Companies, Ferrari, Buy back, Purchase of own shares in several tranches up to 100 million euro
Ferrari launches a buyback of up to 100 million euros
The program will involve the repurchase in several tranches of ordinary shares for a maximum amount of 100 million euro.
The timing of the plan will depend on market conditions and the company has specified that it is not obliged to execute it.
Ferrari plans to launch a share buyback plan for up to 100 million euros.
This was announced by La Rossa, stating that “the program will involve the repurchase in several tranches of ordinary shares for a maximum amount of 100 million euro.
The timing of the plan will depend on market conditions and the company has specified that it is not obliged to execute it.
The program follows the decision taken by the company’s shareholders’ meeting in April 2017 that authorized the acquisition of up to 10% of Ferrari’s ordinary shares within 18 months of the meeting.
Strong of the results of the fourth quarter of 2017, already published, better than expectations both at the operational level and net profit, the 2018 targets (adjusted EBITDA over 1.1 billion euros, net debt below 400 million without including the patent box and capex for € 550 million for the new hybrid and SUV models) and ambitious long-term targets (ebitda to € 2 billion, free cash flow of € 1.2 billion and debt cancellation by 2021), last February 6, Berenberg confirmed the title buy recommendation and the target price at 125 euros, while Goldman Sachs raised the target price to 118 euros (neutral rating), Jefferies to 125 euros (buy) and Equita to 120 euros (buy).
Francesca Gerosa 09/02/2018
Source Milan Finance
