Just posted up the analysis on Ferrari's Q1 2023 Results:
Ferrari had a spectacular year in 2022 and that momentum has continued to build in 2023. Every single key financial indicator, bar one, grew double digits vs. Q 1 2022. The only hiccup, Free Cash Flow, was down by 9.9% but even there are good reasons for the decline which can be seen as a strong indication for more upcoming growth. The order book is very healthy, extending now into 2025, and Ferrari indicated that Q2 will be another strong quarter. Ferrari management then indulged in a bit of sand bagging and tried to downplay expectations for the back half of the year by indicating they expected Q4 to be the weakest quarter in 2023.
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