Ferrari N.V.
Consumer Discretionary · Automobile Manufacturers
PA) than to mass-market auto ($GM, $F, $TM). Personalisation revenue (~19% of car revenue) and limited-series cars (Daytona SP3, Icona) compound ASPs above headline list. Hybrid mix already past 50% on new orders; first BEV (Elettrica) launches Oct-2026 with ~$500k+ ASP, structured to defend margin not chase volume.
order book extends into 2027 across all models; brand pricing power historically absorbs cost inflation 1:1; F1 Scuderia is free global media + sponsor cash; Hong Kong / Middle East / US wealth corridor still under-penetrated; Exor (Agnelli) holding stabilises capital allocation; buyback + dividend layered on 20%+ EBIT margins; Elettrica de-risks regulatory drag without diluting brand.
ultra-luxury demand cycles with global wealth - China softness already visible in 2025-26 deliveries; Elettrica reception is the single largest brand-risk event in a decade (BEV Ferraris are unprecedented); F1 cost cap + on-track underperformance compresses motorsport halo; FX (EUR strength) hits reported USD revenue; multiple (~45x fwd P/E) prices perfection, leaving little room for delivery or mix miss.
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