Ferrari: counts beyond expectations. Equita raises estimates and target price

Yesterday Ferrari presented its quarterly results and according to Equita both the fourth quarter of 2022 and the 2023 guidance are better than expected. In particular, among the most interesting ideas from the call, the analysts of the Milanese Sim cite the EBITDA margin (the 2023 guidance is close to the lower end of the 2026 target (38-40%), but the management underlined that the plan envisaged a leap in the short term thanks to the contribution of the new models and more moderate growth in the following years), new models (4 will be presented in 2023), prices (average mid-single digit increase in FY23 (+200mn), considered sufficient to offset inflation although visibility is not high) and finally still solid orders covering also 2024 (without details). Hence the analysts raise the FY23 estimates to the upper extreme of the guidance and 2024-25 and target +10% to 213 points per share.