Q4/FY 2024 - Ferrari - Full Analysis

Exceeding all targets provided last November; FY25 outlook looks overly conservative

The luxury car manufacturer Ferrari released its Q4 and FY24 results earlier today. At the time of preparing this recap, the stock was up 2.5% as investors viewed the FY25 outlook as a lowlight. Reading through the lines, though, the outlook is the very minimum management is aiming for. It’s not the final guide. Following the conference call and some additional clarification, the stock closed up 8% (Milan Exchange).

Ferrari Presentation

We plan to publish our deep dive next month. Let’s review Ferrari’s report in more detail and update our expected CAGR assumption (full model to be shared next month).

Commenting on the results, CEO Vigna put it simply:

Quality of revenues over volumes: I believe this best explains our outstanding financial results in 2024.