Ferrari Group combines a 26.0% EBITDA margin, €101.9 million net cash and a high-barrier luxury-logistics moat with a 13.08x P/E valuation and material rerating potential.
Overview
Ferrari Group PLC is a London-headquartered specialist logistics network, separate from Ferrari N.V., providing secure transportation, vaulting, customs clearance and high-value-added services for jewelry, watches, gems and fine art. Listed on Euronext Amsterdam since February 13, 2025, it operates more than 85 secure locations across over 60 countries and serves major luxury groups, specialist brands, dealers, auction houses and collectors. **Its competitive position is supported by regulatory expertise, ERP integration, high switching costs and 100% retention among top global clients.** FY25 revenue increased 3.0% to €359.4 million, or 4.8% constant currency, while adjusted EBITDA was €93.3 million at a 26.0% margin. FY25 group-share net income declined to €50.7 million from €55.5 million because of digital investment and Italian customs provisions, but cash conversion was 86.3% and net cash was €101.9 million. Q1 2026 organic constant-currency growth accelerated to 7.4%, beating consensus and driving a 9% share-price increase. At €7.81, the shares trade at 13.08x trailing P/E versus specialty peers at 19.9x, with a 4.30% LTM dividend yield. Southeast Asian expansion, digital platforms and valuation normalization are the key catalysts.