RACE - Ferrari

[walkie518]

Anyone know of the reputation and record of the new Ferrari CEO, LOUIS C. CAMILLERI?

http://corporate.ferrari.com/en/about-us/executive-officers

Seems like his record is the record of Phillip Morris -> Altria Group -> PM International. An entire career in the cigarette business. Maybe Ferrari was the only gig he could find with even more loyal customers

has Camilleri has been on vacation since 2013? any other reason why he was chosen instead of someone already on the team who worked closely w/Marchionne? 

this doesn't sit right w/me...

[walkie518]

Monza SP1 and SP2

https://www.autoblog.com/2018/09/18/ferrari-monza-sp1-sp2-most-powerful/

[walkie518]

I am less impressed with the financial allocation and guidance than the design of the new Monza SP1 and SP2

Dividends increased to 30% of net income and buyback s 1.5B Euro (~$1.75B USD)... so we'll see a $1 dividend and over a four year period the company will buy back less than 7% of its shares at today's price

I hope that the plan is not indiscriminate to price...

Guidance is for increased capex for purpose of launching hybrids, FUV, and V6 engine production...a Ferrari with a V6?

It would be awful if Ferrari did what Lamborghini did with Urus. 

Ferrari is a wonderful company with an incredibly valuable brand...I intend to go through the presentations in full, but a glance, this is disappointing

[Pondside47]

Anyone know of the reputation and record of the new Ferrari CEO, LOUIS C. CAMILLERI?

http://corporate.ferrari.com/en/about-us/executive-officers

Seems like his record is the record of Phillip Morris -> Altria Group -> PM International. An entire career in the cigarette business. Maybe Ferrari was the only gig he could find with even more loyal customers

I spoke with someone who has worked for Altria and has owned cigarette stocks for long periods. He told me Camilleri was a great capital allocator and was very good at judging people. I think before we start writing him off we need to remember Sergio never ran a car or a luxury company before either. Also what is the biggest reason we own Ferrari stock? Sure Sergio was great for his insights and new direction, but does it really take Sergio to be relatively successful at reaching the 2022 plan? If the answer is yes, should we really own the stock?



has Camilleri has been on vacation since 2013? any other reason why he was chosen instead of someone already on the team who worked closely w/Marchionne? 

this doesn't sit right w/me...

[TwoCitiesCapital]

Anyone know of the reputation and record of the new Ferrari CEO, LOUIS C. CAMILLERI?

http://corporate.ferrari.com/en/about-us/executive-officers

Seems like his record is the record of Phillip Morris -> Altria Group -> PM International. An entire career in the cigarette business. Maybe Ferrari was the only gig he could find with even more loyal customers

has Camilleri has been on vacation since 2013? any other reason why he was chosen instead of someone already on the team who worked closely w/Marchionne? 

this doesn't sit right w/me...

I spoke with someone who has worked for Altria and has owned cigarette stocks for long periods. He told me Camilleri was a great capital allocator and was very good at judging people. I think before we start writing him off we need to remember Sergio never ran a car or a luxury company before either. Also what is the biggest reason we own Ferrari stock? Sure Sergio was great for his insights and new direction, but does it really take Sergio to be relatively successful at reaching the 2022 plan? If the answer is yes, should we really own the stock?

+1

I don't own Ferrari directly since since I sold and rolled the proceeds into FCAU; however, I do hold a good bit of Exor and trust those guys to have done their due diligence on the CEO running a company they control. Similar to your points about Sergei. The fact that it's suggested that he is an excellent capital allocator and a good judge of people is huge. Carnegie built his wealth by being good in just those areas.

As long as Camilleri is smart enough to surround himself with people who do know cars/Ferrari while gets out of their way and intelligently allocates capital to the best opportunities they put before him, we should all be fine.

[walkie518]

Q3 presentation

http://corporate.ferrari.com/sites/ferrari15ipo/files/2018_11_05_-_ferrari_-_q3_2018_results_presentation.pdf

one time adjustment boosted EPS by E0.74, but longer-term, debt pay down has been material despite lower FCF

the two Icona and new 488 Pista Spider should provide a lift to 2019 sales and some temporary margin expansion

pricing hasn't recovered from Marchionne's unfortunate death, but the business is running on all cylinders and continuing to hit 2018 targets

there is certainly some apprehension about the FUV...I don't see any mention in the presentation but haven't listened to the call yet

[Spekulatius]

Interesting show any it the legendary 1960’s Le Man races, which were more porpluar than Formula one back then. I didn’t know that Ford almost bought Ferrari for $16M back then:
https://youtu.be/xxlAJ4tUvpI

[fareastwarriors]

Ferrari slowed by coronavirus, but not driven off course

https://www.reuters.com/article/us-ferrari-results/ferrari-slowed-by-coronavirus-but-not-driven-off-course-idUSKBN22G1CC


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Ferrari is now worth more than General Motors and Ford

https://www.cnbc.com/2020/05/04/ferrari-is-now-worth-more-than-general-motors-and-ford.html

[fareastwarriors]

Any concern with the rather sudden departure of the CEO?