MVL0502
Sep 29, 8:12 AM
$RACE Berenberg’s Sept. 2026 update, BUY, €384 PT:
Dealer channel checks (Q3 2026) constructive: Surveys of Ferrari dealers in the U.S., Europe, and China showed improving sentiment, a pickup in order momentum for some models, and a stabilizing used-car market.
Personalization spend remains above target: Buyers are continuing to spend heavily on options, though they are more selective to avoid over‑spec’ing cars; this supports pricing power and margins.
Order book and allocation dynamics: The order backlog estimated at 18–24 months of production, strong personalization trends allow Ferrari to reserve more F80 deliveries for 2027–2028, supporting future revenue visibility.
Financial quality underpins the thesis: Berenberg highlights Ferrari’s robust profitability (ca. 52% gross margin), solid FCF conversion (>75%), and high ROIC (>30%), with earnings growth expected to be driven more by price/mix than volume expansion.
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