Ferrari N.V. RACE

Name: RACE Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 14, 2026

Price at analysis: $325.40

Crucible Score

67.5

B-

Quality × Value Composite

KQI — Quality

77.9

B+

Fundamental Quality Index

KVI — Value

54.9

C-

Valuation Attractiveness Index

Crucible Verdict — RACE

Ferrari N.V. (RACE) delivers exceptional financial quality metrics that contrast sharply with its limited diversification profile, creating a classic luxury brand investment proposition. The stock trades at a 12% discount to fair value despite an 81% earnings beat rate, reflecting market concerns about the company's narrow revenue base. RACE's premium positioning should support margins as global luxury demand stabilizes.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

87.6

Growth Profile

75.7

Moat Durability

77.6

Management Effectiveness⚠

78.1

Diversification & Resilience⚠

53.0

Market Position

71.0

Weakest dimension: Diversification & Resilience (53.0)

◆ KVI Value Dimensions

DCF Margin of Safety

63.8

FCF Yield & Cash Returns

31.2

Relative Valuation

50.9

Growth-Adjusted Value

51.1

Historical Valuation

94.5

Macro Context

48.8

◆ DCF Valuation Scenarios

Bear Case

$248.50

Base Case

$365.20

Bull Case

$512.80

Price at Analysis

$325.40

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$248.50	6.0%	27.0%	8.2%
🟢 Base	$365.20	9.0%	30.0%	7.4%
🟢 Bull	$512.80	12.0%	33.0%	6.9%

Key Assumptions: WACC derived using CAPM with 4.39% risk-free rate, 0.55 beta, and 6.0% ERP yielding base cost of equity of ~7.7%, blended with after-tax cost of debt (~3.5%) at ~30% debt weighting. Revenue growth anchored to 5-year CAGR of ~13.7% but moderated forward given maturing base; capex intensity set at 18% reflecting elevated recent investment (21% in latest year) normalizing over time. Operating margins held near historical 25-30% range with modest expansion in bull case reflecting operating leverage on personalization and brand premiums.

◆ Financial Snapshot

Profitability

Gross Margin51.7%

Operating Margin29.8%

Net Margin22.4%

ROIC19.7%

ROE51.8%

Balance Sheet

Balance SheetCR: 1.69

Cash ConversionFCF/EPS: 0.95x

Capital IntensityCapex/Rev: 21.3%

Altman Z-Score6.43 (Safe)

Piotroski F-Score7/9 (Good)

Growth

Revenue CAGR13.7% CAGR

Earnings CAGR17.8% CAGR

Growth ConsistencyCV: 0.91

Segment Breadth3/3 growing (100%)

Quarterly TrendRev∆, WC↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

Insider ActivityNeutral

Capital AllocationROIC 19.7% vs WACC 1.1%

Earnings Beat Rate81% (15/22)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 14, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.