Exor NV
AEX:EXO
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Intrinsic Value
The intrinsic value of one EXO stock under the Base Case scenario is 154.37 EUR. Compared to the current market price of 93.05 EUR, Exor NV is Undervalued by 40%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Exor NV
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Fundamental Analysis
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Exor NV stands as a strategic investment firm with a rich tapestry of holdings that evoke a sense of legacy and future potential. Established in 1927 as part of the Agnelli family’s business empire, Exor has evolved into a formidable player in diverse sectors ranging from automotive to media and healthcare. The company's most notable stakes include a significant share in Fiat Chrysler Automobiles, which has now merged into Stellantis, a global automotive leader. Additionally, Exor holds interests in prestigious firms such as Ferrari and The Economist Group, reflecting a commitment to high-quality brands with strong growth prospects. This blend of established luxury and innovation positions E...
Exor NV stands as a strategic investment firm with a rich tapestry of holdings that evoke a sense of legacy and future potential. Established in 1927 as part of the Agnelli family’s business empire, Exor has evolved into a formidable player in diverse sectors ranging from automotive to media and healthcare. The company's most notable stakes include a significant share in Fiat Chrysler Automobiles, which has now merged into Stellantis, a global automotive leader. Additionally, Exor holds interests in prestigious firms such as Ferrari and The Economist Group, reflecting a commitment to high-quality brands with strong growth prospects. This blend of established luxury and innovation positions Exor as a compelling investment vehicle that can weather market fluctuations while pursuing long-term value creation.
For investors, Exor NV epitomizes a diligent approach to capital allocation, embodying the principles espoused by investment magnates like Warren Buffett and Charlie Munger. The company thrives on its ability to nurture and expand its investments through a focus on acquiring undervalued assets and fostering synergies across its portfolio. With a disciplined management strategy and a keen eye for emerging opportunities, Exor stands not just as an investment company but as a steward of wealth poised to navigate the evolving landscape of global markets. This narrative resonates with investors looking to align with a company that prioritizes quality over quantity, carefully cultivating a selection of impactful businesses that can deliver sustainable growth over time.
Exor NV is a prominent investment company controlled by the Agnelli family, with a diversified portfolio primarily focused on various sectors. Here are the core business segments of Exor NV:
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Automotive:
- Exor has significant investments in the automotive industry, most notably through its stake in Fiat Chrysler Automobiles (FCA), which merged with PSA Group to form Stellantis. This segment encompasses vehicle manufacturing, distribution, and related services.
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Luxury Goods:
- The company holds a substantial share in Ferrari, a renowned luxury sports car manufacturer. This segment benefits from strong brand loyalty and high margins associated with luxury automotive products.
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Media and Entertainment:
- Exor owns a stake in The Economist Group, which publishes the well-respected weekly publication, The Economist, along with related digital platforms and services. This segment focuses on news and analysis across global markets.
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Healthcare:
- Exor has investments in the healthcare sector, including shares in the Italian company Juventus, which operates as a football club but also engages in various health and wellness initiatives, highlighting the growing intersection between sports and health.
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Pharmaceuticals and Biotechnology:
- The company has holdings in sectors related to pharmaceuticals and biotech, which can include investments in healthcare companies or technologies that address new medical challenges.
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Real Estate:
- Exor invests in real estate, focusing on high-value properties, and seeks opportunities to enhance its portfolio’s value through development and strategic management.
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Financial Services:
- Through various investments, Exor is also involved in financial services, offering diversified risk and potential returns across its financial holdings.
Exor NV’s strategy emphasizes long-term value creation through a diversified portfolio, leveraging synergies across its investments while focusing on companies with strong competitive advantages. The company's approach is deeply influenced by the investment philosophies of value investing and a long-term horizon.
Exor NV, the holding company controlled by the Agnelli family, possesses several unique competitive advantages that differentiate it from rivals in the investment and diversified holdings landscape. Here are some key factors:
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Long-Term Investment Horizon: Exor’s strategy is focused on long-term value creation rather than short-term profits, allowing it to weather market volatility and take calculated risks that may not align with shorter-term investor expectations.
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Strong Portfolio of High-Quality Assets: Exor has a diversified portfolio that includes significant stakes in major companies like Fiat Chrysler Automobiles (now part of Stellantis), Ferrari, and The Economist Group. The quality and reputation of these businesses provide Exor with a solid foundation.
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Family Control and Governance: As a family-controlled enterprise, Exor has the ability to make decisions that prioritize long-term growth over short-term financial engineering. This governance model can lead to more strategic, patient capital allocation.
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Strategic Partnerships and Alliances: Exor often engages in strategic partnerships that enhance the value of its portfolio. Its influence and connections within the luxury, automotive, and media sectors provide opportunities for synergistic growth.
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Strong Financial Position: Exor maintains a robust financial position, enabling it to invest in new opportunities and support its portfolio companies through challenging times. This financial flexibility is a significant advantage over rivals who may have more constrained resources.
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Focus on Innovation and Technology: Exor is committed to investing in innovative companies and sectors, particularly in the areas of technology and sustainability, positioning itself to capitalize on future trends.
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Cultural and Operational Expertise: With a heritage in various industries, Exor has accumulated valuable knowledge and insights that allow it to effectively manage and enhance its subsidiaries, particularly in sectors like automotive and luxury goods.
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Global Reach with Local Insights: Exor operates on a global scale while leveraging local expertise, which allows it to navigate diverse markets effectively and adapt to changing consumer preferences.
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Resilience and Brand Reputation: The strong legacy of the Agnelli family and its associated brands (e.g., Ferrari) contribute to a reputation for stability and quality, making Exor an attractive partner for potential investments.
Understanding these advantages helps illustrate why Exor NV remains a formidable player in the competitive landscape of private investment and diversified holdings.
Exor NV, the investment company controlled by the Agnelli family, faces several risks and challenges in the near future that could impact its investment portfolio and overall strategy. Here are some of the key considerations:
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Market Volatility: As a diversified investment holding company, Exor is susceptible to fluctuations in the global markets. Economic downturns or market corrections could impact the valuation of its significant holdings, which include stakes in companies like Stellantis (automotive), Ferrari (luxury sports cars), and The Economist Group (media).
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Regulatory Risks: Changes in regulations concerning industries Exor is involved in—such as automotive emissions standards, labor laws, and taxation—could pose risks to profitability and growth. Global operations also expose Exor to varying regulatory environments that can change unpredictably.
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Economic Conditions: Global economic conditions, including inflation, interest rates, and consumer spending trends, directly influence Exor's investments. Recessionary pressures could impact sectors like automotive and luxury goods disproportionately.
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Sector-Specific Challenges: Each of Exor's major investments faces challenges unique to their industries. For instance, Stellantis might face competition in electric vehicle (EV) production, while Ferrari might be impacted by fluctuations in luxury spending patterns.
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Strategic Execution: Successfully managing a diverse portfolio requires adept strategic planning and execution. Misalignment in strategy, particularly in investments like digital media or new technologies, could hinder performance.
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Geopolitical Risks: Current global tensions, trade disputes, and geopolitical instabilities could adversely affect Exor’s investments, especially those with international operations.
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Technological Disruption: Rapid changes in technology can disrupt traditional business models. Companies that Exor invests in need to adapt continually, particularly in tech-driven sectors where innovation is key.
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Dependency on Key Investments: Exor’s performance is significantly influenced by a few major investments. Underperformance by these key assets can disproportionately affect the overall return on investment.
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Succession and Leadership Dynamics: Changes in leadership, particularly within the Agnelli family or in the companies Exor invests in, can lead to strategic shifts that may not align with investor interests or past successful strategies.
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Environmental, Social, and Governance (ESG) Factors: Increasing attention to ESG criteria means that companies not adhering to these principles may face reputational damage and operational challenges.
These risks and challenges necessitate careful monitoring and strategic planning to ensure Exor NV navigates the evolving landscape effectively. The firm’s historical success has been rooted in strong governance, long-term vision, and adaptable management strategies, which will be vital in addressing these potential challenges.
Revenue & Expenses Breakdown
Exor NV
Balance Sheet Decomposition
Exor NV
Current Assets | 821m |
Cash & Short-Term Investments | 796m |
Receivables | 9m |
Other Current Assets | 16m |
Non-Current Assets | 42.3B |
Long-Term Investments | 41.7B |
PP&E | 19m |
Other Non-Current Assets | 575m |
Current Liabilities | 678m |
Other Current Liabilities | 678m |
Non-Current Liabilities | 4.1B |
Long-Term Debt | 3.5B |
Other Non-Current Liabilities | 593m |
Earnings Waterfall
Exor NV
Revenue
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23.4B
EUR
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Operating Expenses
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-20.8B
EUR
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Operating Income
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2.6B
EUR
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Other Expenses
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14.1B
EUR
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Net Income
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16.7B
EUR
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Free Cash Flow Analysis
Exor NV
EUR | |
Free Cash Flow | EUR |
Amid a dynamic first half, the company saw its NAV per share surge by 22.8%, outpacing the MSCI World Index with a long-term growth trend since 2009 at 19% CAGR. Despite shifting from a net cash position to minor net debt due to strategic investments, such as a €1.3 billion stake in Philips and a €400 million investment in funds managed by Lingotto, the company maintains a nearly zero loan-to-value ratio. A newly announced €1 billion share buyback program, including a €750 million tender offer, signifies a direct enhancement of shareholder value. The company's continued prudent capital allocation is evident in the reinvestment of PartnerRe proceeds and the planned deployment of the remaining €1 billion for future ventures in prioritized sectors: healthcare, luxury, and technology.
What is Earnings Call?
EXO Profitability Score
Profitability Due Diligence
Exor NV's profitability score is 55/100. The higher the profitability score, the more profitable the company is.
Score
Exor NV's profitability score is 55/100. The higher the profitability score, the more profitable the company is.
EXO Solvency Score
Solvency Due Diligence
Exor NV's solvency score is 68/100. The higher the solvency score, the more solvent the company is.
Score
Exor NV's solvency score is 68/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
EXO Price Targets Summary
Exor NV
According to Wall Street analysts, the average 1-year price target for EXO is 124.33 EUR with a low forecast of 114.13 EUR and a high forecast of 136.5 EUR.
Dividends
Current shareholder yield for EXO is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
EXO Insider Trading
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Profile
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Description
EXOR S.p.A. is one of Europe’s leading investment companies and is controlled by the Agnelli Family. The company is headquartered in Amsterdam, Noord-Holland and currently employs 263,284 full-time employees. The company went IPO on 2016-12-12. The firm invests in companies from different sectors, mainly in Europe and in the United States. The company holds interests in PartnerRe, a reinsurance company; Fiat Chrysler Automobiles (FCA), a designer, developer and producer of passenger cars, light commercial vehicles, components and production systems; CNH Industrial, a producer of agricultural and construction equipment, trucks, commercial vehicles, buses and specialty vehicles, as well as powertrain applications; Ferrari, a passenger car and sports car manufacturer; The Economist, a magazine with focus on international news, politics, business, finance, science and technology, and Juventus, a sports club. FCA, CNH Industrial, Ferrari, PartnerRe and Juventus Football Club, together with Holdings System, constitute the Company's six operating segments.
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IPO
Employees
Officers
The intrinsic value of one EXO stock under the Base Case scenario is 154.37 EUR.
Compared to the current market price of 93.05 EUR, Exor NV is Undervalued by 40%.