Ferrari's Share Buyback Program: Insights and Updates
Understanding Ferrari's Share Buyback Initiative
Ferrari N.V. (NYSE/EXM: RACE) has been making strides in enhancing shareholder value with its ongoing share buyback program. Recently, the Company revealed its fifth tranche as part of a larger multi-year initiative, valued at around Euro 2 billion. This program, structured to conclude by 2026, emphasizes the Company’s commitment to returning capital to its shareholders while maintaining robust financial dynamics.
Details on the Fifth Tranche of the Buyback Program
The Company disclosed that under the recently announced Euro 250 million share buyback plan, substantial investments have been made in common shares. This fifth tranche is part of the ongoing strategy to execute up to Euro 2 billion in buybacks, as disclosed during the 2022 Capital Markets Day. This proactive approach was initiated with the aim of optimizing capital allocation and enhancing overall shareholder value.
Recent Transactions and Purchases
Between the announcement of this fifth tranche and mid-September, Ferrari executed numerous share purchases on both the Euronext Milan and the New York Stock Exchange. On September 20, 2024, the total investment reached over Euro 107 million, where 265,150 common shares were procured on the EXM. On the NYSE, an additional 45,176 shares were purchased, amounting to over USD 21 million (approximately Euro 19 million).
Total Shares Held and Future Outlook
As of September 20, 2024, Ferrari held 14,475,992 common shares in treasury, representing about 5.63% of its total issued share capital. Since the inception of this buyback program on July 1, 2022, the Company has acquired a total of 3,651,888 shares across its trading platforms for a staggering total consideration surpassing Euro 1 billion.
Ferrari's Commitment to Shareholders
This buyback program reflects Ferrari's strategic commitment to enhancing shareholder value through disciplined capital management. The Company aims to reinforce its stock price and provide a robust return on investment. By actively participating in share repurchases, Ferrari underscores its confidence in future performance while ensuring adequate liquidity in the market.
Corporate Communication Channels
Ferrari maintains a transparent communication strategy regarding its financial activities. Detailed datasets about buyback transactions can be found on the Company's corporate website, specifically in the Buyback Programs section, ensuring that investors stay informed about ongoing initiatives that affect their stake in the Company.
Frequently Asked Questions
What is Ferrari's share buyback program?
Ferrari's share buyback program is an initiative designed to repurchase its own shares from the market to enhance shareholder value and improve stock performance.
How much has Ferrari invested in the buyback program so far?
As of mid-September 2024, Ferrari has invested over Euro 107 million in share repurchases under the fifth tranche of its multi-year program.
What is the goal of the buyback program?
The primary goal of the buyback program is to optimize capital allocation, provide a return to shareholders, and increase earnings per share by reducing the number of shares outstanding.
When did the buyback program start?
The multi-year buyback program was initiated on July 1, 2022, and is expected to run until 2026.
How many shares has Ferrari bought back overall?
Since the buyback program began, Ferrari has repurchased a total of 3,651,888 common shares on the EXM and NYSE.
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