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Live Trading News > Blog > Shayne Heffernan on Investments > FERRARI N.V.: PERIODIC REPORT on the SHARE BUYBACK PROGRAM
Shayne Heffernan on Investments

FERRARI N.V.: PERIODIC REPORT on the SHARE BUYBACK PROGRAM

Paul Ebeling
Last updated: May 12, 2021 5:14 am
Paul Ebeling
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#Ferrari

$RACE

Ferrari N.V. (NYSE:RACE) announced that the Company has purchased, under the 4th tranche of the common share buyback program announced on 11 2021 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
(€)


Consideration excluding fees
(€)
03/05/2021MTA766178.7328136,909.32
04/05/2021MTA27,000171.36054,626,733.50
05/05/2021MTA8,652168.91501,461,452.58
06/05/2021MTA13,000166.07862,159,021.80
07/05/2021MTA14,422164.84552,377,401.80


Total


–
63,840168.570210,761,519.01

Since the announcement of the Fourth Tranche of the buyback program dated March 11, 2021 till May 7, 2021, the total invested consideration has been:
• Euro 45,355,128.70 for No. 262,877 common shares purchased on the MTA.
• USD 2,829,445.63 (Euro 2,375,650.39*) for No. 13,558 common shares purchased on the NYSE- ADVERTISEMENT -https://s.yimg.com/rq/darla/4-6-0/html/r-sf-flx.html

As of May 7, 2021, the Company held in treasury 9,188,946 common shares equal to 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.

Since January 1, 2019 until May 7, 2021, the Company has purchased a total of 4,003,620 own common shares on MTA and NYSE for a total consideration of Euro 551,153,012.25.
(*) 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 (http://corporate.ferrari.com/en/investors/stock-and-shareholder-corner/buyback-programs).

Attachment

  • FNV BB PR 10.05.2021 ENG

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

Our overall technical outlook is still Bullish, a 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 Friday finished at 200.50 within its 52 wk range of 127.73 – 233.66 in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December.

Key technical indicators are now Neutral to Bearish. Though the candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.

The Key support is at 197.70 and the Key resistance is at 207.19 at the close Tuesday in NY. The 10 May DOJI candlestick indicates a move back North

Note: At the beginning of Y 2020 I called RACE at 230 by year’s end, the stock was trading at 165.22 on 1 January 2020, on 29 December 2020 it marked 233.66 intraday, its all time high

The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, and Buys at Morgan Stanley and Bank of America.

UBS is now calling the stock at 365. Citi downgraded the stock from Neutral to sell. I have not seen any other Street downgrades.

Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.

Ferrari is a quality 1st long term luxury products investment, BAML raised its call to 270 long term.

I have raised my long term target to 375, a Strong Bull call, the strongest on the Street and am holding the mark during this recent profit taking, and seeing RACE as a buying opportunity.

Ferrari has an average rating of Buy and a consensus target price at 236.92.

The Maranello Outfit’s shares were raised downgraded from Buy to 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 am calling it 375 long term, the Top on the Street, and adjusting it to 250/share short term.

A number of large investors have recently bought shares of RACE, and there have been very few instances of insider selling over the past yr that we have seen.

The stock is considered defensive in the sector.

Have a healthy day, Keep the Faith!

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By Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   
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