Ferrari
Note: This is a daily stock update and the information stands true as of 17/12/24, 09:00 CET.
Company Update:
Expert Opinion:
The drop in hybrid cars drop in resale value could be a substantial element. Indeed, there is the belief (so far correct) that Ferrari cars do not lose value over time and that buying one is as much an investment as a feel good purchase. If that perception were to change, it could have an impact on the desirability of the cars (at least the hybrid ones). But with the regulation changes towards electrification, this could have an impact on the future desirability of the brand. With PE24 at 47x down to 40x for 2026, valuation is high, substantially above that of its luxury peers (with the notable exception of Hermes). With less momentum going forward and that potential drop in perceived desirability for hybrid cars, it may be time to take some money off the table.
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Company Update:
During yesterday’s pre-close call, one message was reiterated several times: the consensus is too high. 2025 will be a lackluster year in terms of volume growth and the mix should also be less favorable. We therefore believe that the consensus needs to go down from where it stands.
The group also announced it will hold its CMD in H2 25 to introduce its electric car.
Another interesting point is that the resale value of its hybrid cars isn’t that strong, notably because of battery issues.
Expert Opinion:
The drop in hybrid cars drop in resale value could be a substantial element. Indeed, there is the belief (so far correct) that Ferrari cars do not lose value over time and that buying one is as much an investment as a feel good purchase. If that perception were to change, it could have an impact on the desirability of the cars (at least the hybrid ones). But with the regulation changes towards electrification, this could have an impact on the future desirability of the brand. With PE24 at 47x down to 40x for 2026, valuation is high, substantially above that of its luxury peers (with the notable exception of Hermes). With less momentum going forward and that potential drop in perceived desirability for hybrid cars, it may be time to take some money off the table.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach out to us at sales@alphavalue.eu
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Alphavalue Morning Market Tip
Solid start of 2025 with signs of recovery in key markets.