Exor: Paying 50 Cents On The Euro For Ferrari And Friends

2026-01-14 15:07:16 ET

Introduction

Ferrari ( RACE ) is one of the most iconic brands in the world, as it represents the height of Italian craftsmanship, engineering, and luxury. It has also been an extraordinary stock to own since its spin-out in 2016, compounding at a CAGR of ~22% past decade. Not all great companies are great stocks to own if the valuation is lofty, however over the past few years Ferrari has rarely ever traded at a modest valuation. I liken it to Costco ( COST ) or Fair Isaac ( FICO ), which are some of the greatest businesses in the world as well, but everybody knows this so that is why you don't see many large selloffs. I wrote on Ferrari back in November 2026 and did a deep dive into the business model and valuation, the article was titled Capitalize On Rising Global Inequality With Ferrari Stock Ownership ....

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