Listed Auto Companies 0.77x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:RACE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.92x ÷ 2.6%

11.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ferrari is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ferrari's assets?
Raw Data
WBAG:RACE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €7.18
NYSE:RACE Share Price * NYSE (2019-04-18) in USD $139.91
NYSE:RACE Share Price converted to EUR reporting currency Exchange rate (USD/ EUR) 0.89 €124.46
Europe Auto Industry PB Ratio Median Figure of 24 Publicly-Listed Auto Companies 1.22x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:RACE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:RACE Share Price ÷ Book Value per Share (both in EUR)

= 124.46 ÷ 7.18

17.34x

* Primary Listing of Ferrari.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ferrari is overvalued based on assets compared to the Europe Auto industry average.
X
Value checks
We assess Ferrari's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. Ferrari has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

RACE Future Performance

 How is Ferrari expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ferrari expected to grow at an attractive rate?
  • Ferrari's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Ferrari's earnings growth is positive but not above the Austria market average.
  • Ferrari's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:RACE Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:RACE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 2.6%
WBAG:RACE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 8.2%
Europe Auto Industry Earnings Growth Rate Market Cap Weighted Average 6.7%
Europe Auto Industry Revenue Growth Rate Market Cap Weighted Average 3%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:RACE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:RACE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 5,208 1,684 1
2022-12-31 4,907 1,506 918 7
2021-12-31 4,334 1,331 793 13
2020-12-31 4,028 1,197 736 19
2019-12-31 3,661 1,112 679 20
WBAG:RACE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 3,420 934 785
2018-09-30 3,415 774 730
2018-06-30 3,413 769 584
2018-03-31 3,427 731 559
2017-12-31 3,417 663 535
2017-09-30 3,412 946 511
2017-06-30 3,360 964 483
2017-03-31 3,250 1,034 445
2016-12-31 3,105 1,005 399
2016-09-30 3,014 740 342
2016-06-30 2,954 608 323
2016-03-31 2,909 756 301

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ferrari's earnings are expected to grow by 2.6% yearly, however this is not considered high growth (20% yearly).
  • Ferrari's revenue is expected to grow by 8.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:RACE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Ferrari Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:RACE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4.48 4.84 4.18 3.00
2020-12-31 3.91 3.97 3.84 5.00
2019-12-31 3.54 3.74 3.37 5.00
WBAG:RACE Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 4.16
2018-09-30 3.87
2018-06-30 3.09
2018-03-31 2.96
2017-12-31 2.83
2017-09-30 2.70
2017-06-30 2.56
2017-03-31 2.36
2016-12-31 2.11
2016-09-30 1.81
2016-06-30 1.71
2016-03-31 1.59

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Ferrari is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Ferrari's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ferrari has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RACE Past Performance

  How has Ferrari performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ferrari's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ferrari has delivered over 20% year on year earnings growth in the past 5 years.
  • Ferrari's 1-year earnings growth exceeds its 5-year average (46.6% vs 25.5%)
  • Ferrari's earnings growth has exceeded the Europe Auto industry average in the past year (46.6% vs 5.9%).
Earnings and Revenue History
Ferrari's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ferrari Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:RACE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,420.32 784.68 327.34 643.04
2018-09-30 3,414.77 730.47 314.54 657.27
2018-06-30 3,412.50 583.69 318.25 660.97
2018-03-31 3,427.29 559.36 322.86 657.60
2017-12-31 3,416.89 535.39 329.07 657.12
2017-09-30 3,412.49 510.68 318.71 653.58
2017-06-30 3,360.06 483.39 304.69 643.56
2017-03-31 3,250.23 445.09 307.40 627.60
2016-12-31 3,105.08 398.76 295.24 613.64
2016-09-30 3,014.04 342.05 302.77 583.00
2016-06-30 2,953.70 323.16 306.39 575.50
2016-03-31 2,908.87 300.78 299.14 566.13
2015-12-31 2,854.37 287.82 303.73 561.58
2015-09-30 2,861.15 312.57 292.51 570.16
2015-06-30 2,800.53 275.23 293.78 556.06
2015-03-31 2,763.42 272.10 284.11 550.71
2014-12-31 2,762.36 261.37 285.06 540.83
2013-12-31 2,335.27 240.77 259.88 479.29
2012-12-31 2,225.21 225.40 242.82 431.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Ferrari made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Ferrari used its assets more efficiently than the Europe Auto industry average last year based on Return on Assets.
  • Ferrari's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ferrari's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ferrari has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RACE Health

 How is Ferrari's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ferrari's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ferrari is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ferrari's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Ferrari's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ferrari Company Filings, last reported 3 months ago.

WBAG:RACE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,353.84 1,927.17 799.02
2018-09-30 1,230.84 1,887.55 763.46
2018-06-30 928.15 1,853.10 656.30
2018-03-31 898.11 1,822.42 752.70
2017-12-31 783.94 1,806.18 652.81
2017-09-30 649.89 1,798.31 624.50
2017-06-30 515.06 1,754.67 427.42
2017-03-31 480.97 1,870.12 574.97
2016-12-31 329.81 1,848.04 464.35
2016-09-30 233.65 2,198.94 495.49
2016-06-30 110.38 2,482.82 590.48
2016-03-31 94.69 2,442.22 569.34
2015-12-31 -19.40 2,260.39 186.31
2015-09-30 2,706.95 579.15 190.08
2015-06-30 2,599.00 566.68 257.53
2015-03-31 2,474.51 623.43 163.72
2014-12-31 2,478.31 510.22 134.28
2013-12-31 2,316.28 317.30 113.79
2012-12-31
  • Ferrari's level of debt (142.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (13.7% vs 142.3% today).
  • Debt is well covered by operating cash flow (48.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 34.5x coverage).
X
Financial health checks
We assess Ferrari's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ferrari has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

RACE Dividends

 What is Ferrari's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.83%
Current annual income from Ferrari dividends. Estimated to be 0.91% next year.
If you bought €2,000 of Ferrari shares you are expected to receive €17 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ferrari's pays a lower dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • Ferrari's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Upcoming dividend payment

Purchase Ferrari before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:RACE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Europe Auto Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 4.2%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:RACE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.31 6.00
2020-12-31 1.12 8.00
2019-12-31 1.00 7.00
WBAG:RACE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-26 1.030 0.875
2018-04-13 0.710 0.670
2017-03-01 0.635 0.740
2016-02-19 0.460 1.055

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ferrari is not paying a notable dividend for Austria, therefore no need to check if the payments are stable.
  • Ferrari is not paying a notable dividend for Austria, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Ferrari's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Ferrari's dividends as it is not paying a notable one for Austria.
Future Payout to shareholders
  • No need to calculate the sustainability of Ferrari's dividends in 3 years as they are not expected to pay a notable one for Austria.
X
Income/ dividend checks
We assess Ferrari's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ferrari afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ferrari has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

RACE Management

 What is the CEO of Ferrari's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Louis Camilleri
COMPENSATION €270,412
AGE 63
TENURE AS CEO 0.8 years
CEO Bio

Mr. Louis Carey Camilleri, BA, has been the Non-Executive Chairman of Philip Morris International, Inc. since December 31, 2014. Mr. Camilleri has been the Chief Executive Officer of Ferrari S.p.A.since July 2018. He served as the Chief Executive Officer of Philip Morris International, Inc. (PMI) from March 28, 2008 to May 2013 and served as its Executive Chairman from March 28, 2008 to December 31, 2014. Mr. Camilleri served as a Member of the Executive Board at NYSE Euronext, Inc. (now NYSE Holdings LLC). He worked with Altria Group Inc. and its subsidiaries in various capacities since 1978. He served as the Chief Executive Officer of Altria Group Inc. from April 25, 2002 to March 2008 and also served as its Chairman from August 2002 to March 2008. He served as the Chief Financial Officer and Senior Vice President of Altria Group Inc. from November 1996 to April 2002 and also served as its President. He joined Philip Morris Europe in 1978 as a Business Development Analyst and held various line and staff positions focusing on the establishment and growth of the EFTA, Eastern Europe, Middle East & Africa (EEMA) Region of Philip Morris International (PMI). Since 1982, he served as Director of Business Development & Planning and assumed responsibility for all staff functions as Vice President of EEMA Region for Philip Morris Europe since 1986. He served as the Vice President of Corporate Business Strategy for PMI since February 1995. He served as Senior Vice President of Corporate Planning for Kraft Foods International since August 1995 and served as its President and Chief Executive Officer of Kraft Foods International since December 1995. Since 1990, he served as Vice President of Central & Eastern Europe, PMI and led the significant expansion of PMI's business in that geographic area. He served as Senior Vice President of PMI's European Union Region, where he was responsible for all staff functions. He served as Business Analyst with W. R. Grace & Co. He served as the Chairman of Kraft Foods Inc. (now Mondelez International, Inc.) from September 2002 to March 30, 2007 and also served as its Director from March 2001 to December 2007. He has been an Executive Director of Ferrari N.V. since July 2018 and was its Non-Executive Director from October 2015 to July 2018 and served as its Senior Non Executive Director until July 2018. He has been an Independent Director of America Movil S.A.B. de C.V. since April 27, 2011 and Director of Philip Morris International, Inc. since March 27, 2008. He serves as a Director of Telmex S.A. He served on the Board of Telmex International SAB since December 2009. He was appointed to the Board of Directors of América Móvil, S.A.B. de C.V. in April 2011. He served as a Director of Altria Group Inc. from April 2002 to December 8, 2007. He served as an Independent Director of Telmex Internacional, S.A.B. de C.V. since December 15, 2009. He served as a Director of SABMiller PLC from August 2002 to July 2004. He is a Member of the New York Stock Exchange Board of Executives. Mr. Camilleri received a Degree in Economics and Business Administration from HEC Lausanne, the Faculty of Business & Economics of the University of Lausanne (Switzerland) in 1976.

CEO Compensation
  • Louis's compensation has increased by more than 20% in the past year.
  • Insufficient data for Louis to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Ferrari management team in years:

3.9
Average Tenure
52
Average Age
  • The tenure for the Ferrari management team is about average.
Management Team

Louis Camilleri

TITLE
CEO & Executive Director
COMPENSATION
€270K
AGE
63
TENURE
0.8 yrs

Antonio Piccon

TITLE
Chief Financial Officer
TENURE
0.8 yrs

Michael Leiters

TITLE
Chief Technology Officer
AGE
47
TENURE
5.3 yrs

Nicoletta Russo

TITLE
Head of Investor Relations
TENURE
3.8 yrs

Carlo Daneo

TITLE
General Counsel
TENURE
3.8 yrs

Enrico Galliera

TITLE
Chief Marketing & Commercial Officer
AGE
52
TENURE
9 yrs

Michele Antoniazzi

TITLE
Chief Human Resources Officer
AGE
49
TENURE
3 yrs

Vincenzo Regazzoni

TITLE
Chief Manufacturing Officer
AGE
55
TENURE
4.1 yrs

Nicola Boari

TITLE
Chief Brand Diversification Officer
AGE
48
TENURE
9.1 yrs

Flavio Manzoni

TITLE
Head of Design
AGE
53
TENURE
9.3 yrs
Board of Directors Tenure

Average tenure and age of the Ferrari board of directors in years:

3.5
Average Tenure
54
Average Age
  • The tenure for the Ferrari board of directors is about average.
Board of Directors

John Elkann

TITLE
Chairman
COMPENSATION
€93K
AGE
42
TENURE
0.8 yrs

Louis Camilleri

TITLE
CEO & Executive Director
COMPENSATION
€270K
AGE
63
TENURE
3.5 yrs

Piero Ferrari

TITLE
Vice Chairman
COMPENSATION
€81K
AGE
73
TENURE
3.5 yrs

Sergio Duca

TITLE
Senior Independent Non-Executive Director
COMPENSATION
€95K
AGE
71

Elena Emilia Zambon

TITLE
Independent Non-Executive Director
COMPENSATION
€72K
AGE
54
TENURE
3.5 yrs

Amedeo Felisa

TITLE
Non-Executive Director
COMPENSATION
€64K
AGE
72
TENURE
3.5 yrs

Eddy Cue

TITLE
Independent Non-Executive Director
COMPENSATION
€68K
AGE
54
TENURE
3.5 yrs

Giuseppina Capaldo

TITLE
Independent Non-Executive Director
COMPENSATION
€74K
AGE
49
TENURE
3.5 yrs

Delphine Arnault

TITLE
Independent Non-Executive Director
COMPENSATION
€64K
AGE
43
TENURE
3 yrs

Lapo Elkann

TITLE
Non-Executive Director
COMPENSATION
€64K
AGE
41
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Ferrari's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ferrari has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RACE News

Simply Wall St News

RACE Company Info

Description

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars. In addition, the company licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods; and Ferrari World, a theme park in Abu Dhabi, the United Arab Emirates. Further, it provides direct or indirect finance and leasing services to retail clients and dealers; manages race tracks, as well as owns and manages two museums in Maranello and Modena, Italy; and develops and sells a line of apparel and accessories through its monobrand stores. As of December 31, 2018, it had a total of 35 retail Ferrari stores, including 17 franchised stores and 18 owned stores. The company also sells its products through a network of 167 authorized dealers operating 190 points of sale worldwide, as well as through its Website, store.ferrari.com. Ferrari N.V. was founded in 1947 and is headquartered in Maranello, Italy.

Details
Name: Ferrari N.V.
RACE
Exchange: WBAG
Founded: 1947
$23,354,920,763
187,644,080
Website: http://www.ferrari.com
Address: Ferrari N.V.
Via Abetone Inferiore n. 4,
Maranello,
41053,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE RACE Common Shares New York Stock Exchange US USD 21. Oct 2015
DB 2FE Common Shares Deutsche Boerse AG DE EUR 21. Oct 2015
XTRA 2FE Common Shares XETRA Trading Platform DE EUR 21. Oct 2015
LSE 0RDT Common Shares London Stock Exchange GB EUR 21. Oct 2015
SWX RACE Common Shares SIX Swiss Exchange CH CHF 21. Oct 2015
BIT RACE Common Shares Borsa Italiana IT EUR 21. Oct 2015
WBAG RACE Common Shares Wiener Boerse AG AT EUR 21. Oct 2015
BMV RACE N Common Shares Bolsa Mexicana de Valores MX MXN 21. Oct 2015
BATS-CHIXE RACEM Common Shares BATS 'Chi-X Europe' GB EUR 21. Oct 2015
BST 2FE COM Boerse-Stuttgart DE EUR 18. Apr 2019
NYSE RACE COM New York Stock Exchange US USD 18. Apr 2019
LSE 0RDT COM London Stock Exchange GB CHF 18. Apr 2019
SWX RACE COM SIX Swiss Exchange CH CHF 18. Apr 2019
Number of employees
Current staff
Staff numbers
3,851
Ferrari employees.
Industry
Automobile Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:35
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.