wantone:

Very good analysis and summary indeed. I think I enjoyed reading it this time more than your older reports.

Regarding RACE valuation vs STLA valuation one is way overpriced and the other underpriced. The only reason I can think why Ferrari is a separate company is because of the hype it can create.

 

Sadly valuations are based as much on hype and perception as they are on hard core financial fundamentals.  Best example of the gap between the two right now is Tesla.