LONDON, June 27 (Reuters Breakingviews) - Hong Kong-listed Ferretti went the extra mile to ensure its shares could finally trade in Europe.
At 13 times its expected 2023 net profit , Ferretti traded at a discount to rival Sanlorenzo’s (SNL.MI) 15 times multiple.
That’s a modest outcome for a company that has laboured since 2019 to try and list in its Italian home base.
That compares to the 2.5% fee Italian gambling company Lottomatica (LTMC.MI) paid for its Milan market debut in May.
Weichai will still hold on to nearly a third of Ferretti’s shares after its Milan listing.
Persons:
Ferretti, pricey Riva speedboats, Sanlorenzo’s, Weichai, Goldman Sachs, Danilo Iervolino, Karel Komárek, Alberto Galassi, Yawen Chen, Aston Martin, Lisa Jucca, Oliver Taslic
Organizations:
Reuters, JPMorgan, Milan, Twitter, ICICI Bank, Siemens, Thomson
Locations:
Hong Kong, Europe, Milan, Abu Dhabi, China, Canada