What is RACE (Ferrari N.V. stock CFD)?

Who Ferrari actually is

Strip away the brand mythology and Ferrari is a Maranello-based factory that delivered 13,752 cars in 2024 and turned roughly 28 cents of operating profit on every euro of revenue. No other listed automaker is close to that margin. Stellantis runs around 6 percent, BMW around 9 percent, Mercedes-Benz Group around 10 percent. The reason RACE prints those numbers is supply control: Ferrari ships fewer than fourteen thousand vehicles a year against waiting lists measured in years.

Legally Ferrari N.V. is a Dutch-incorporated holding company, an artefact of the 2015 spin-out from Fiat Chrysler. The IPO listed on the New York Stock Exchange in October 2015 at 52 USD per share, and the secondary listing on Borsa Italiana followed in January 2016. The operating base, the racing team, the design studio and the assembly lines all sit in Maranello in the Emilia-Romagna region of Italy. The dual listing matters for traders because the Milan price during European hours often telegraphs where the NYSE will open later in the day.

The model line splits into three rough buckets. The Roma and Portofino sit at the entry end (entry in Ferrari terms means roughly 250,000 USD before personalisation). The 296, SF90 and 12Cilindri occupy the middle. At the top sit the Icona and limited-series cars: the Daytona SP3, the F80, the 12Cilindri Spider. These limited runs are allocated to long-standing clients years in advance and can carry transaction prices of two to four million euros. The mix between buckets is what moves the average revenue per car number each quarter, and that number is what moves the share.

How Ferrari earns the multiple

The company reports a single operating segment, but the revenue line breaks into four pieces that explain the equity story. Cars and spare parts is the largest at roughly 75 percent of 2024 revenue. Engines, mostly the Maserati supply agreement that is winding down, is small and shrinking. Sponsorship, commercial and brand (the Formula 1 commercial proceeds and Ferrari-branded merchandise) is around 8 to 10 percent and grows steadily. Other includes the financial-services arm that finances vehicle purchases for clients.

What tells the equity story is what sits inside the cars-and-spare-parts line. Personalisation is the lever Ferrari pulls when it cannot deliver more cars. A standard Roma leaves the showroom at one price; the same car with bespoke leather, custom paint, racing-stripe layouts and special trim can carry a 30 to 50 percent uplift. Personalisation revenue at roughly 19 percent of cars-and-spares is the single most important number on the income statement that does not appear on the income statement, because it is what drives mix and average revenue per car higher without raising volume.

The Maserati engine supply contract, a legacy of the Fiat Chrysler era, is unwinding. Analysts model it to zero by the end of the decade. The unwind is a slow drag on group revenue but a tailwind for group margin, because that contract was the lowest-margin business Ferrari ran.

Formula 1 is presented as marketing rather than profit, but the team is profit-generative in its own right thanks to the FIA cost-cap regime and the Liberty Media commercial-rights distribution. The 2024 constructors-championship runner-up finish and the 2025 signing of Lewis Hamilton from Mercedes are not earnings events on their own, but analysts treat sustained F1 results as a leading indicator of order-book health for the road-car business.

What actually moves the share

RACE is a single-stock CFD with a luxury-goods multiple and a Maranello supply book. A small set of catalysts dominates the daily and weekly moves, and several of them route through European luxury read-across rather than anything specific to the auto sector.

Earnings cadence and what to watch

Ferrari reports four quarterly press releases each year. The rhythm is consistent: full-year results land in the first week of February, Q1 in early May, Q2 and the half-year update in late July or early August, and Q3 in late October or early November. The conference call is typically held in the morning Milan time and the European session, which makes the move show up first in the Borsa Italiana listing before the NYSE opens.

Two numbers carry the call: deliveries by geography (Europe, Americas, mainland China, rest of Asia-Pacific) and net revenues split into the four reporting lines. The management discussion that matters most is the personalisation rate and the order-book visibility. When the CFO says the order book covers more than two full years of production, the stock typically holds the multiple. When that language softens, multiple compression is the immediate risk.

Historically, Ferrari has delivered low double-digit revenue growth in most years since the IPO, with margin expansion adding another four to six points to EPS growth. Earnings-day moves average 3 to 6 percent, with outliers on either side when guidance is changed materially. Annual guidance updates are usually given on the full-year call in February and refreshed at the half-year mark.

When RACE actually trades

RACE CFDs at LHFX follow the NYSE primary-listing cash-equity hours: 14:30 to 21:00 UTC on Monday through Friday, which is 09:30 to 16:00 in New York. Pre-market and after-hours sessions are not available on the CFD. The first 30 minutes after the opening bell and the final 15 minutes before the close usually carry the highest volume and the tightest dealer pricing.

Because Ferrari is also listed in Milan, European-session moves on the Borsa Italiana RACE listing can foreshadow the NYSE open. A 2 percent Milan move during European morning will normally pull the NYSE open in the same direction. Traders who follow the Milan tape between 08:00 and 14:00 UTC see the news flow before the NYSE listing opens.

Quarterly earnings are released before the European open (typically 06:00 UTC for Ferrari press releases). That means by the time the NYSE opens at 14:30 UTC the price has already absorbed Milan-session reaction. Limit orders set the night before are the cleanest way to participate in the earnings move without chasing the open print.

RACE CFD versus NYSE share versus Milan share

The same exposure to Ferrari delivery numbers can be expressed three different ways. Each carries a different cost structure, a different leverage profile and a different settlement mechanism. The table below contrasts the LHFX CFD with a cash-equity share bought through a US broker and with the Milan-listed share denominated in euros.

For directional or short-duration trading on Ferrari specifically, the RACE CFD is the more flexible wrapper: fractional sizing, two-way exposure, up to 1:20 leverage, and the ability to short without locating borrow. Direct shares (on either listing) suit buy-and-hold investors who want the dividend cheque, the AGM vote, and the loyalty-share mechanism that doubles voting power after three years. Note that the CFD gives economic exposure to the share, not the share itself: no AGM vote, no entry on the Ferrari shareholder register, and the cash dividend arrives as a balance adjustment.

Many traders run both. A CFD for tactical positioning around earnings, an Icona unveil, or a luxury-sector read-across. A cash share on either listing for a long-horizon position where voting rights and absence of overnight financing are valuable.

What you own when you trade RACE at LHFX

A RACE CFD is not a share. It is a bilateral contract between you and LHFX that pays out the difference between your entry price and your exit price, multiplied by the contract size, settled in dollars. No share certificate is ever issued in your name, no entry appears on a Ferrari shareholder register, and you cannot vote on company resolutions or attend the annual general meeting.

Three practical consequences flow from this. First, you can size the trade fractionally. A NYSE Ferrari share at 480 USD is a 480 USD commitment in cash equity, but a CFD can be opened at 0.01 share equivalents if your account is small. Second, you can short with the same leverage cap and the same commission as a long. Cash-equity short sellers have to locate borrow, pay a borrow fee that varies daily, and accept the risk of a recall. None of that applies to a CFD. Third, the position carries a daily swap. Cash-equity ownership has no daily holding cost beyond margin interest when you borrow. A CFD has a financing leg that compounds each calendar day.

The CFD is the right wrapper if your view is directional and measured in days to weeks. The cash share is the right wrapper if your view is measured in years, you want to vote at the AGM, or you want to hold through tax-year-end events that the swap mechanism does not reward.

Trading RACE at LHFX in practice

Once your account is funded (10 USD minimum), pull RACE onto your MetaTrader 5 Market Watch by right-clicking and using Symbols. The instrument is quoted and settled in USD, so no FX conversion is needed if your account is also USD-based. Every order routes through STP/ECN connectivity. There is no internalised book and no spread mark-up. The 3 USD per side commission is the only fee on the trade itself; overnight swap on multi-day holds is separate and visible in advance inside the MT5 symbol specification panel.

For the current spread snapshot and full contract specification, see the RACE instrument page. For commission detail across all instruments, see spreads and fees, and for the full leverage schedule by asset class see leverage.

Risks specific to a RACE position

Two RACE-specific risks sit on top of normal equity-market exposure. Both have produced single-session moves of 5 to 8 percent on luxury-sector names inside the last two years. Position sizing on this share should assume the next earnings print could open down 5 to 7 percent.