Wide-Moat Ferrari Deserving of Luxury Goods Title

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

Ferrari: Initiating Coverage with a Wide Economic Moat&nbsp;Rating and a $50 Fair Value.Like the rich heritage of the Ferrari brand, we think Ferrari&nbsp;stock will regularly trade at rich, luxury-goods valuation&nbsp;multiples.We find the long-term stability of Ferrari revenue,&nbsp;addressable market growth from a rising global population&nbsp;of high-net-worth individuals, expansive profit margin, and&nbsp;solid returns on invested capital throughout economic&nbsp;cycles, to be compelling reasons to invest.Ferrari's heritage originates from the engineering, manufacturing,&nbsp;and fielding of race cars since Enzo Ferrari first founded Scuderia&nbsp;Ferrari in 1929 under Alfa Romeo ownership.As Enzo Ferrari said,&nbsp;"The Ferrari is a dream--people dream of owning this special vehicle&nbsp;and for most people it will remain a dream apart from those lucky&nbsp;few."Analyst: Richard Hilgert

Ferrari: Initiating Coverage with a Wide Economic Moat&nbsp;Rating and a $50 Fair Value.Like the rich heritage of the Ferrari brand, we think Ferrari&nbsp;stock will regularly trade at rich, luxury-goods valuation&nbsp;multiples.We find the long-term stability of Ferrari revenue,&nbsp;addressable market growth from a rising global population&nbsp;of high-net-worth individuals, expansive profit margin, and&nbsp;solid returns on invested capital throughout economic&nbsp;cycles, to be compelling reasons to invest.Ferrari's heritage originates from the engineering, manufacturing,&nbsp;and fielding of race cars since Enzo Ferrari first founded Scuderia&nbsp;Ferrari in 1929 under Alfa Romeo ownership.As Enzo Ferrari said,&nbsp;"The Ferrari is a dream--people dream of owning this special vehicle&nbsp;and for most people it will remain a dream apart from those lucky&nbsp;few."Analyst: Richard Hilgert

Stellantis NV

People Dream of Owning a Ferrari