Added to YB: 2026-08-25
Pitch date: 2026-08-22
EXO.AS [bullish]
Exor N.V.
+0.42%
current return
Author Info
Andrew Brown manages Dynasty Trust - a wholesale unit trust investing ONLY in public companies with controlling shareholders. Sign up for the newsletter.
Company Info
Exor N.V. engages in the automotive, agriculture and construction, sports car, commercial vehicle, health technology, football and powertrain businesses in the Netherlands and internationally.
Market Cap
EUR 14.4B
Pitch Price
EUR 71.05
Price Target
N/A
Dividend
0.69%
EV/EBITDA
N/A
P/E
-3.85
EV/Sales
-4.75
Sector
Financial Services
Category
value
Exor: ~57% discount to NAV
EXO.AS: ~57% NAV discount (Aug 21). Ferrari 38% of gross assets, +36% since June to $436. Post-Iveco sale to Tata (Nov 2026), effectively net debt-free. Buy case: deep discount + hope Elkann activates board, thins private portfolio, adds buyback. Risks: opacity (Lingotto, Louboutin), dull portfolio. Bull: potential €1bn buyback highly NAV-accretive; Agnelli owns 55%.
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