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Ferrari’s (NYSE:RACE) Periodic Report on Buyback Program

$RACE

Ferrari(NYSE/MTA:RACE) announces that under the Third Tranche of the common share buyback program announced on 14 November 2019, the Company has purchased additional common shares – reported in aggregate form, on a daily basis – on the Italian Stock Exchange (MTA) as follows:



Trading
Date
(dd/mm/yyyy)

 


Stock Exchange



Number of common shares purchased

 


Average price per share
excluding fees





(€)


Considerationexcluding fees







(€)

30/03/2020MTA5,566137.5072765,364.95


Total

 

5,566137.5072765,364.95

Since the announcement of the Third Tranche of the buyback program dated 14 November 2019 till 30 March 2020, the total invested consideration has been:

  • Euro 126,513,376.65 for No. 876,335 common shares purchased on the MTA
  • USD 29,985,333.60 (Euro 27,308,366.63*) for No. 185,717 common shares purchased on the NYSE

resulting in total No. 9,175,609 common shares held in treasury as of 30 March 2020. As of the same date, the Company held 3.57% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.

To date, since 1 January 2019, the Company has purchased a total of 3,727,185 own common shares on MTA and NYSE for a total consideration of Euro 503,422,233.16.

As of 30 March 2020 the Company also elected to temporarily suspend its multi-year share repurchase program in its Third Tranche and, consequently, early terminated the Euro 150 million non-discretionary share repurchase agreement in place with a primary financial institution on the MTA market.

The Company will announce when it will restart its multi-year share repurchase program.

(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase

A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section, click here.

Attachment

Ferrari is the Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.

HeffX-LTN overall technical outlook for RACE is Neutral, there is Key resistance 167.47, and support is 138.29, 2 of my Key indicators have turned Bearish as the stock is very oversold. Technically, it is Neutral with a Bearish bias.

Ferrari finished at 141.85, -6.60 Thursday in NY, and shares were raised to Buy from Hold at HSBC.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now.

Have a healthy day, stay home!

HEFFXhttp://www.heffx.com
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

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