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HomeLatest NewsEffect of Alonsomania: Aston Martin soars in the stock market after its...

Effect of Alonsomania: Aston Martin soars in the stock market after its podium in F1

Date: November 29, 2023 Time: 01:44:00

Aston Martin, the iconic British luxury and sports car brand, has a new global ambassador: Fernando Alonso. The Spanish pilot aspires to replace James Bond as the main reference of the famous builder of the 007 cars in the movies of the British secret agent. The company has been selling in the markets for a week thanks to the expectations generated by its Formula One team, which have now come true after the Bahrain Grand Prix.

Fernando Alonso’s stellar performance by beating the Ferrari and Mercedes on the track took him to the podium only behind the Red Bull, the current world champions with Max Verstappen and Checo Pérez. Aston Martin shares soared 15% on the London Stock Exchange on Monday, up to 2.76 pounds, while Ferrari’s fell 0.7% in Milan. During the last week, the British company has gained almost 700 million euros in size on the stock market, until it exceeds 2,000 million this Monday.

In this way they will extend the bullish rally of the last sessions that has led it to climb 50% on the stock market from the 1.9 pounds at which it traded at the end of February. The company presented annual results on Wednesday with massive losses even though it improved investor forecasts. However, the effect of his role in F1 this weekend has caused stock market euphoria among investors.

Aston Martin Quote

Aston Martin has several important partners in its shareholding, such as the sovereign wealth fund of Saudi Arabia (18%), the Chinese magnate Li ShuFu (Geely) owns 7.6%, while Mercedes-Benz has 2% of the shares. Actions. Canadian Lawrence Stroll, father of Aston Martin’s second driver, owns 28% of the company’s shares.

Recovering from the 2018 IPO Disaster

Despite the fact that its price has risen by 200% from its lows in November of 2022 million euros. That operation was promoted by its previous owners headed by the Italian Bonomi and the Spanish Juan Abelló, who controlled about half of the company before going public.

The company lost a net loss of £527m in 2022, an increase of 178% compared to the previous year. However, its income increased by 26%, up to 1,381 million pounds. Aston Martin.

These figures are partly explained by supply chain and logistics disruptions that have affected the automotive industry in general. Despite this, Aston Martin sold 6,412 cars in 2022, representing an increase of 3.7% compared to the previous year. The car company was also affected by the revaluation of its debt, which is in dollars and suffers from a weaker pound.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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