Coca FY 2022, Non-current assets/CA = 1,63 => Gros MOAT
Intangible assets/CA = 0,8 => Va dans le mĂȘme sens
En revanche :
ASML FY 2022, Non-current assets/CA = 0,62 => Peu de MOAT, pourtant, câest ASMLâŠ
Intangible assets/CA = 0,3 => MOAT OK de ce point de vue ?
Ferrari FY 2022, Non-current assets/CA = 0,75 => Peu de Moat, mais FerrariâŠ
Intangible assets/CA = 0,2 => Va dans le mĂȘme sens
Jâexclue les Operating lease right-of-use assets (14Mds) et les Equity investments (10Mds) ? Quid des "other long term assets ?
Effectivement dans ce cas on passe à un ratio de 0,96 (en gardant les Other long term assets), ça fait varier un peu !
Hmmm pas dâaccord, lâimage de marque est Ă mon avis aussi puissant ^^ Lâanalyse du Moat par Morningstar semble corroborer ce point dâailleurs :
Ferrari has a wide economic moat originating from intangible assets that include brand strength and intellectual property. The evidence of Ferrariâs economic moat stems from stable growth throughout economic cycles, pricing power, consistently high profitability, and a brand that captures the imagination of many around the world, but a price that only high-net-worth individuals can afford. Gross margins exceeding 55%, EBITDA margins in excess of 30%, and average returns on invested capital in the mid- to upper 20s are all metrics that are commensurate with luxury goods companies and support Ferrariâs wide moat rating.
Among car enthusiasts, the Ferrari name conjures images of incredibly fast, highly exclusive, strikingly beautiful vehicular art. According to a November 2022 article from the Robb Report, a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe (gullwing) set a new record in May 2022 for the most expensive car ever sold at auction with a winning bid of $142.0 million, but in 2021 a 1962 Ferrari 250 GTO Scaglietti had the record at $48.4 million. The previous record was $38.1 million paid for a 1962 Ferrari 250 GTO Berlinetta in 2014. The 250 GTO series is rare, with only 39 copies produced, but also rare in the sense that the model was made to be both a road car and a race car. The Robb Reportâs list of the top 20 most expensive cars ever sold at auction includes 10 Ferraris, with three Ferraris in the top five.
Ferrari maintained the tradition of rarity with the FXX-K, a track-only race car based on the street-legal LaFerrari. While the street-legal version sold for near $1.1 million, the track-only FXX-K had a price tag of roughly $3.0 million. The only 40 copies made of the FXX-K sold out even before the model was introduced to the public (December 2014) or before the first vehicle was produced. Those 40 copies were offered by invitation only to existing Ferrari owners. More than 65% of Ferrariâs roughly 13,000 units in annual production are purchased by individuals who already own a Ferrari.
In the world of Formula One racing, the Ferrari name is synonymous with technologically advanced powertrains, a nearly insurmountable winning record, and a rich heritage that goes back to before the inaugural F1 World Championship for Drivers in 1950. Scuderia Ferrari is the only F1 racing team that actually receives payment from the league just to participate. Ferrari has won 16 constructorsâ titles since the prize was initiated in 1958. Constructorsâ titles are awarded to the maker of the chassis and the engine that scored the most points during the F1 season. Points are awarded to the drivers and the vehicles that finish up to 90% of the race distance and place 10th or higher. The next closest to Ferrari is the Williams team with nine constructorsâ titles, while McLaren is in third with eight.
The Formula One racing teamâs notoriety and its technological innovation spur demand for the sale of on-road Ferrari cars. The exclusivity of the on-road exotic sports cars remains a strategic imperative for the firmâs brand image. In 2022, there were 13,221 Ferraris produced to meet worldwide demand, but according to various media reports, wait times for certain models were one year and have been as long as two. With such lengthy wait times on vehicles with lofty price tags, absolutely no discounts are available, and pricing power is substantial.
Management continually strives to balance exclusivity with the rising demand from a growing global pool of high-net-worth individuals and with customer satisfaction. From 2018 through 2022, Ferrari launched 15 new models (an unprecedented level for the automaker) and increased revenue to EUR 5.1 billion (2018 revenue was EUR 3.4 billion) while maintaining this balancing act. Restricting capacity to a level that upholds pricing power and preserves exclusivity, while maintaining client satisfaction, is evidence of pricing power and Ferrariâs economic moat.
bon, faut pas que jâen dises trop car il faudrait que jâarrive Ă vendre des exemplaires de mon livre que je republierai trĂšs bientĂŽt 
