Ferrari N.V. Updates on Share Buyback Program Progress
Overview of the Share Buyback Program
Ferrari N.V. (NYSE/EXM: RACE) has recently shared exciting updates regarding its ongoing share buyback program. The initiative, which was launched with a total budget of approximately Euro 2 billion in 2022, continues to evolve with new tranches aimed at enhancing shareholder value. As the buyback program unfolds, it reflects Ferrari's strong commitment to maintaining a robust capital structure and delivering on shareholder returns.
Details of the Recent Purchases
The latest update includes the fifth tranche of the buyback program, with a substantial allocation of Euro 250 million. This investment marks a continued effort by Ferrari to repurchase its common shares. By September 9, 2024, the Company had repurchased a total of 28,900 shares, at an average price of €436.7305, representing an investment of approximately Euro 12,621,511.53.
Daily Purchase Summary
Ferrari's strategy includes reporting the daily transactions to keep investors informed. For instance, on September 2, 2024, the Company acquired 4,600 shares at an average price of €445.6153, totaling around €2,049,830.38. The table outlines a series of transactions that showcase the Company's active engagement in the market, clearly demonstrating its intention to foster shareholder confidence.
Total Shares Held in Treasury
As of September 9, 2024, Ferrari holds 14,399,557 shares in treasury, which accounts for about 5.60% of the total issued share capital, including both ordinary and special voting shares. This strategic maneuver underlines Ferrari's proactive stance in handling its equity and creating a stable financial environment for future growth.
Investments and Fiscal Performance
Since the inception of the buyback program in July 2022, Ferrari has actively repurchased a total of 3,575,453 shares across both the Milan Stock Exchange and the NYSE. The cumulative investment in these shares has reached an impressive Euro 1,017,141,438.41. This level of investment reflects not only confidence in the Company's long-term value but also a commitment to maximizing returns for its shareholders.
Market Performance Insights
Ferrari’s commitment to the buyback program is indicative of its performance and outlook. The stock's performance has historically shown resilience, bolstered by strong sales and a steady recovery across various markets. As the Company continues to execute its strategic objectives, investors remain optimistic about future opportunities and enhancements in shareholder equity.
Ongoing Engagement with Shareholders
Ferrari understands the importance of transparency and communication with its investors. Comprehensive details on all transactions carried out under the buyback program are available on their corporate website. This access ensures that investors have up-to-date information, enabling them to make informed decisions regarding their investments.
Future Outlook
As Ferrari advances through its multi-year buyback initiative, the focus will remain on enhancing shareholder value and maintaining financial stability. The ongoing buyback program positions the Company well within the luxury automotive sector, allowing it to leverage its brand strength and customer loyalty effectively.
Frequently Asked Questions
What is the purpose of the share buyback program?
The share buyback program aims to enhance shareholder value by reducing the number of outstanding shares, which can potentially increase earnings per share.
How much has Ferrari invested in the buyback program?
As of September 9, 2024, Ferrari has invested approximately Euro 1,017,141,438.41 since the start of the buyback program.
Where can I find more details about Ferrari's buyback transactions?
Detailed information about the transactions is available on Ferrari's corporate website under the Buyback Programs section.
What percentage of shares does Ferrari hold in treasury?
Ferrari currently holds 14,399,557 shares in treasury, representing about 5.60% of the total issued share capital.
How does the buyback program affect Ferrari's stock price?
The buyback program can positively impact Ferrari's stock price by signaling confidence in the company's future performance and reducing the supply of shares in the market.
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