#Ferrari #stock #buyback
Maranello (Italy), May 2, 2022 – Ferrari N.V. (NYSE:RACE) informs that the Company has purchased, under the sixth tranche of the common share buyback program announced on March 3, 2022 (“Sixth Tranche”), additional common shares – reported in aggregate form, on a daily basis – on Euronext Milan (EXM) as follows:
Number of common shares purchased
Average price per share
Consideration excluding fees
(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
Since the announcement of the Sixth Tranche of the buyback program dated March 3, 2022 till April 29, 2022, the total invested consideration has been:
- Euro 61,971,150.80 for No. 323,318 common shares purchased on the EXM
- USD 9,990,538.84 (Euro 9,133,362.89*) for No. 52,571 common shares purchased on the NYSE.
As of April 29, 2022, the Company held in treasury No. 10,804,094 common shares equal to 4.20% 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.
Since January 1, 2019 until April 29, 2022, the Company has purchased a total of 5,684,376 own common shares on EXM and NYSE, excluding transactions for Sell to Cover, for a total consideration of Euro 874,525,080.24.
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 (https://www.ferrari.com/en-EN/corporate/buyback-programs).
Ferrari is The Aristocrat of the automotive sector.
Ferrari is 1 of the most recognizable brands in the world, even becoming the world’s strongest luxury brand in Y 2021, according to Brand Finance. Its Brand Strength Index scored 93.9 pts out of 100 and has a brand strength of AAA+.
Our overall technical outlook is still Bullish, all Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November and did the same for Q-4 and F-Y 2020 as reported on 2 February.
Ferrari trades at a justified 64% premium to luxury brands, but at a discount to leader, Hermes, as it has more opportunity to grow via: new customers, new segments and geographically in China & Asia-Pac with its world renowned brand and a 12+ month customer orderbook. Tune in for the earnings report on 4th May.
Have a prosperous week, Keep the Faith!