Exor N.V. (EXO.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

Exor N.V., together with its subsidiaries, engages in the luxury goods, automotive, agricultural equipment, construction equipment, commercial vehicles, and professional football businesses.The company designs, engineers, produces, and sells luxury performance sports cars under the Ferrari brand.It also offers automotive vehicles and mobility solutions under the Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall brands; and retail and dealer financing, and rental services for the automotive sector, as well as sells service parts.

In addition, the company designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, engines, and car spare parts.Further, it manages professional football teams; publishes The Economist, La Repubblica and La Stampa, Il Secolo XIX, and other newspapers and magazines; offers digital and advertising, and conference and electronic services; and operates three national radio stations, including Radio Deejay.Additionally, the company provides furniture, homeware, apparel, leather goods, jewelry, and accessories; and offers footwear.

It operates in the Netherlands, the United States, Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, the Czech Republic, India, China, Australia, and South Africa.The company was founded in 1899 and is headquartered in Amsterdam, the Netherlands.Exor N.V. is a subsidiary of Giovanni Agnelli B.V.

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1.b. Last Insights on EXO

Exor N.V.'s recent performance was driven by the potential sale of Iveco Group to Tata Motors, which would boost its warchest for future deals. The Italian business dynasty has been eyeing opportunities in tech, healthcare, and luxury, and the sale proceeds would provide a significant boost to its M&A capabilities.

1.c. Company Highlights

Last Price	73.05
Change Percentage	1.18%
Open	72.5
Previous Close	72.2
Market Cap ( Millions)	23957
Volume	24769
Year High	98.1
Year Low	69.5
M A 50	76.57
M A 200	83.32

FCF Yield	11.73%
Dividend Yield	0.67%
ROE	-1.74%
Debt / Equity	9.74%
Net Debt / EBIDTA	161.84%
Price To Book	0.42
Price Earnings Ratio	-23.42
Price To FCF	8.53
Price To sales	-79.38
EV / EBITDA	20.92

2. Exor's NAV Growth Outperforms MSCI World Index

Exor's financial performance was marked by a 0.9% growth in NAV per share, with 3.2% attributed to the EUR 1 billion buyback. The company's gross asset value (GAV) decreased by EUR 2.5 billion to EUR 40 billion, partly due to value changes and partly due to the buyback. Although actual EPS figures were not disclosed, the company's investment activities and asset monetization are key drivers of its financials. Exor monetized EUR 3 billion of its Ferrari stake and had EUR 1.5 billion in cash and cash equivalents.

Publication Date: Oct -24

                                    📋 Highlights
                                    NAV Outperformance::
                                                Exor's NAV per share outperformed the MSCI World Index by 5%, driven by a EUR 1 billion share buyback contributing 3.2% growth.
GAV Decline::
                                                Gross asset value fell EUR 2.5 billion to EUR 40 billion, partly due to value changes and EUR 3 billion in Ferrari stake monetization.
Strategic Investments::
                                                EUR 1 billion allocated to new investments, including EUR 437 million in listed companies (e.g., Philips) and EUR 428 million in private entities like bioMérieux.
Reduced Ferrari Exposure::
                                                Ferrari stake concentration dropped to 39% of GAV, with EUR 3.5 billion in Ferrari-related disposals and no immediate plans to lower it further.
Debt & Liquidity::
                                                Loan-to-value ratio at 5.5% of GAV, EUR 1.5 billion in cash equivalents, and conservative cash management across euros and dollars in stable banks.

                                

Investment Activities and Asset Monetization

Exor invested EUR 1 billion in new investments, with EUR 437 million in listed companies, mainly Philips, and EUR 428 million in others, including bioMérieux. The company's priorities for potential acquisitions include fundamentals, strategic fit, financial fundamentals, cultural alignment, and leadership strength. Exor considers transactions that are meaningful, around 5% of GAV, and continues to evaluate opportunities based on individual company fundamentals, without prioritizing specific sectors such as healthcare or luxury.

Valuation and Financial Metrics

Exor's loan-to-value ratio stands at 5.5% of GAV, indicating a healthy debt position. The company's P/E Ratio is -24.66, and the P/B Ratio is 0.44, suggesting that the stock may be undervalued. Additionally, the EV/EBITDA ratio is 21.8, and the Free Cash Flow Yield is 11.22%. These metrics indicate that Exor's stock price may not fully reflect its intrinsic value, potentially offering a buying opportunity. As Exor's management stated, "we are pleased with Lingotto's performance and have attracted quality investors," highlighting the company's focus on delivering performance rather than growing assets under management.

Future Prospects and Investment Strategy

Exor's strategy for Lingotto is centered on performance, and the company sees opportunities in both private and public markets. Despite geopolitical uncertainty, Exor remains open to investments across various regions and sectors, driven by structural tailwinds and domain knowledge. The company's stake in Ferrari remains significant, and they do not plan to lower it, indicating confidence in the investment. Exor's investment in Philips also reflects a long-term horizon, with continued confidence in the company's potential.

3. NewsRoom

Ferrari N.V. (RACE): A Bull Case Theory

Dec -04

Source:

Koninklijke Philips N.V. (PHG): A Bull Case Theory

Dec -04

Source:

Is Exor Offering Value After Recent Moves in Automotive and Healthcare Sectors?

Nov -26

Source:

Agnelli Family Doubles Down On Juventus After Crypto Giant Tether Grabs 10% Stake—And Says They're Open To New Ideas

Nov -25

Source:

Lattice to Showcase Advanced Industrial and Edge AI Solutions at SPS 2025

Nov -11

Source:

Agnelli family fully committed to Juventus as Tether takes stake, Elkann says

Nov -07

Source:

Exor Press Release - Closing Announcement

Nov -05

Source:

How Does Exor’s New €600 Million Bond Issue Reflect Its Evolving Capital Strategy (ENXTAM:EXO)?

Oct -30

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.36%)

6. Segments

GEDI

Expected Growth: 3.1%

GEDI segment's growth is driven by increasing demand for digital media, recovery in advertising spend, and Exor's strategic investments in digital transformation of its publishing business.

Iveco Group

Expected Growth: 4.5%

Iveco Group's growth driven by increasing demand for commercial vehicles, electrification, and autonomous technologies, as well as expanding presence in emerging markets and strategic partnerships.

Ferrari

Expected Growth: 10.5%

Ferrari's luxury sports car market growth is driven by increasing demand from high-net-worth individuals, particularly in Asia, and the brand's continued focus on innovation, exclusivity, and premium pricing.

CNH Industrial

Expected Growth: 4.5%

Exor N.V.'s subsidiary, a global leader in capital goods, is expected to grow driven by increasing industrial automation, rising demand for energy-efficient solutions, and expanding infrastructure development projects globally.

Juventus

Expected Growth: 10.8%

Exor N.V.’s ownership of Juventus, a renowned Italian football club, drives growth through increasing brand value, sponsorship deals, and media rights, boosted by the club’s strong performance in European competitions.

Other and Adjustments

Expected Growth: 3.8%

Exor N.V.'s Other and Adjustments segment growth is driven by its diversified investment portfolio, strategic partnerships, and effective cost management. This segment's growth is also influenced by the global economic recovery and improving market conditions.

7. Detailed Products

Ferrari

Luxury sports cars

Maserati

Luxury vehicles

CNH Industrial

Agricultural and construction equipment

Iveco

Commercial vehicles

Exor Seeds

Venture capital investments

PartnerRe

Reinsurance services

Christian Louboutin

Luxury footwear and accessories

8. Exor N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Exor N.V. operates in a highly competitive industry, and there are many substitutes available to customers. However, the company's strong brand recognition and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Exor N.V. has a large customer base, and customers have significant bargaining power due to the availability of substitutes. The company needs to focus on customer retention and loyalty to maintain its market share.

Bargaining Power Of Suppliers

Exor N.V. has a diversified supplier base, and suppliers have limited bargaining power. The company has a strong negotiating position, which helps to keep costs under control.

Threat Of New Entrants

The industry in which Exor N.V. operates has moderate barriers to entry, and new entrants can enter the market with significant investment. However, the company's strong brand recognition and customer loyalty make it difficult for new entrants to gain market share.

Intensity Of Rivalry

The industry in which Exor N.V. operates is highly competitive, with many players competing for market share. The company needs to focus on differentiating itself through innovation and customer service to maintain its market position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	30.23%
Debt Cost	3.95%
Equity Weight	69.77%
Equity Cost	10.84%
WACC	8.75%
Leverage	43.32%

11. Quality Control: Exor N.V. passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

BMW

A-Score: 6.3/10

Value: 9.1

Growth: 5.6

Quality: 2.5

Yield: 8.8

Momentum: 6.5

Volatility: 5.7

1-Year Total Return ->

A-Score: 6.3/10

Value: 10.0

Growth: 3.6

Quality: 2.4

Yield: 10.0

Momentum: 5.0

Volatility: 7.0

1-Year Total Return ->

Mercedes-Benz

A-Score: 6.3/10

Value: 8.9

Growth: 4.9

Quality: 3.3

Yield: 10.0

Momentum: 3.5

Volatility: 7.3

1-Year Total Return ->

Michelin

A-Score: 5.9/10

Value: 6.4

Growth: 4.7

Quality: 4.7

Yield: 8.8

Momentum: 3.0

Volatility: 8.0

1-Year Total Return ->

Exor

A-Score: 4.7/10

Value: 7.7

Growth: 3.3

Quality: 7.3

Yield: 0.6

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

Ferrari

A-Score: 4.2/10

Value: 0.7

Growth: 7.7

Quality: 7.2

Yield: 1.2

Momentum: 3.5

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

3.01%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.75%

Exor N.V. - NL0012059018

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on EXO

1.c. Company Highlights

Less Volatile

Lower Growth

Lower Yield

Cheaper

Strong Momentum

Average Growth

Fairly Valued

Better Quality

2. Exor's NAV Growth Outperforms MSCI World Index

Investment Activities and Asset Monetization

Valuation and Financial Metrics

Future Prospects and Investment Strategy

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.36%)

6. Segments

GEDI

Expected Growth: 3.1%

Iveco Group

Expected Growth: 4.5%

Ferrari

Expected Growth: 10.5%

CNH Industrial

Expected Growth: 4.5%

Juventus

Expected Growth: 10.8%

Other and Adjustments

Expected Growth: 3.8%

7. Detailed Products

Ferrari

Maserati

CNH Industrial

Iveco

Exor Seeds

PartnerRe

Christian Louboutin

8. Exor N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Exor N.V. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

73.05$

Current Price

73.05$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA