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    Ferrari's Q3 2023 Results

    Just posted a blog on Ferrari's Q3 2023 Results: The Horse Flies

    https://karenable.com/ferrari-q32023/

    Thoughts?


    Re: Ferrari's Q3 2023 Results

    Thank you for another excellent and lucid analysis.  Your section on value growth took me immediately to the Porsche press release from yesterday announcing Turbonite, a new shade of gray trim exclusive to Porsche’s Turbo models. If there is demand…

    Your comments on Ferrari flexing country allocations took me back to when Nissan was one of the first major automakers to use cross-currency hedging on its Smyrna, Tennessee facility to stabilize JPY-USD movements several decades ago.  My analysis of that transaction later became the centerpiece of our work with Porsche in the mid-1990s to help the company better manage its myriad exchange rate risks. 


    Re: Ferrari's Q3 2023 Results

    Thanks again. RACE is galloping for sure.


    --

    1988 Peugeot 205 Rallye / 1991 Mercedes-Benz 500E / 2004 Porsche 996 GT3 RS  / 2022 BMW M5 CS


    Re: Ferrari's Q3 2023 Results

    CGX car nut:

    Thank you for another excellent and lucid analysis.  Your section on value growth took me immediately to the Porsche press release from yesterday announcing Turbonite, a new shade of gray trim exclusive to Porsche’s Turbo models. If there is demand…

    Your comments on Ferrari flexing country allocations took me back to when Nissan was one of the first major automakers to use cross-currency hedging on its Smyrna, Tennessee facility to stabilize JPY-USD movements several decades ago.  My analysis of that transaction later became the centerpiece of our work with Porsche in the mid-1990s to help the company better manage its myriad exchange rate risks. 

    F/X risk is major issue for any global manufacturer.  The good ones manage it well but the smaller and less sophisticated tend to make a hash of it.    In my career, we also aimed to hold a neutral global f/x position.  When you get greedy, you tend to get screwed (at least that has been my experience).


    Re: Ferrari's Q3 2023 Results

    Thank you! These financial results are very impressive. You mention Vigna and Piccon's "strong, cohesive, relationship". For me, this shows how well John Elkann knows how to surround himself. Given his background, inheriting the family business is never easy, his career and work deserve the greatest respect. He is very discreet but we should not forget his role.


    --

     

    Nicolas
    Macan S/Ex-997.1/997.2 S/991.1 S/991.1 C4 GTS

     


    Re: Ferrari's Q3 2023 Results

    SSO.:
    CGX car nut:

    Thank you for another excellent and lucid analysis.  Your section on value growth took me immediately to the Porsche press release from yesterday announcing Turbonite, a new shade of gray trim exclusive to Porsche’s Turbo models. If there is demand…

    Your comments on Ferrari flexing country allocations took me back to when Nissan was one of the first major automakers to use cross-currency hedging on its Smyrna, Tennessee facility to stabilize JPY-USD movements several decades ago.  My analysis of that transaction later became the centerpiece of our work with Porsche in the mid-1990s to help the company better manage its myriad exchange rate risks. 

    F/X risk is major issue for any global manufacturer.  The good ones manage it well but the smaller and less sophisticated tend to make a hash of it.    In my career, we also aimed to hold a neutral global f/x position.  When you get greedy, you tend to get screwed (at least that has been my experience).

    Porsche, even in the early to mid-1990s was relatively unsophisticated in F/X risk management and had incurred large translational losses. 


     
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