Home 2022 Ferrari’s (NYSE:RACE) Periodic Report on its Stock Buyback Program

Ferrari’s (NYSE:RACE) Periodic Report on its Stock Buyback Program

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#Ferrari #stock #buyback

$RACE

Maranello (Italy), January 10, 2022 – Ferrari NV (NYSE:RACE) informs that the Company has purchased, under the 5th tranche of the common share buyback program announced on 4 October 2021 (“Fifth Tranche”), 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



(€)
04/01/2022MTA647227.9450147,480.40
06/01/2022MTA17,741230.46154,088,617.20
07/01/2022MTA7,453225.19431,678,373.40


Total


25,841228.87935,914,471.00

Since the announcement of the Fifth Tranche of the buyback program dated October 4, 2021 till January 7, 2022, the total invested consideration has been:

  • Euro 66,651,629.70 for No. 311,827 common shares purchased on the MTA
  • USD 5,457,277.38 (Euro 4,827,879.29*) for No. 21,214 common shares purchased on the NYSE.

As of January 7, 2022, the Company held in treasury No. 10,105,944 common shares equal to 3.93% 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 January 7, 2022, the Company has purchased a total of 4,920,618 own common shares on MTA and NYSE for a total consideration of Euro 724,901,211.23.

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).

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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 finished Wednesday at 258.41 within its 52 wk range of 127.73 – 275.30 in NY, down from its all time closing high at 275.30 on 22nd November.

Key technical indicators are Neutral-Bullish in here. The candlestick pattern indicated the confirmation of the break out at 196.01 on 3 November and confirmed.

The Key resistance is at 267.27, the Key support is at 257.05, our Key technical indicators are now Neutral-Bullish.

Societe Generale places a Street high price target of $290 on RACE as compared to the average sell-side price target at 195.93. Most Street analysts still do not know how to view Ferrari.

Morgan Stanley called out $RACE a “sleeper” EV play as the firm can justify more than 100% of the company’s value with its ICE business. MS’s new price target of $350 reps more than 35% Northside potential for shares and is above the average analyst 1 yr target is at 208.64.

MS automotive analyst says, “Longer term, we see scope for Ferrari to offer a range of EV products at potentially higher prices than the average selling price of today’s Ferrari, while leveraging economies of scale on higher volumes.

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, an 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. 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 208.29.

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 call 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. And Ferrari continues to buy back its stock in here.

The stock is considered defensive in the sector.

Have a prosperous day, Keep the Faith!

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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.