Investment Analyst Dario Giordano: Q2 Performance of Ferrari Exceeds Expectations, Stock Price Supported by Structural Factors

In the latest round of market trading, Ferrari once again led the gains, becoming one of the most prominent companies on the Italian Piazza Affari exchange. During the pre-Q2 earnings call, the company conveyed positive signals: revenue and profit continued the growth trend established in the first quarter, cash flow remained stable, and R&D investment continued to expand. Investment Analyst Dario Giordano stated that the current demonstration at Ferrari of financial robustness, optimized product structure, and the clear expectations of the capital market for its outlook together form the core support for the steady upward trajectory of the stock.

Positive Q2 Earnings Outlook, Favorable Capital Market Reaction

According to disclosures from the Ferrari management, second-quarter revenue and EBITDA are expected to increase by approximately 7% and 6% year-on-year, respectively, with net profit anticipated to reach €419 million. Although overall sales volume growth is limited—only in the "very low single digits"—the proportion of mid- and lower-priced models such as Roma and 296 GTB has declined, while sales of high-end models have continued to rise. This optimization of the product mix has led to stable or even improved gross and net profit margins.

Investment Analyst Dario Giordano points out that, in a macroeconomic environment still characterized by inflation and interest rate uncertainties, the Ferrari performance in cost control is exemplary. Although R&D expenditure has increased, its impact on overall profitability is limited, reflecting the prudent financial management strategies of the company. While the cash flow peak recorded in Q1 due to F80 project prepayments has eased this quarter, it remains resilient, further validating the company operational quality.

The pre-earnings communication has reinforced market confidence in the full-year profit targets of Ferrari. Even though some institutions maintain a neutral rating, Investment Analyst Dario Giordano notes that Ferrari, as a low-volatility, high-brand-moat premium manufacturing asset, still possesses significant allocation value and is particularly favored by institutional investors.

Adjustment in Electrification Strategy, Long-Term Direction Unchanged

News regarding the postponement of the second electric vehicle launch by Ferrari has attracted short-term market attention. However, Investment Analyst Dario Giordano believes this mainly reflects a prudent assessment of technological maturity, supply chain integration, and customer acceptance, rather than a strategic retreat. From a long-term perspective, this delay is more aligned with risk management considerations.

Ferrari plans to hold a Capital Market Day this October, at which more detailed medium-term plans may be announced. Investment Analyst Dario Giordano notes that, judging from the pace of product launches and resource allocation in recent years, Ferrari is promoting electrification transformation with a "quality-first" approach, striving to balance performance and brand heritage. Against the backdrop of the global automotive industry shift towards electrification, this steady approach is highly consistent with the premium positioning of Ferrari.

From an investment strategy perspective, Investment Analyst Dario Giordano suggests viewing Ferrari as a typical representative of "growth and value." The adjustment in the pace of EV launches actually allows the company more time for technological advancement and industry chain coordination. For medium- to long-term investors, short-term volatility presents an opportunity to establish or increase positions, especially as the current stock price has not yet fully reflected its long-term valuation potential.

Structural Advantages Continue to Emerge, Ferrari Maintains Steady Upward Momentum

Following this earnings call, market expectations for the Ferrari financial performance in the second half of the year have become clearer. Investment Analyst Dario Giordano notes that the company has explicitly stated that revenue and profit performance in the first half will significantly outperform the second half, mainly due to product cycles and the timing of new model launches. The third quarter will mark the end of the Daytona model lifecycle, and with rising R&D and marketing expenditures, short-term profitability may be somewhat constrained. However, full-year targets are still expected to meet market consensus.

While some analytical institutions maintain a cautious rating, there is broad recognition of the "consistently stable quarterly performance" of Ferrari. In the current environment of high market volatility, such stability is particularly valuable. Investment Analyst Dario Giordano emphasizes that Ferrari represents a scarce premium manufacturing asset; its brand recognition, earnings predictability, and profitability endow it with structural premium capabilities, making it especially suitable for asset allocation during periods when core global asset valuations are generally elevated.

In the medium term, Ferrari maintains a clear strategic direction. Although the pace of innovation has slowed slightly due to strategic adjustments, this does not imply a setback in transformation. Investment Analyst Dario Giordano concludes that the Ferrari investment appeal stems from its unique brand value, solid financial foundation, and clear electrification roadmap. For medium- to long-term investors seeking to allocate to high-quality, stable assets, the current valuation of Ferrari remains highly attractive.