Maranello (Italy), July 25, 2022 – Ferrari N.V. (NYSE:RACE) informs that the Company has purchased, under the Euro 150 million share buyback program announced on June 30, 2022, as the initial tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “First Tranche”), the additional common shares – reported in aggregate form, on a daily basis – on the Euronext Milan (EXM) as follows:
Number of common shares purchased
Average price per share
Consideration excluding fees
Since the announcement of such First Tranche till July 22, 2022, the total invested consideration has been:- ADVERTISEMENT -https://s.yimg.com/rq/darla/4-10-1/html/r-sf-flx.html
- Euro 20,528,389.51 for No. 108,754 common shares purchased on the EXM
As of July 22, 2022, the Company held in treasury No. 11,173,864 common shares equal to 4.35% 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.
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. The current numbers willl be out on 2 August,
Ferrari trades at a 61%+ 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.
Have a prosperous day, Keep the Faith!