Financials Ferrari N.V.

Equities

RACE

NL0011585146

Auto & Truck Manufacturers

Real-time Estimate Cboe BZX Other stock markets 10:57:40 2024-09-20 am EDT			5-day change	1st Jan Change
469.38 ^USD	-0.99%		+0.11%	+38.76%

Sep. 17	Futures up; focus on Fed decision	AN
Sep. 16	Mib above par; Unipol takes top spot	AN

Projected Income Statement: Ferrari N.V.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,766	3,460	4,271	5,095	5,970	6,613	7,120	7,627
Change	-	-8.13%	23.44%	19.29%	17.17%	10.77%	7.67%	7.13%
EBITDA ¹	1,269	1,143	1,531	1,773	2,279	2,548	2,785	3,055
Change	-	-9.93%	33.95%	15.81%	28.54%	11.81%	9.32%	9.67%
EBIT ¹	917	716	1,075	1,227	1,617	1,863	2,047	2,249
Change	-	-21.92%	50.14%	14.14%	31.78%	15.24%	9.84%	9.89%
Interest Paid ¹	-42	-49	-33	-49	-15	-23.2	-25.29	-34.75
Earnings before Tax (EBT) ¹	875	667	1,042	1,178	1,602	1,840	2,022	2,221
Change	-	-23.77%	56.22%	13.03%	36.02%	14.83%	9.91%	9.87%
Net income ¹	699	608	833	939	1,257	1,466	1,577	1,725
Change	-	-13.02%	37.01%	12.73%	33.87%	16.65%	7.53%	9.42%
Announcement Date	2/4/20	2/2/21	2/2/22	2/2/23	2/1/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	915	927	932	571	888	1,069	1,011	1,035	1,053	1,172	1,186	1,291	1,250	1,368	1,429	1,474	1,544	1,523	1,585	1,712	1,646	1,661	1,745	1,815	1,796	1,792	1,896	1,897
Change	-	1.31%	0.54%	-38.73%	55.52%	20.38%	-5.43%	2.37%	1.74%	11.3%	1.19%	8.85%	-3.18%	9.44%	4.46%	3.15%	4.75%	-1.36%	4.07%	8.01%	-3.84%	0.9%	5.07%	4.01%	-1.05%	-0.22%	5.76%	0.05%
EBITDA ¹	311	333	317	124	330	372	376	386	371	398	423	446	435	469	537	589	595	558	605	669	638.2	646.9	-	-	-	-	-	-
Change	-	7.07%	-4.8%	-60.88%	166.13%	12.73%	1.08%	2.66%	-3.89%	7.28%	6.28%	5.44%	-2.47%	7.82%	14.5%	9.68%	1.02%	-6.22%	8.42%	10.58%	-4.61%	1.38%	-100%	-	-	-	-	-
EBIT ¹	227	219	220	23	222	251	266	274	270	265	307	323	299	298	385	437	423	372	442	511	469.4	450.1	519.7	520.7	518.7	519.7	575.4	576.4
Change	-	-3.52%	0.46%	-89.55%	865.22%	13.06%	5.98%	3.01%	-1.46%	-1.85%	15.85%	5.21%	-7.43%	-0.33%	29.19%	13.51%	-3.2%	-12.06%	18.82%	15.61%	-8.14%	-4.1%	15.45%	0.19%	-0.38%	0.19%	10.73%	0.17%
Charge d'intérêts	-16	-10	-13	-11	-14	-11	-9.227	-10	-10.5	-4	-8.005	-9.427	-14	-17	-38.64	-9	3	-5	-33.89	-0.467	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	211	209	207	11.78	208	240	257	264	260	261	299.2	313.2	285	280.8	380.7	428	426	367	440	511	478.6	444.6	512.6	513.6	511.6	512.6	568.4	569.4
Change	-	-0.95%	-0.96%	-94.31%	1,664.96%	15.38%	7.08%	2.72%	-1.52%	0.38%	14.65%	4.67%	-9.01%	-1.47%	35.55%	12.44%	-0.47%	-13.85%	19.89%	16.14%	-6.35%	-7.1%	15.29%	0.2%	-0.39%	0.2%	10.89%	0.18%
Net income ¹	169	166	166	9	171	262	206	206	207	214	239	251	226	221	297	334	332	294	352	412	368	339.4	367.8	368.8	366.8	367.8	408	409
Change	-	-1.78%	0%	-94.58%	1,800%	53.22%	-21.37%	0%	0.49%	3.38%	11.68%	5.02%	-9.96%	-2.21%	34.39%	12.46%	-0.6%	-11.45%	19.73%	17.05%	-10.67%	-7.79%	8.37%	0.27%	-0.54%	0.27%	10.93%	0.25%
Announcement Date	11/4/19	2/4/20	5/4/20	8/3/20	11/3/20	2/2/21	5/4/21	8/2/21	11/2/21	2/2/22	5/4/22	8/2/22	11/2/22	2/2/23	5/4/23	8/2/23	11/2/23	2/1/24	5/7/24	8/1/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	1,503	1,957	2,046	2,225	2,477	2,618	2,903	3,067	3,297	2,928
Change	-	30.21%	4.55%	8.75%	11.33%	5.69%	10.89%	5.65%	7.5%	-11.19%
EBITDA ¹	441	702	762	769	869	904	1,126	1,153	1,274	1,270
Change	-	59.18%	8.55%	0.92%	13%	4.03%	24.56%	2.4%	10.49%	-0.31%
EBIT ¹	243	473	540	535	630	597	822	795	953	930
Change	-	94.65%	14.16%	-0.93%	17.76%	-5.24%	37.69%	-3.28%	19.87%	-2.41%
Charge d'intérêts ¹	-24	-25	-19	-14	-17.43	-31	-13	-2	-2.273	-13
Earnings before Tax (EBT) ¹	219	448	521	521	612.5	565.3	809	793	951	917
Change	-	104.57%	16.29%	0%	17.55%	-7.7%	43.11%	-1.98%	19.92%	-3.58%
Net income ¹	175	433	-	421	490	449	631	626	763	739
Change	-	147.43%	-100%	-	16.39%	-8.37%	40.53%	-0.79%	21.88%	-3.15%
Announcement Date	8/3/20	2/2/21	8/2/21	2/2/22	8/2/22	2/2/23	8/2/23	2/1/24	8/1/24	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Ferrari N.V.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,192	1,363	1,286	1,423	1,355	1,335	990	569
Change	-	14.35%	-5.65%	10.65%	-4.78%	-1.48%	-25.84%	-42.53%
Announcement Date	2/4/20	2/2/21	2/2/22	2/2/23	2/1/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Ferrari N.V.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	706	709	737	806	869	975.4	992.1	1,008
Change	-	0.42%	3.95%	9.36%	7.82%	12.25%	1.71%	1.61%
Free Cash Flow (FCF) ¹	675	172	546	597	848	987.2	1,297	1,400
Change	-	-74.52%	217.44%	9.34%	42.04%	16.41%	31.39%	7.94%
Announcement Date	2/4/20	2/2/21	2/2/22	2/2/23	2/1/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Ferrari N.V.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	33.7%	33.03%	35.85%	34.8%	38.17%	38.53%	39.12%	40.05%
EBIT Margin (%)	24.35%	20.69%	25.17%	24.08%	27.09%	28.18%	28.75%	29.49%
EBT Margin (%)	23.23%	19.28%	24.4%	23.12%	26.83%	27.82%	28.4%	29.12%
Net margin (%)	18.56%	17.57%	19.5%	18.43%	21.06%	22.17%	22.14%	22.62%
FCF margin (%)	17.92%	4.97%	12.78%	11.72%	14.2%	14.93%	18.22%	18.35%
FCF / Net Income (%)	96.57%	28.29%	65.55%	63.58%	67.46%	67.32%	82.26%	81.15%
Profitability
ROA	13.58%	9.12%	12.69%	12.75%	15.83%	16.69%	16.89%	16.6%
ROE	49.21%	32.7%	41.74%	38.87%	44.29%	42.29%	38.41%	35.7%
Financial Health
Leverage (Debt/EBITDA)	0.94x	1.19x	0.84x	0.8x	0.59x	0.52x	0.36x	0.19x
Debt / Free cash flow	1.77x	7.92x	2.36x	2.38x	1.6x	1.35x	0.76x	0.41x
Capital Intensity
CAPEX / Current Assets (%)	18.75%	20.49%	17.26%	15.82%	14.56%	14.75%	13.93%	13.22%
CAPEX / EBITDA (%)	55.63%	62.03%	48.14%	45.46%	38.13%	38.28%	35.62%	33%
CAPEX / FCF (%)	104.59%	412.21%	134.98%	135.01%	102.48%	98.81%	76.49%	72.01%
Items per share
Cash flow per share ¹	6.964	4.52	6.946	7.664	9.46	11.63	12.17	13.51
Change	-	-35.09%	53.66%	10.34%	23.43%	22.99%	4.64%	10.97%
Dividend per Share ¹	1.03	0.867	1.362	1.81	2.443	2.621	2.813	3.258
Change	-	-15.83%	57.09%	32.89%	34.97%	7.27%	7.34%	15.82%
Book Value Per Share ¹	8.027	9.66	12	14.25	16.86	19.7	23.13	26.53
Change	-	20.34%	24.21%	18.76%	18.34%	16.81%	17.43%	14.68%
EPS ¹	3.71	3.28	4.5	5.09	6.9	8.045	8.779	9.63
Change	-	-11.59%	37.2%	13.11%	35.56%	16.59%	9.12%	9.7%
Nbr of stocks (in thousands)	185,283	184,748	183,843	181,953	180,418	179,490	179,490	179,490
Announcement Date	2/4/20	2/2/21	2/2/22	2/2/23	2/1/24	-	-	-