Ferrari shares fall into the largest rate since 2016 after cautious expectations

Ferrari NV shares have suffered their biggest daily loss since 2016, after the company revealed cautious revenue and profit forecasts that disappointed investors. The share dropped as much as 14% on the Milan Stock Exchange on Thursday, after the company increased its profit and revenue forecasts for this year slightly and led for 2030. The company expects its net revenue to reach 7.1 billion euros ($ 8.24 billion) this year, higher than a previous target of 7 billion euros or more, which is on a financial market day in Maranello. Italy. Customized earnings before interest, tax, depreciation and amortization (EBITDA) are expected to rise to 2.72 billion euros or more, compared to at least 2.68 billion euros before. Also read: Morgan Stanley: “Ferrari” is as close as possible to resisting the recession. The company looks at 2030 and sees a modest improvement, as revenue will reach 9 billion euros, with a adjusted profit before interest, tax, depreciation and amortization (EBITDA) of 3.6 billion euros or more, according to what Ferrari said. This profit forecast for 2030 indicates a composite annual growth rate of 6%, which is much lower than the 10% rate indicated during the financial market day for 2022, according to Tom Narayan, a stock analyst at RBC Capital Markets, in a note on Thursday. Investors punished the stock and responded to the conservative tone of the forecast – although the company has a record to set and beat modest goals. The share has so far been changed to date to date until Thursday, as the company has been influenced by a slowdown in the overall luxury goods market, uncertainty about rates and falling sales in China. Ferrari also scaled its electric car plans on Thursday, although it revealed elements of its first electrical model, Elettrica, which are scheduled for the launch next year. Allelectric models will make up about 20% of its range by 2030, of the previous target of 40% set in 2022. Other luxury car businesses, including Porsche and Mercedes, have had trouble switching to electric cars, as wealthy buyers are reluctant to switch to electric cars. Like his peers, Ferrari also tries to regain momentum in China, where sales have decreased.