Added to YB: 2026-03-11
Pitch date: 2026-01-06
EXXRF [bullish]
Exor N.V.
-4.92%
current return
Author Info
No bio for this author
Company Info
Exor N.V. engages in the automotive, agriculture and construction, sports car, commercial vehicle, and powertrain businesses worldwide.
Market Cap
EUR 14.6B
Pitch Price
EUR 74.25
Price Target
N/A
Dividend
0.69%
EV/EBITDA
N/A
P/E
-22.94
EV/Sales
-55.16
Sector
Financial Services
Category
value
Exor N.V. - $EXXRF
EXXRF: Agnelli holding co at 52% NAV discount (86% ex-Ferrari). Ferrari (81% of mkt cap) at 33x PE vs 39x historical, grew 5.8x since 2016 despite conservative Oct '25 CMD guidance of mid-single-digit growth (vs mid-teens historical). Other assets cash flow funds buybacks (EUR2.6Bn/-14% shares, EUR4.4Bn extra liquidity potential from Iveco sale). Exiting cyclicals (Iveco, Gedi), adding healthcare (Phillips, Institut Mérieux). 5.5% Net Debt LTV vs 15% target. Base: 24% IRR on 9% Ferrari EPS growth, 36x exit PE, 6% Other Assets growth.
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