From Mare Evidence:
Exor: €6.5 Billion Firepower #
Dec. 13, 2022 3:59 PM ETExor N.V. (EXXRF)1 Comment
Summary #
- The holding company aims for a relative majority stake in a listed company. According to the CEO, after the recent corrections, the best opportunities are on the stock market.
- The Lingotto asset manager will be open to other investors.
- We believe that the Amsterdam stock exchange might reduce the historic discount on the NAV. Our buy rating is confirmed.
Bill Pugliano/Getty Images News
Here at the Lab, we are particularly delighted with our analysis on Exor (OTCPK:EXXRF). This year, we have already covered the company four times with many updates in its single investments (Ferrari, CNH, and Stellantis are all covered by the Mare Evidence Lab team). In our last publication, our conclusive paragraph was related to the company's valuation. We emphasised how:
Exor is still worth 40% less than the sum of its jewels and we believe that this discount is not justified, Exor portfolio is safer and more resilient than in the past. Speaking of numbers, the NAV discount is above Exor's historical average (25% versus 40%); however, we continue to apply a 20% discount, reaffirming our target price at €96 per share.
Source: Supportive Track Record