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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

2. Exor 2025 Earnings: Resilient Focus Amid Portfolio Shifts

Exor’s 2025 results underscored a disciplined balance sheet amid a challenging macro backdrop. Net Asset Value per share slipped to EUR 164.4, a modest decline reflecting the year‑end valuation drag. The company completed a EUR 1 billion buyback, trimming shares by nearly 15%, while maintaining a low loan‑to‑value ratio of 6.9% and a EUR 1.1 billion credit facility. Free cash flow yield remains attractive at 12.67%, yet the negative ROE of –10.9% signals pressure on profitability. <sup>[1]</sup>

Publication Date: Apr -10

📋 Highlights
  • Lingotto AUM Growth:: Reached EUR 10 billion in assets under management, driven by strong investment performance.
  • Share Buybacks:: Completed a EUR 1 billion buyback program, reducing shares by 15%.
  • NAV per Share:: Declined to EUR 164.4, reflecting portfolio adjustments and market conditions.
  • Philips Performance:: Delivered margin expansion and a peak in order intake, signaling new momentum.
  • Discount to NAV:: Shares trade at a significant discount (value of $125 for $100 investment), viewed as an opportunity.

Portfolio Focus

Exor has streamlined its holdings, divesting JD and channeling capital toward core giants: Stellantis, Ferrari, Philips, CNH, and Iveco. This concentration strategy aims to bolster earnings quality and simplify governance. The exit of JD frees capital for strategic bets within the remaining portfolio, while the company signals a renewed emphasis on high‑growth, high‑margin businesses.

Key Holdings Performance

Stellantis, under new CEO Antonio Filosa, is recalibrating its strategy and will unveil plans at its May Capital Markets Day. Ferrari remains committed to organic growth and will launch the electric “Luce” in May, reinforcing its premium positioning. Philips delivered margin expansion and a surge in order intake, setting the stage for renewed momentum. CNH, hampered by a soft agricultural cycle, outlined a 2030 roadmap focused on margin lift, product innovation, and cost discipline. Iveco’s sale to Leonardo and Tata Motors, valued at EUR 5.3 billion, is slated to close in Q2.

Capital Allocation Strategy

Exor’s allocation framework prioritizes liquidity and disciplined deployment of capital. With 15% earmarked for buybacks, the firm views the current discount to NAV as a prime self‑investment opportunity. While the company remains open to new acquisitions, it will weigh buybacks or direct investments in its portfolio companies, guided by the “firepower” pool of €2.5 billion and a cautious stance on Lingotto exposure.

Valuation Outlook

The market values Exor at a P/E of –3.76 and a P/B of 0.43, underscoring a steep discount to intrinsic value. With shares trading at a significant discount to NAV, the implied $125 of value per $100 invested presents a compelling entry point. The free cash flow yield of 12.67% further enhances the attractiveness, while the modest dividend yield of 0.71% signals room for potential upside.

Risk Factors

Exor’s exposure to rising energy costs and inflationary pressures could erode margins across its portfolio, especially for CNH and Iveco. Market volatility may affect the liquidity of its Lingotto strategy, though the firm maintains 70% of its investments in public markets. The company’s prudent stance on capital allocation mitigates downside, but any significant deterioration in operating performance could challenge its low debt profile.

3. NewsRoom

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Update: Market Chatter: Stellantis, Ferrari Chairman John Elkann's Bid to Exclude Mother From Estate Rejected by Swiss Court

Apr -08

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Exor Press Release - Png and Della Chiesa Nominations

Apr -08

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Assessing Exor (ENXTAM:EXO) Valuation As Portfolio Sales Earnings Swing And Dividend Plan Reshape The Story

Mar -27

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EXOR NV (EXXRF) Full Year 2025 Earnings Call Highlights: Strategic Moves and Financial Resilience

Mar -24

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Agnelli Family’s Vehicle Exor Sells Gedi Media Company

Mar -24

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Agnelli Family’s Vehicle Exor Sells Gedi Media Company

Mar -24

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Exor Shares Fall After Swing to Net Loss on Weak Results at Listed Companies

Mar -24

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Exor Swings to Net Loss as Listed Companies Hurt Results

Mar -24

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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

Strength

Weaknesses

Opportunities

Threats

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

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Mercedes-Benz

A-Score: 6.7/10

Value: 8.7

Growth: 4.9

Quality: 3.3

Yield: 10.0

Momentum: 6.0

Volatility: 7.3

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VW

A-Score: 6.3/10

Value: 9.8

Growth: 3.4

Quality: 2.1

Yield: 9.4

Momentum: 6.5

Volatility: 6.7

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BMW

A-Score: 5.9/10

Value: 7.2

Growth: 5.6

Quality: 2.6

Yield: 8.1

Momentum: 6.5

Volatility: 5.7

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Michelin

A-Score: 5.9/10

Value: 6.0

Growth: 4.6

Quality: 4.7

Yield: 8.8

Momentum: 3.0

Volatility: 8.3

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Exor

A-Score: 4.6/10

Value: 7.6

Growth: 3.3

Quality: 7.3

Yield: 0.6

Momentum: 0.5

Volatility: 8.3

1-Year Total Return ->

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Ferrari

A-Score: 3.9/10

Value: 0.7

Growth: 7.7

Quality: 7.4

Yield: 1.2

Momentum: 1.5

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

68.85$

Current Price

68.85$

Potential

-0.00%

Expected Cash-Flows