After Leclerc's (lucky) podium, another good news arrives for Ferrari. Early afternoon the title on the Cavallino Stock Exchange travels up by 2,9%, to 155,70 euros, while the Ftse Mib earns 0,8%. The wave of purchases on Maranello shares comes in the wake not only of the Monegasque driver's third place in the British Grand Prix, but also of the publication of the group's accounts.
Of course, due to the closures imposed by the pandemic, Ferrari closes the second quarter of 2020 with sharply declining numbers on an annual basis, but the collapse is not enough to alienate investors. Between April and June car deliveries decreased by 48%, to 1.389 units, while the turnover suffered a drop of 42%, to 571 million euros, e the net profit it was almost zeroed, but still resisted: -95%, at 9 million euros.
On the side of profitability, the ebitda is equal to 124 million (-60%), as the adjusted one, with the adjusted ebitda margin at 21,9%, against 32% of the same period of 2109. The ebit instead is equal to 23 million, down 90% (like adjusted ebit). Adjusted diluted EPS for the period amounted to €0,04, against €0,96 in the same period of 2019 (-96%).
The negative trend forced Ferrari to review the forecast for 2020. The company has released a "restricted guidance" compared to that provided to the market last May, which "reflects the greater visibility and some refinements of the assumptions illustrated on May 4, 2020".
Net revenues for 2020 are now expected to be around €3,4 billion, against an estimate of between €3,4 and 3,6 billion in the previous guidance. The adjusted EBITDA should settle instead in a range between 1,075 and 1,125 billion euros, with a margin between 31% and 32,5%, against the previous assessment of a range between 1,05 and 1,2 billion and a margin between 31% and 33%.
Estimates relating to adjusted EBIT are instead between 0,65 and 0,7 billion euro, with a margin of between 18,5% and 20%, compared with an estimate of between 0,6 and 0,8 billion and a margin between 18% and 22%. Adjusted diluted EPS is expected to be between €2,6 and €2,8, versus a previous estimate of between €2,4 and €3,1. Finally, for industrial free cash flow a range between 0,10 and 0,15 billion is expected, down compared to the range between 0,1 and 0,2 billion of the May guidance.
