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Investing.com -- Ferrari Group (BIT:RACE) on Thursday reported a 4.8% increase in first-quarter revenue to €86.7 million, in line with its full-year guidance, sending shares up higher on Thursday.
The results were supported by 3.8% organic growth and a 1% positive currency impact. Organic revenue from global clients remained flat, while revenue from local clients rose 12.4%.
Geographically, Europe was the key growth driver, following expansions into the Netherlands, France and Germany.
By business segment, Special and Other Services posted a 14.4% increase, aided by key events held in February.
The company said it had not observed changes in customer behavior despite macroeconomic headwinds and highlighted a solid pipeline.
Ferrari Group maintained its full-year revenue growth target of approximately 5%, consistent with the previous year.
The company continues to target an EBITDA margin of 26.5% or slightly higher for the fiscal year.
This compares with its medium-term objective of 6%-8% annual revenue growth and a 27%-29% EBITDA margin, supported by regional expansion and a broader client base.
Its shares are currently trading 4% below the listing price. The stock is trading at 6.8x FY25 estimated EV/EBITDA, a 28% discount to sector peers, as per analysts at Jefferies.