When Fiat Chrysler Automobiles floated Ferrari on the stock market just over 2 years ago, investors worried the shares were too expensive because they were valued as if it was a luxury goods company, not a storied sports car maker.
Hand bag, clothes and jewellery makers don’t need huge capital investment programs to keep up with technology.
But Ferrari’s performance on the stock market since then has belied those fears. Since a low of 27.91 euros a couple of months after the flotation, the shares accelerated ahead to a high of 118.05 on May 7, according to Reuters data. In trading Tuesday in Europe Ferrari shares were a little lower, at just under 115 euros.