Ferrari might look overpriced at first glance, but looks can be deceiving. Beneath its luxury valuation lies a company that consistently converts scarcity into profit and emotion into cash flow.Ferrari (RACE +1.90%) is one of those companies investors can't easily classify. It's technically a carmaker, but its financials look more like a luxury house. And its stock price? Well, that's where the debate begins.At around 41 times earnings, Ferrari trades at a premium higher than almost every automaker in the w ...