In today’s briefing:
- Ferrari Q4 2023: Just Killing It! No Slowdown in Ultra High-End Luxury
- RGS: Dropping Coverage of Regis
- Merlin Entertainments – ESG Report – Lucror Analytics
Ferrari Q4 2023: Just Killing It! No Slowdown in Ultra High-End Luxury
- Ferrari N.V. (RACE US) continued its stellar quarterlies, showing no signs of a slowdown, with Q4 2023 revenue/profits increasing 11.3%/34% YoY.
- FY24 will see the newly launched Purosangue become 20% of the product mix, and personalization trends continue with a mid-single-digit price hike. Ferrari Lifestyle brand will continue strong growth.
- Trading at 48x/41x FY24e/25e, the stock seems expensive, but growth at a >25% ROCE seems highly probable in the not-to-distant future.
RGS: Dropping Coverage of Regis
- Due to a reallocation of resources, we are terminating coverage of Regis Corporation (RGS).
- Our previous rating, price target and estimates for Regis Corporation (RGS) should no longer be relied upon.
- Historical disclosures will be provided upon request.
Merlin Entertainments – ESG Report – Lucror Analytics
- Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
- We assess Merlin Entertainments’ ESG as “Adequate”, in line with the Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Weak”.
- Merlin Entertainments is a global leader in the branded, location-based entertainment business.
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