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    Anthony Dick

    Director and Equity Analyst at ODDO BHF

    Anthony Dick is a Director and Equity Analyst at ODDO BHF, specializing in the European insurance sector with a focus on major listed companies such as Allianz, AXA, and Zurich Insurance Group. He has established a strong track record for insightful company coverage and investment recommendations, evidenced by consistent outperformance relative to sector benchmarks and recognition for his work in industry publications. Anthony launched his equity research career at HSBC before joining ODDO BHF in 2017, where he has since played a pivotal role in expanding the bank’s insurance research reach. He holds industry-recognized certifications and is fully registered with key financial regulatory bodies, underscoring his credentials as a leading analyst in his field.

    Anthony Dick's questions to Ferrari (RACE) leadership

    Anthony Dick's questions to Ferrari (RACE) leadership • Q2 2025

    Question

    Anthony Dick asked if there were any signs of client cancellations due to US tariffs, how tariff costs might evolve in Q3 and Q4, and for the specific number of Daytona SP3 shipments in Q2.

    Answer

    CFO Antonio Picca Piccon stated that the company has not seen evidence of cancellations due to tariffs, though general market uncertainty could be causing a 'wait and see' attitude among some clients. He noted the effective date of the lower 15% US tariff remains uncertain. He did not provide the Daytona shipment figure in his direct response to this question.

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    Anthony Dick's questions to Ferrari (RACE) leadership • Q2 2025

    Question

    Anthony Dick questioned the outlook for Depreciation & Amortization in 2025, asking for confirmation if it would be lower than in 2024. He also asked management to address media reports about client cancellations for the new F80 supercar and to clarify the status of its order book.

    Answer

    CEO Benedetto Vigna firmly dismissed reports of F80 cancellations as internet rumors, stating that the order intake for the supercar was actually faster than for the previous two Icona models. CFO Antonio Piccon explained that D&A is driven by model phase-outs and the ramp-up of the new e-building, later implying a D&A figure of around €650 million for 2025 based on the EBIT and EBITDA guidance.

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    Anthony Dick's questions to Ferrari (RACE) leadership • Q4 2024

    Question

    Asked for clarification on the D&A outlook for 2025 and for a comment on reports of customer cancellations for the F80 supercar.

    Answer

    The 2025 D&A is driven by model lifecycle changes and the new e-building coming online. Reports of F80 cancellations are dismissed as internet rumors; the order book is full, and demand exceeded the limited production run, with a faster order intake than previous Icona models.

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    Anthony Dick's questions to Ferrari (RACE) leadership • Q2 2024

    Question

    Asked about the order book length for the 12Cilindri, the change in the total order book size since Q1, and whether the full-year ASP growth guidance of 10% still holds.

    Answer

    The 12Cilindri order book extends over 20 months for the coupe and over 2 years for the more popular spider version. The total company order book is flat compared to Q1. The full-year ASP growth guidance of ~10% is reiterated.

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    Anthony Dick's questions to Ferrari (RACE) leadership • Q2 2024

    Question

    Anthony Dick asked for the order book length for the new 12Cilindri, whether the total company order book has changed since Q1, and if the full-year average selling price (ASP) growth forecast of 10% still holds.

    Answer

    CEO Benedetto Vigna revealed the 12Cilindri order book is over 20 months for the coupe and over two years for the Spider. CFO Antonio Piccon stated the overall company order book is flat, as new orders replace fulfilled ones, and confirmed the full-year ASP growth expectation remains around 10% over the prior year.

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