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Nov 15, 2023 4:30:16 PM
- CGX car nut
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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.
Nov 16, 2023 9:17:30 AM
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Nov 16, 2023 2:49:09 PM
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SSO.
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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.
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Nicolas
Macan S/Ex-997.1/997.2 S/991.1 S/991.1 C4 GTS
Nov 16, 2023 8:49:55 PM
- CGX car nut
- Rennteam Master
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- Loc: NWI , United States
- Posts: 5196, Gallery
- Registered on: Aug 17, 2011
- Reply to: SSO.
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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