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Ferrari'(NYSE:RACE) Results from its Annual Shareholders Meeting

#Ferrari

$RACE

Ferrari NV (NYSE:RACE) announced Thursday that all resolutions proposed to Shareholders at the Ferrari’s Annual General Meeting of Shareholders held virtually were passed.

The Shareholders approved the 2020 Annual Accounts, expressed a positive advice with respect to the Remuneration Report 2020 and approved a dividend in cash1 of Euro 0.867 per outstanding common share, totalling approximately Euro 160 million. The outstanding common shares will be quoted ex-dividend from April 19, 2021. The record date for the dividend will be April 20, 2021 on both MTA and NYSE and the dividend on the outstanding common shares will be paid on May 5, 2021. Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official European Central Bank EUR/USD exchange rate of April 15, 2021.

The AGM re-elected all Ferrari directors standing for re-election. John Elkann was re-elected as executive director of Ferrari. Piero Ferrari, Delphine Arnault, Francesca Bellettini, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco and Adam Keswick were re-elected as non-executive directors of Ferrari.

In addition, the Shareholders appointed Ernst & Young Accountants LLP as Ferrari’s independent auditor until the 2022 Annual General Meeting of Shareholders.

The AGM renewed, for a period of 18 months from the date of the AGM, the existing delegations to the Board of Directors of the Company of the authority to issue common and special voting shares, to grant rights to subscribe for common and special voting shares, and to limit or exclude pre-emptive rights for common shares, subject to certain maximum amount thresholds.

Furthermore, the AGM renewed, for a period of 18 months from the date of the AGM, the existing authorization of the Board of Directors to repurchase up to a maximum of 10% of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds.

The Shareholders further approved the awards and the metrics and targets applicable thereto to the executive director under the Company’s new equity incentive plan.

Details of the resolutions submitted to the AGM are available on the Company’s corporate website at http://corporate.ferrari.com.

Concurrently with the AGM, the Company published its Y 2020 Sustainability Report. This Report was prepared in accordance with the GRI Standards, the main international framework for reporting on governance, environmental and social themes.

To view the 2020 Sustainability Report online, please visit the following link: http://corporate.ferrari.com/en/investors/results/reports.

Il Bilancio di Sostenibilità 2020 è disponibile on line al seguente link: http://corporate.ferrari.com/it/investors/risultati/report.

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[1] The coupon number of the dividend is 6.

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 closed Thursday at 210.95 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 Very Bullish. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed. The pattern also suggests that the current selling is over.

The Key support is strong at 206.36, and the Key resistance is at 212.88 at the close Thursday in NY.

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 243.60.

The Maranello Outfit’s shares were raised downgraded from Buy to Hold at HSBC Thursday.

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!

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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