Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is launching its inaugural Las Vegas Auction on October 31, featuring a selection of high-value collector cars and memorabilia [1][2][3] Auction Details - The auction will showcase 68 collector cars and two Formula One memorabilia lots, held at the Wynn Las Vegas [2] - The event is part of the Concours at Wynn Las Vegas, creating a weekend dedicated to car enthusiasts [2] Featured Cars - The auction is headlined by a 2010 Bugatti Veyron EB 16.4 Coupe, estimated between $1.5 million and $1.8 million, and a 1962 Mercedes-Benz 300 SL Roadster, estimated between $1.45 million and $1.6 million [3][4] - The Bugatti Veyron is one of only 252 original units, with a low mileage of 6,515 miles [3] - The Mercedes-Benz 300 SL Roadster is one of approximately 270 units with original features and has been recently serviced [3] Additional Highlights - The auction includes notable collections such as the Lone Star Sports Car Collection, featuring a 1963 Maserati 3500 GTI Vignale Spyder Prototype estimated at $475,000 to $575,000 [5] - The Cobalt Collection features modern performance cars, including a 2001 BMW Z8 estimated at $275,000 to $325,000 [6][9] Modern Collectibles - High-performance modern cars include two Mercedes-Benz McLaren SLRs, with estimates of $850,000 to $950,000 for a 2009 Roadster and $600,000 to $700,000 for a 2006 Coupe [11][12] - A 2023 Ferrari 296 GTS Assetto Fiorano is also featured, estimated at $400,000 to $450,000 [13] Event Logistics - The auction is scheduled for October 31 at 3:00 PM PDT, with previews on October 30 and 31 [13][14] - Interested bidders can register and view the complete digital catalog online [14]

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is set to host its inaugural Las Vegas Auction on October 31, 2025, in partnership with Concours at Wynn Las Vegas, featuring a complete digital catalog of collector cars and memorabilia [1][2]. Auction Details - The auction will showcase 68 collector cars and two Formula One memorabilia lots, held in the Bandol 1 Room at Wynn Las Vegas, with cars displayed at the Wynn Golf Club [2]. - The event is part of the Concours at Wynn Las Vegas, providing a weekend of activities for car enthusiasts [2]. Featured Cars - The auction highlights include a 2010 Bugatti Veyron EB 16.4 Coupe, estimated between $1,500,000 and $1,800,000, and a 1962 Mercedes-Benz 300 SL Roadster, estimated between $1,450,000 and $1,600,000 [3]. - The Bugatti Veyron is one of only 252 original Coupes, with a low mileage of 6,515 miles, while the 300 SL Roadster retains its original components and is presented in its original colors [3]. Additional Collections - The auction will feature the Lone Star Sports Car Collection, which includes notable models such as a 1963 Maserati 3500 GTI Vignale Spyder Prototype (Estimate: $475,000 - $575,000) and a 1959 BMW 503 Series II Cabriolet (Estimate: $425,000 - $475,000) [5]. - The Cobalt Collection will also be present, featuring performance cars like a 2001 BMW Z8 (Estimate: $275,000 - $325,000) and a 2013 Dodge SRT Viper GTS Launch Edition (Estimate: $160,000 - $200,000) [6]. Modern Collectibles - The auction includes high-performance modern collectibles such as a 2009 Mercedes-Benz SLR McLaren Roadster 722 S (Estimate: $850,000 - $950,000) and a 2006 Mercedes-Benz SLR McLaren Coupe by MSO (Estimate: $600,000 - $700,000) [8][9]. - Additional modern collectibles include a 2023 Ferrari 296 GTS Assetto Fiorano (Estimate: $400,000 - $450,000) [10]. Event Schedule - The Las Vegas Auction is scheduled for October 31 at 3:00 PM PDT, with previews on October 30 and 31 [10].

Core Insights - Continental is set to release its third-quarter financial results on November 6, indicating a proactive approach to financial transparency [1] - The company anticipates an adjusted earnings before interest and taxes (EBIT) margin of approximately 11.4%, which exceeds market consensus forecasts [1]

Core Viewpoint - Ferrari's stock price has entered a bear market, declining over 25% from its peak in July, currently trading at $392 and resulting in a market capitalization of $94 billion [1] Group 1 - The stock price of Ferrari has dropped significantly, indicating a bearish trend in the market [1] - The decline in stock price has led to a market capitalization reduction to $94 billion [1]

Core Viewpoint - Ferrari's stock (RACE) has experienced a 19% decline over the past week, currently trading at $389.56, with concerns about its high valuation suggesting a potential price target of $273 [2][3] Stock Assessment - The stock is considered relatively expensive despite its strong operating performance and financial condition, indicating a need to reduce exposure [2][3] - A diversified investment approach is recommended over relying on a single stock, as evidenced by the performance of the Trefis High Quality Portfolio [3] Company Overview - Ferrari has a market capitalization of $70 billion and operates in the luxury performance sports car segment, licensing its brand for lifestyle goods and running retail stores and themed entertainment parks globally [4] Financial Performance - Revenue growth has averaged 15.7% over the last three years, with a 12% increase from $6.1 billion to $6.9 billion in the last 12 months, and a quarterly revenue growth of 13% to $1.8 billion [5] - Operating income for the last 12 months was $2.0 billion, with an operating margin of 28.9% and a cash flow margin of 33%, generating nearly $2.3 billion in operating cash flow [7] Profitability and Financial Stability - Net income for the same period was approximately $1.6 billion, resulting in a net margin of about 23% [7] - The company's debt stood at $3.3 billion, leading to a debt-to-equity ratio of 4.8%, while cash and cash equivalents accounted for $1.9 billion of total assets of $9.9 billion, yielding a cash-to-assets ratio of 19.4% [7] Market Resilience - Ferrari's stock has shown resilience during economic downturns, recovering fully from declines faster than the S&P 500 index during the 2020 COVID-19 pandemic and the 2022 inflation shock [6][8]

Core Insights - The company has set a revenue growth target of approximately 5% annually until 2030, which some analysts view as cautious [1] - There is a commitment to deliver on previous promises, indicating confidence in the luxury market despite potential challenges [2][3] - The company aims to maintain a balance between client satisfaction and investor expectations, emphasizing a long-term approach to cash management [5][6] Financial Performance - The company has projected €8 billion in free cash flow over the next five years, with €7 billion allocated for dividends and buybacks, although some analysts expressed disappointment with these figures [4] - Margins are expected to exceed 40%, with aspirations for higher margins on specific models [6] Product Strategy - The company plans to limit the number of supercar owners to no more than 5%, maintaining exclusivity as a key aspect of its business model [8] - The electric vehicle (EV) target has been revised down to 20% of the lineup by 2030, previously set at 40%, reflecting a strategic adjustment based on market conditions [12][14] - The company is increasing the number of internal combustion engine models, indicating a focus on traditional offerings alongside EVs [13] Market Positioning - The company acknowledges challenges in the Chinese market, where it aims to maintain a market share below 10% while adapting its offerings to better fit local preferences [21][22] - There is a recognition of the competitive landscape, with peers like Porsche and BMW losing market share in China, prompting a reevaluation of the company's strategy in that region [20]

Core Insights - Broad Arrow Auctions, a Hagerty company, is set to host its first Zürich Auction on November 1, 2025, featuring over 60 highly collectible cars with notable Swiss provenance [1][2][4] Auction Details - The auction will take place at the Dolder Grand Hotel in Zürich, coinciding with the Auto Zürich motor show from October 30 to November 2, 2025 [2][4] - The auction catalogue includes prestigious models such as a 1966 Ferrari 275 GTB Alloy and a 1956 Jaguar D-Type, both of which are expected to attract significant interest from collectors [3][4] Featured Cars - The 1966 Ferrari 275 GTB Alloy is estimated to sell for CHF 2,200,000 - CHF 2,600,000 and has a continuous Swiss ownership history, making it highly desirable [5] - The 1956 Jaguar D-Type, estimated at CHF 5,250,000 - CHF 6,250,000, is one of only 71 produced and has never been used in competitive motorsport, enhancing its appeal [6] - Other notable cars include the 2024 Aston Martin Valkerie Spider (CHF 2,750,000 - CHF 3,250,000) and the 1991 Isdera Sbarro Espera Turbo S20E (CHF 140,000 - CHF 230,000) [3][4] Company Background - Broad Arrow Auctions is recognized as a leading global collector car auction house, having expanded its operations in Europe and established itself as the official auction house for prestigious events [16] - The company aims to provide exceptional quality cars to collectors and enthusiasts, reflecting a wide range of desirable price points [13]

Core Viewpoint - The article discusses the ten large-cap stocks that performed the worst in the previous week, raising questions about their potential inclusion in investment portfolios [1] Group 1: Stock Performance - The focus is on identifying the ten large-cap stocks that had the lowest performance last week, indicating potential concerns for investors [1] - The article implies that these stocks may present investment risks, suggesting a need for careful evaluation by portfolio managers [1] Group 2: Investment Considerations - Investors are encouraged to assess whether these poorly performing stocks are part of their portfolios, highlighting the importance of active portfolio management [1] - The article serves as a reminder for investors to stay informed about market trends and stock performance to make informed investment decisions [1]

Core Viewpoint - Ferrari's stock experienced a significant drop of nearly 16% following the unveiling of its first full-electric model, raising questions about whether this presents a buying opportunity for investors [1][10]. Group 1: Electric Vehicle Strategy - Ferrari is set to invest 4.7 billion euros between 2026 and 2030 to electrify its lineup, with expectations that battery-electric vehicles (BEVs) will account for 20% of sales by the end of the decade [5]. - The company is already partially electrified, with approximately 50% of its vehicle shipments being hybrids [5]. - Competitors like Lamborghini and Porsche are delaying or scaling back their electric vehicle plans due to weak demand, positioning Ferrari uniquely in the market [4]. Group 2: Financial Projections - Ferrari's long-term financial guidance for 2030 fell short of analyst expectations, projecting earnings of 11.50 euros per share on revenue of 9 billion euros, compared to the 9.9 billion euros analysts anticipated [8]. - The company slightly raised its outlook for 2025, expecting a profit of 8.80 euros per share on revenue of 7.1 billion euros [8]. Group 3: Market Position and Brand Strength - Ferrari maintains a strong competitive advantage with high margins and a unique brand image that is difficult for competitors to replicate [10]. - The performance of the Elettrica, Ferrari's first full EV, will be crucial in determining the future success of its electric lineup and its ability to resonate with core enthusiasts [9].

Core Insights - The automotive industry presents challenges due to its capital intensity, low growth, and cyclical demand, but opportunities exist for investment [1] - Ferrari distinguishes itself as a luxury brand with strong brand equity, prioritizing quality and maintaining supply below demand to enhance pricing power [2] Financial Performance - From 2014 to 2024, Ferrari's revenue and net income increased by 142% and 476%, respectively, with a trailing-10-year average operating margin of 24% [3] Valuation - Ferrari's stock has appreciated by 771% since its IPO in October 2015, leading to a price-to-earnings ratio of 49.4, which reflects its strong sales, profit growth, and brand strength, justifying a premium valuation [4]