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    Stephen Reitman

    Senior Analyst at Bernstein

    Stephen Reitman is a Senior Analyst at Bernstein, specializing in European automobiles and components, with a coverage universe that includes major companies like Ferrari, Stellantis, and FORVIA. He has been recognized for his market insights with performance metrics such as a 34% success rate on TipRanks and has issued notable ratings on high-profile stocks like Ferrari, including buy and hold recommendations with impactful target adjustments. Stephen began his analyst career prior to 2010 and joined Bernstein following experience at Société Générale, bringing deep sectoral expertise and more than a decade of industry-focused research. He holds relevant financial credentials for securities research analysis, aligning with industry standards for equity analysts in Europe.

    Stephen Reitman's questions to Ferrari (RACE) leadership

    Stephen Reitman's questions to Ferrari (RACE) leadership • Q2 2025

    Question

    Stephen Reitman sought confirmation of a significant price increase for the Purosangue in 2025, asked about the customer profile for the new 12 Cilindri, and requested an update on the uptake of the new battery warranty program for hybrid models.

    Answer

    CEO Benedetto Vigna confirmed the planned price increase for the Purosangue took effect on January 1, 2025. He noted the 12 Cilindri is attracting significant interest, with about 20% of orders from new clients whose average age is around 45. He also reported good traction for the battery warranty program, with approximately 350 contracts signed in four months, stating it provides customers with 'peace of mind'.

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    Stephen Reitman's questions to Ferrari (RACE) leadership • Q2 2025

    Question

    Stephen Reitman asked about residual value trends in key markets, the reasons for lower expected industrial costs in the second half, and the recent change in R&D capitalization versus amortization.

    Answer

    CEO Benedetto Vigna acknowledged some residual value pressure in the UK and for specific models in the US, noting that corrective actions are showing positive results. CFO Antonio Picca Piccon explained that lower H2 industrial costs are anticipated due to a favorable comparison against last year's higher racing expenses and better-than-expected supply chain inflation. He added that the R&D capitalization rate fluctuates based on the specific timing and overlap of internal model development projects.

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    Stephen Reitman's questions to Ferrari (RACE) leadership • Q1 2025

    Question

    Stephen Reitman asked about personalization trends for the Dodici Cilindri and Purosangue and questioned if the EBIT bridge provided a clear run-rate for the new HP sponsorship deal.

    Answer

    CEO Benedetto Vigna described personalization trends for new models as strong and consistent with past preferences for functional components, paint, and carbon finishes. CFO Antonio Picca Piccon clarified that the Q1 sponsorship figure is not a reliable run-rate due to the easy year-over-year comparison, as the HP deal was signed in April of the prior year.

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    Stephen Reitman's questions to Ferrari (RACE) leadership • Q4 2024

    Question

    Inquired about a specific price increase for the Purosangue, the customer profile for the new 12 Cilindri model, and the uptake of the new battery warranty program.

    Answer

    Confirmed the planned Purosangue price increase. The 12 Cilindri is attracting new, younger clients (around 20% new, average age 45). The battery warranty program is seeing good traction with about 350 contracts signed in its first four months.

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    Stephen Reitman's questions to Ferrari (RACE) leadership • Q2 2024

    Question

    Inquired about the Purosangue's personalization rate beyond the initial collector phase, feedback on the new hybrid battery warranty, and dealer feedback on customer traffic and interest.

    Answer

    New Purosangue clients are also personalizing their cars, but it's too early to call it a trend. The new hybrid warranty has received positive initial feedback. There are no signs of weakness in customer interest or showroom traffic.

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    Stephen Reitman's questions to Ferrari (RACE) leadership • Q2 2024

    Question

    Stephen Reitman inquired about the Purosangue's personalization rate among newer clients, asked for early feedback on the hybrid warranty program, and questioned dealer footfall and interest levels amid broader luxury market concerns.

    Answer

    CEO Benedetto Vigna noted that new Purosangue clients are also keen on personalization but more data is needed to confirm a trend. He reported 'very, very positive' early feedback on the hybrid warranty. He firmly stated there are no signs of weakness in demand, citing strong client attendance at recent 12Cilindri events as proof.

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    Stephen Reitman's questions to Stellantis (STLA) leadership

    Stephen Reitman's questions to Stellantis (STLA) leadership • Q2 2025

    Question

    Stephen Reitman of Bernstein inquired about the state of Stellantis's relationship with its U.S. dealers, asking for any metrics that demonstrate changes in dealer confidence and trust since the new management took over.

    Answer

    CEO Antonio Filosa confirmed a significant improvement in dialogue with the U.S. dealer network since January. As a key quantitative indicator of restored confidence, he highlighted that the company's order book, primarily driven by retail orders from dealers, has grown over 90% year-over-year. He also cited the new Ram 1500 Express as a product idea that originated from these improved dealer discussions.

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    Stephen Reitman's questions to DAIMLER (MBGYY) leadership

    Stephen Reitman's questions to DAIMLER (MBGYY) leadership • Q2 2024

    Question

    Stephen Reitman of Bernstein asked for commentary on recent press reports suggesting that premium automakers in China are beginning to reduce discounting and ease sales pressure on dealers.

    Answer

    CEO Ola Kallenius confirmed that the Chinese market experienced increased price pressure across all segments in the first half of the year. He stated that while Mercedes-Benz was also affected, data shows the company maintained relative price stability better than its competitors. Kallenius noted that while Mercedes cannot completely insulate itself from market dynamics, a move by competitors toward less discounting would reduce pressure, and Mercedes will stick to its own game plan.

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    Stephen Reitman's questions to DAIMLER (MBGYY) leadership • Q1 2024

    Question

    Stephen Reitman from Bernstein Societe Generale requested more detail on the market development in China. He specifically asked about the reception of the new E-Class, the general competitive environment for both ICE and BEV models, and the level of incentive activity and pricing in the region.

    Answer

    Executive Harald Wilhelm explained that in China, the new E-Class sees strong demand at healthy pricing levels once it becomes available. He characterized the EV space as highly competitive, stating Mercedes is not artificially pushing volume or 'buying' market share. Wilhelm also noted that slower market dynamics, stemming from weaker consumer sentiment, have impacted the entire market, including the Top-End segment, though the S-Class remains the undisputed leader.

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