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Ferrari N.V., known as New Business Netherlands NV, is entering a phase of superior expansion and a technological transition that pushes investors beyond the limits of luxury goods. and can grow the super-luxury cake much faster and more sustainably than the market expects, wrote Adam Jonas, an equity analyst at Morgan Stanley, who raised his benchmark forecast for an Italian luxury sports car manufacturer to $265 from $180.
This improvement was largely due to Morgan Stanly’s increased vision of growth, margin, and multiple. They expect RACE to grow by more than 7% and are more confident that Ferrari can capture shares in the high-performance super-luxury electric vehicle segment, which are also expected to grow at a compound annual rate of 19.5% through 2040.
Morgan Stanley forecasts a 26% long-term operating margin assumption, which is above the pre-COVID-19 point of 24.4%.
Ferrari N.V. (RACE) shares recovered from COVID-19 panic in March, earning more than 40% from the $122 low. The inventory has more than about 10% so this year.
“In 2022, we are now expecting an EBITDA of 1.870 million euros against a consensus of 1.740 million euros. By 2025, in the past we forecast an EBITDA of 2.340 million euros in 2025; we are now at 2.650 million euros. EBITDA margins are expected to rise from 32% in 2020 to 40% until 2023 and stabilize by 39% from 2027,” said Morgan Stanley’s Jonas.
“We are accounting for more competitive capital expenditure to account for powertrain investments and an electric vehicle platform, software updates, mobile battery development and studies, etc. Over the next five years, from 2021 to 2021 and five, we expect a cumulative capital expenditure of 6 billion euros compared to the previous 4.6 billion euros “.
Morgan Stanley’s target value in a bullish situation is $350 and $130 in the worst-case scenario. Several other inventory analysts have also updated their inventory market outlook. JP Morgan raised the target value from $147 to $151; however, UBS reduced its target value from $180 to $176; Credit Suisse reduced the target value from $205 to $198.
Seven analysts forecast the average 12-month value at $205.37 with a maximum forecast of $235.00 and a low forecast of $147.00. The average value target represents an increase of 10.72%. Of the seven, six analysts rated “Buy,” one analyst rated “Keep” and none rated “Sell,” according to Tipranks.
“1) We hope that the presentation of Purosangue will be a catalyst and a turning point to increase the expansion trajectory. 2) We are also looking for an update to the 2022 goal, as well as other medium- and long-term disclosures. goals on a Capital Markets Day that we expect in 2021. We urge investors to stay ahead of these potential catalysts because we, the market, have done the best task to compare Ferrari in the short term,” Jonas added.
“Since Ferrari is perceived as a substitute bond and a ‘safe haven’ asset through investors, as the rate curve hardens, investors would likely find a higher opportunity charge with other stocks to return elsewhere. We note that Ferrari already generates a really large CWF – $3.50 /Action on MSe in 2022, and will pay a dividend yield of
This article was originally published on FX Empire
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