Ferrari N.V. Update on Its Buyback Program
Ferrari N.V. (NYSE/EXM: RACE) has recently provided an update regarding its ongoing share buyback initiative, reflecting its commitment to enhancing shareholder value. As a part of a larger strategy involving an investment of approximately Euro 2 billion, this initiative was first announced during the Capital Markets Day in 2022. This update pertains to the latest tranche of the buyback, known as the Fifth Tranche, introduced as a Euro 250 million allocation.
Recent Share Purchases
Under this buyback program, Ferrari has completed a series of notable purchases on the Euronext Milan (EXM). Between October 28 and November 1, 2024, the Company bought back a total of 18,300 common shares. Here's a summary of the transactions executed during this period:
Purchase Summary
The buybacks included transactions over multiple days, with specific details as follows:
- October 28, 2024: 3,600 shares at an average price of €452.7015
- October 29, 2024: 3,600 shares at an average price of €452.9684
- October 30, 2024: 3,700 shares at an average price of €445.1321
- October 31, 2024: 3,700 shares at an average price of €440.1004
- November 1, 2024: 3,700 shares at an average price of €442.2036
All these purchases collectively amounted to a total expenditure exceeding €8 million. This detailed action confirms Ferrari's proactive approach in maintaining a robust investment framework aimed at maximizing shareholder return.
Total Investments to Date
From the onset of the Fifth Tranche through November 1, 2024, Ferrari has committed a total of Euro 171,825,124.84 towards the purchase of 416,350 shares solely on the EXM. In addition, the Company executed purchases on the NYSE totaling USD 45,452,667.64, which equates to approximately Euro 41 million. This brings the overall share repurchased to a remarkable tally.
Current Treasury Holdings
As of early November 2024, the Company holds a total of 14,678,349 common shares in treasury, which represents 5.71% of its entire issued share capital. This figure includes both common shares and special voting shares, adjusted for those allocated through the Company's equity incentive programs. Over the years, since the inauguration of the buyback program in mid-2022, Ferrari has already purchased a staggering 3,855,585 of its own shares across both the EXM and NYSE, reaching total expenditures of approximately €1.14 billion.
Availability of Detailed Transaction Information
For shareholders and interested parties looking for more comprehensive insights into Ferrari's buyback activities, a complete overview of these transactions is readily available on Ferrari’s corporate website, specifically under the Buyback Programs section. This enables transparency and allows stakeholders to stay informed about the Company's financial strategies and shareholder value enhancements.
Frequently Asked Questions
What is the purpose of Ferrari's share buyback program?
The share buyback program is designed to enhance shareholder value by reducing the number of outstanding shares, thus potentially increasing the earnings per share.
How much has Ferrari invested in share buybacks so far?
As of November 1, 2024, Ferrari has invested a total of Euro 171,825,124.84 in share buybacks under the Fifth Tranche.
What percentage of shares does Ferrari currently hold in treasury?
Ferrari currently holds 14,678,349 common shares in treasury, which is 5.71% of its total issued share capital.
Where can I find more information about Ferrari's buyback program?
More details and a comprehensive overview of the buyback program can be found on Ferrari’s corporate website under the Buyback Programs section.
How does the share buyback impact shareholders?
By executing share buybacks, Ferrari aims to provide a higher value for remaining shareholders through improved earnings per share and the commitment to returning capital to investors.
