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Ferrari (NYSE:RACE) Periodic Report on the Buyback Program

$RACE

Ferrari N.V. (NYSE/MTA:RACE) informs that the Company has purchased, under the 3rd tranche of the common share buyback program announced on 14 November 2019, 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
(€)
16/03/2020MTA11,847117.36841,390,463.06


Total

 

11,847117.36841,390,463.06

Since the announcement of the Third Tranche of the buyback program dated 14 November 2019 till 20 March 2020, the total invested consideration has been:

  • Euro 123,433,836.36 for No. 852,091 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.

Under the the Company’s equity incentive plans, on 16 March 2020 the Company assigned, inter alia, to certain employees of Ferrari Group No. 366,199 common shares held in treasury.

On 17 March 2020, as already announced by the Company in the press release of 19 March 2020, Ferrari purchased 82,149 common shares from a group of those employees in order to cover the individual’s taxable income as is standard practice (Sell to Cover) in an OTC transaction executed at the price of Euro 122/share equal to the Reference Price of MTA-Borsa Italiana of the prior day.

As of 20 March 2020, the Company held in treasury 9,151,365 common shares equal to 3.56% of the total issued share capital including the common shares and the special voting shares.

To date, since 1 January 2019, the Company has purchased a total of 3,702,941 own common shares on MTA and NYSE for a total consideration of EUR 500,342,692.87.

(*) 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

Source:Ferrari

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 154.92, 1 of my Key indicators is still Very Bullish.

Ferrari finished at 158.18, +3.12 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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