(CercleFinance.com) – Oddo confirms its ‘outperformance’ rating for Ferrari shares, with an unchanged target price of 230 euros.
On the occasion of its first CMD (investor day) since 2018, the group presented for the first time its electrification strategy, its updated medium-term objectives, as well as some details concerning its future SUV (officially unveiled in december).
In detail, the group announces 2026 EBITDA targets of 2.5-2.7 billion euros (margin 38-40% vs 35%e in 2022) with a consensus already in line with the top of the range (2. 7 MdE, ODDO BHF 2.6 MdE), but it surprises positively on the EBIT and even more on the cash with a cumulative FCF 2022-2026 of 4.6-4.9 MdE’, reports Oddo.
Ferrari also undertakes to increase the return of value to shareholders (increase in payout from 30% to 35% and new share buyback program of 2 MdE, >6% of market capitalization and almost double the previous plan ).
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