Shares of Ferrari down double digits after disappointing long-term guidance. Let's get to Robert Frank with some of these numbers and what they're saying about the EV market among other things. Robert.>> Yeah, Carl. Good morning. Ferrari shares down 13% on fears of a slowdown in profits at its big investor day today.The company raising its short-term guidance, but it lowered its long-term projections. And that's what's really got investors concerned here. Analysts had been expecting EBITDA growth of about 1 ...

Core Insights - Ferrari shares fell by 13% due to disappointing long-term guidance and concerns over profit slowdown [1] - The company raised its short-term guidance but lowered long-term EBITDA growth expectations from 10% to 6% annually through 2030 [2] - Ferrari scaled back its electric vehicle (EV) ambitions, now projecting that EVs will make up 20% of its lineup by 2030, down from a previous target of 40% [3] Company Performance - The company is set to launch its first all-electric model, generating 1000 horsepower and achieving 0 to 60 mph in 2.5 seconds [3] - Despite the lowered EV targets, Ferrari reported that most of its models are sold out, with waiting lists exceeding one year [4] - The current situation is not indicative of reduced demand among wealthy consumers, but rather reflects a conservative approach from the CEO [5] Industry Context - Other high-end sports car manufacturers, including Aston Martin, Lamborghini, and Bugatti, are also scaling back their EV plans [4] - Ferrari's stock is highly valued at 40 to 50 times earnings, making it sensitive to any signs of uncertainty [5]

Core Viewpoint - Ferrari's stock dropped over 12% to $419.16 following disappointing 2030 performance guidance and a reduction in electric vehicle transition targets [1] Financial Performance - Ferrari raised its 2025 net revenue forecast from "over €7 billion" to "at least €7.1 billion" and set a 2030 net revenue target of approximately €9 billion [1] - Analysts consider the long-term guidance to be overly conservative, with expectations for 2030 adjusted EBITDA margin at over 40%, below the analyst average of 42% [1] Analyst Insights - Citigroup analysts noted that Ferrari's guidance is below their "low growth scenario" estimates, reflecting a conservative management outlook [1] - The analysts indicated that the conservative guidance suggests limited operational leverage in future cycles, posing risks to consensus earnings per share and valuation multiples [1] Electric Vehicle Strategy - Ferrari adjusted its electric vehicle strategy, lowering the target for electric vehicle sales to 20% by 2030 from a previous target of 40% [1]

周四，法拉利(RACE.US)大跌逾12%，报419.16美元。消息面上，法拉利2030年业绩指引未达华尔街预 期，同时公司还下调了电动化转型目标。法拉利将2025年净收入预期从此前的"超过70亿欧元"上调 至"至少71亿欧元"，并设定2030年净收入目标约为90亿欧元。然而，分析师普遍认为这一长期指引过于 保守。分析师迈克尔.迪恩(Michael Dean)表示，法拉利预计2030年调整后EBITDA利润率将超40%，而 分析师的平均预期为42%。 另外，法拉利还宣布调整电动化战略，将2030年电动汽车销售占比目标从40%下调至20%。 花旗分析师在研报中表示，法拉利的指引"低于我们资本市场日预览中的'低增长情形'预估，反映出管理 层的保守态度"。他们补充说，考虑到指引虽然保守但暗示未来周期中运营杠杆有限，"我们认为近期共 识每股收益和估值倍数都存在一定风险"。 ...

分组1 - Nvidia has received approval to export chips to the UAE, potentially worth several billion dollars, under a bilateral AI agreement [3][4] - The deal is expected to enhance the UAE's data center construction, crucial for AI model development [4] - The approval followed the UAE's commitment to invest reciprocally in the US [3] 分组2 - Gold prices have recently surpassed $4,000, driven by concerns over the US economy and increased demand for safe-haven assets [7][8] - Analysts suggest that gold should maintain a permanent position in investment portfolios, with a historical performance of being a reliable store of value [9][10] - The gold market is estimated to be around $25 trillion, indicating significant investor interest [10][11] 分组3 - PepsiCo reported a 1.3% organic revenue growth for Q3, which fell short of analyst expectations, attributed to decreased purchases of processed snacks and sugary drinks [15][16] - Despite beating earnings per share expectations at $2.29, the overall performance indicates a decline compared to the previous year [19][20] - Delta Airlines reported better-than-expected Q3 earnings, driven by leisure and corporate travel, with a forecast of continued strong demand [17][21] 分组4 - Retail investor activity has surged, with the Dow up 24% and NASDAQ nearly 50% over the past six months, indicating a strong recovery in the market [29][30] - Chip stocks have seen an 80% increase, reflecting renewed interest in AI and technology sectors [29][30] - Retail demand is projected to reach $800 billion by year-end, surpassing previous years, with a shift towards broad funds like ETFs [30][31] 分组5 - Ferrari's stock has declined significantly following the announcement of its first fully electric model, amid cooling demand for luxury EVs [44][45] - The company plans to focus on hybrid and limited edition vehicles, as electric vehicle sales are experiencing a downturn [45][46] - Analysts suggest that Tesla should consider introducing hybrid vehicles to adapt to changing market conditions, as hybrid sales have outpaced pure EV growth [52][53]

格隆汇10月9日｜法拉利(RACE.US)大跌超13%，最低触及414.9美元，创4月中旬以来新低。 消息面上，法拉利将2025年调整后每股收益目标从8.6欧元调整为至少8.8欧元，仍低于分析师平均预期 的8.85欧元。另外，法拉利目标到2030年调整后每股收益至少达11.5欧元，净收入达约90亿欧元(复合年 增长率约5%)，而市场预期分别为12.3欧元和98.1亿欧元。(格隆汇) ...

Core Insights - Ferrari's stock experienced a significant decline of 7% following its Capital Markets Day, leading to a suspension of trading [1] Company Overview - Ferrari is focused on maintaining sustained profitability through strong margins, stable and expanding free cash flow, and high returns on invested capital [1] Investment Strategy - The investment approach emphasizes undervalued growth stocks and high-quality dividend growers, indicating a long-term perspective on investment returns [1]

Core Viewpoint - The stake in insurer Generali held by the banking group formed from Monte dei Paschi di Siena's acquisition of Mediobanca is seen as a beneficial source of revenue diversification for MPS [1] Group 1 - MPS Chief Executive Luigi highlighted the importance of this stake in enhancing the bank's revenue streams [1]

Core Viewpoint - Ferrari's cautious earnings outlook has disappointed investors, overshadowing the launch of its first electric vehicle, leading to a significant drop in the company's stock price, marking the largest single-day decline in nine years [1] Group 1: Earnings Outlook - Ferrari expects adjusted profits to grow from €2.72 billion this year to at least €3.6 billion (approximately $4.2 billion) by 2030, indicating a slower growth rate than previously anticipated by management three years ago [1] - The company has slightly raised its revenue forecast for this year, expecting net revenue to reach or exceed €7.1 billion, up from the previous guidance of "at least €7 billion" [2] - Adjusted EBITDA expectations have been increased by 1.5% to "at least €2.68 billion," but the projected EBITDA margin for 2030 is expected to exceed 40%, lower than the analysts' average expectation of 42% [2] Group 2: Market Reactions - Following the earnings outlook announcement, Ferrari's stock price fell by as much as 16%, the largest single-day drop since its Milan listing in January 2016, with a pre-market decline exceeding 12% in the U.S. [1] - Analysts had high expectations prior to the investor day, with some anticipating a downward adjustment in electric vehicle targets to drive significant profit growth [1] Group 3: Electric Vehicle Strategy - Ferrari has announced a reduction in its electric vehicle production plans, projecting that pure electric models will account for about 20% of its product lineup by 2030, down from the initial target of 40% set in 2022 [2] - The company is facing challenges in the electric transition, similar to other luxury car manufacturers, as affluent consumers remain hesitant to switch to plug-in electric vehicles [3] - Ferrari is also struggling to regain momentum in the Chinese market, where sales have stagnated [3]

Core Viewpoint - Ferrari NV shares experienced a significant decline after the company issued cautious forecasts regarding future earnings, disappointing investors despite the launch of its first electric vehicle [1][2]. Financial Outlook - Adjusted earnings are projected to rise to at least €3.6 billion ($4.2 billion) by 2030, up from €2.72 billion this year, indicating a slower growth rate compared to previous forecasts made three years ago [1]. - The company has raised its net revenue guidance for this year to equal or exceed €7.1 billion, an increase from the prior guidance of €7 billion or more [5]. - Adjusted EBITDA for this year has been increased by 1.5% to at least €2.68 billion [5]. - For 2030, Ferrari's adjusted EBITDA margin is expected to be over 40%, which is below analysts' average estimate of 42% [5]. Market Reaction - Ferrari's stock fell as much as 16%, marking the steepest drop since its listing in Milan in January 2016, and is currently down about 12% for the year [2]. - Trading of Ferrari shares was temporarily halted due to volatility following the announcement [2]. Analyst Expectations - Analysts had high expectations leading into the investor day, with the highest proportion of buy ratings in five years [3]. - Some analysts anticipated that a potential lowering of electric vehicle targets would enhance Ferrari's earnings, expecting ambitious mid-term targets to be unveiled [4]. - The company's projections were viewed as underwhelming compared to high expectations, with targeted free cash of about €8 billion over five years seen as low against an expectation of €9 billion [6].