Yachting: Stock Market Performance in 2024 and Prospects for 2025

2024 was not a particularly brilliant year for the Italian nautical companies listed on the stock exchange: Ferretti Group, Novamarine, Sanlorenzo, and The Italian Sea Group. The only exception is Bellini Nautica, which has almost doubled its value since the beginning of the year.

The stock of Bellini Nautica, listed on the stock exchange since June 2022, has risen by 93.75% since the beginning of 2024, reaching €3.10. It is no coincidence that CEO Battista Bellini said he was very satisfied with the listing on Pressmare. Analysts at Integrae Sim predict a target price of €5.25 and recommend buying the stock. The company, active since 1960, is owned by the Bellini family. The shipyard resumed production of boats with the Astor 36 in November 2024 and, on December 3, 2024, announced an agreement with Fine & Country Real Estate Broker LLC (an international network active in the marketing and sale of luxury residential properties), aimed at promoting Bellini Yacht-branded boats in the Dubai market.

Ferretti Group, a luxury yacht manufacturer controlled by the Chinese Weichai Group, has fallen by 2.60% since the beginning of the year and is currently worth €2.82. The stock has fared even worse in Hong Kong, where it has lost 8.89% since the beginning of the year, settling at 22.55 Hong Kong dollars. Nonetheless, analysts at Kepler Chevreux recommend a “Buy” for Ferretti, with a target price of €4.40, given that the stock is cheap, not controlled by an entrepreneurial family, and has an order trend in line with competitors Sanlorenzo and The Italian Sea Group. Let us remember that the Forlì holding company debuted on the Milan Stock Exchange at a price of €2.98 on June 27, after having been listed on the Hong Kong Stock Exchange last year and thus achieving a dual listing. The objective of the Italian listing was to look at other main markets: America, Europe, and the Middle East. The Ferretti Group owns, among others, the brands Wally, Ferretti Yachts, Pershing, Riva, CRN, and Custom Line.

The new Novamarine, listed on the Italian Stock Exchange since July 30, has been stable on the stock exchange in recent months: since then, it has lost 0.84% and is currently worth €3.56. The outlook for Novamarine is good: a report by Banca Finnat, which recommends buying the stock with a target price of €5.7, estimates an average annual growth in the value of production of 11.2%, from €28.2 million expected in 2024 to €46.3 million estimated at the end of 2028. Novamarine, active in the design, production, and marketing of high-performance pleasure boats in the pleasure and professional segments, has landed on the stock exchange in order to allocate financial resources to an expansion of the production site and the development of new product lines. We recall that Novamarine was founded in 2008 and has its operational headquarters at the Olbia nautical hub. It is headed by the brothers Andrea and Francesco Pirro (reference shareholders through Sno Capital SRL) and has established itself among the leaders in the production of pleasure boats up to 30 meters. The Novamarine brand is recognized globally (43% of sales to foreign customers) for the high-quality standards of its products.

Sanlorenzo is suffering on the stock market, having lost 21.75% since the beginning of the year, with the share currently worth €32.55. We recall that the shipyard was listed on the STAR segment of the Italian Stock Exchange on December 10, 2019. According to the 2025 business plan, the shipyard aims to increase the EBITDA margin to 19.5% or higher in 2025. Between 2023 and 2025, investments will be between €143 and €155 million to support organic growth and are net of extraordinary transactions. Sanlorenzo aims to have a net cash position of €185–205 million in 2025 and confirms a dividend payout of 30–40%. Analysts at Banca Intesa are optimistic about the stock: they recommend a “Buy,” with a target price of €52.5.

The Italian Sea Group (TISG) is also doing poorly on the stock market, with its stock having lost 8.06% since the beginning of the year and currently worth €7.41. However, analysts at Intermonte are optimistic about the stock: they recommend a “Buy,” with a target price of €12.50. TISG has confirmed its guidance for 2025 revenues of around €430–450 million, considering the negotiation of around ten contracts in progress. The company has been listed on the stock exchange since June 2021. It owns the brands Picchiotti, Admiral, Perini Navi, Tecnomar, and NCA Refit. The Italian Sea Group is a global luxury yacht operator, active in the construction and refit of motor yachts and ships up to 100 meters. The company, headed by Italian entrepreneur Giovanni Costantino, also boasts a business unit that manages the repair and refit service with a focus on yachts and megayachts over 60 meters in length.

As for the year that is coming to an end, the superyacht sector forecasts a positive close for 2024 compared to the previous year for 75% of the sample and stability for the remaining 25%. The trend of the current order portfolio highlights the normalization of growth rates, with approximately two-thirds of companies indicating a limited reduction in the order book (contained between -5% and -10%) and the remaining part of the sample divided between stability and growth within 5%. This is certified by data released on December 12, during the Confindustria Nautica assembly. Closing estimates for 2024 foresee a contraction in turnover for 60% of the sample, with reductions of -5% to over -30%, stability for 18%, and growth for 22%.

For 2025, however, prospects for the yachting sector are positive. According to Confindustria Nautica, nearly two-thirds (63%) foresee stability, 23% expect a reduction, and 14% anticipate improvement compared to 2024. Over 55% of companies in nautical tourism expect further growth in turnover, 39% foresee stable levels, and only 6% expect a possible decline. By 2028, UBS's Global Wealth Report 2024 predicts a rise in adults with wealth exceeding $1 million in 52 of 56 markets analyzed, likely boosting superyacht sales.