Ferrari burst closes gap with luxury king Hermes [Reuters]
HERMES INTL SA UNSP/ADR (HESAY)
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Source: Reuters
LONDON, Feb 1 (Reuters Breakingviews) - Ferrari's (RACE.MI) , opens new tab latest sales surge puts it in touching distance of luxury player Hermes International (HRMS.PA) , opens new tab . Shares of the Italian car company rose 9% on Thursday after it reported , opens new tab record results for the year ending December 2023. Most importantly, instead of lowering its 2024 guidance, as analysts expected, Ferrari said it is planning to deliver net revenue of over 6.4 billion euros with adjusted EBITDA margin to grow above 38%. Scarcity is working in Ferrari's favour. Its sold-out order book of cars like the 488 Pista which can cost over $400,000 stretches several years, and CEO Benedetto Vigna said he is confident he can even hit the higher end of the company's 2026 guidance which includes an adjusted EBITDA estimate of 2.5 billion euros to 2.7 billion euros. That explains Ferrari's new luxury valuation. Including Thursday's share move, the company now trades at 46 times the 2024 ear
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