October 7, 2025
Overview Exor
Exor N.V. was founded on July 27, 1927, as Istituto Finanziario Industriale (IFI) by Giovanni Agnelli. Today, the company is headquartered in Amsterdam, Netherlands, and its CEO is John Elkann. Moreover, approximately 57% of Exor is owned by Giovanni Agnelli B.V., the Agnelli family holding company.
In terms of strategy, Exor operates as a long-term investor. Specifically, it focuses on strategic investments in companies with strong growth potential, while actively working to increase the value of its holdings and using its capital carefully to maximize returns. Its key holdings include Stellantis, Ferrari, and Iveco in automotive; Philips, Institut Mérieux, and Lifenet Healthcare in healthcare; The Economist Group and GEDI Gruppo Editoriale in media; Juventus F.C. in sports; and various investments in technology and fashion through Exor Ventures.
Recent Developments of Exor
Recently, Exor made several important moves to manage its portfolio and return value to shareholders. At the end of February 2025, the company sold about 4% of its stake in Ferrari for €3 billion, which equals roughly €430 per Ferrari share. Of this amount, €1 billion was used for a tender offer, a process in which a company buys back its own shares from shareholders at a set price, usually to increase the value of the remaining shares. The remaining funds are being used for strategic investments. Despite selling part of its stake, Exor still owns 21.2% of Ferrari’s outstanding shares and holds 32.17% of the voting rights, making Ferrari the largest single investment in Exor’s portfolio and giving the company significant influence over corporate decisions.
The dividend was increased to €0.49 per share, a 6.5% rise compared to the previous year, reflecting the company’s commitment to providing consistent returns to investors.
By the end of 2024, the total portfolio value, measured by net asset value (NAV), reached €38.2 billion. NAV represents the total value of all holdings minus any debts. On a per-share basis, this equates to about €179, showing that even after selling part of Ferrari and conducting share buybacks, the company continues to grow its assets and maintain a strong financial position.
The numbers
Portfolio 2025, EXOR HALF-YEAR 2025 RESULTS (18 SEPTEMBER 2025)
Drivers of change in GAV 2025, EXOR HALF-YEAR 2025 RESULTS (18 SEPTEMBER 2025)
Performance of listed companies 2025, EXOR HALF-YEAR 2025 RESULTS (18 SEPTEMBER 2025)
*() = a loss/decrease
*438 million is an investment and (2,987) million is a disposal
Behind the numbers
During the first half of 2025, Exor’s gross asset value (GAV) fell from €42.46 billion to €39.99 billion. This decline mainly reflects portfolio adjustments and market movements across its key holdings.
The largest change came from Ferrari. Its value dropped from €18.33 billion to €15.72 billion. The share price actually rose slightly, adding €378 million in value. The decrease was mostly due to the €3 billion sale of Ferrari shares earlier this year.
Philips had a challenging period. Despite Exor investing €408 million, its total value still fell by €697 million. This investment shows that Exor maintains confidence in Philips and its long-term potential.
CNH Industrial posted a modest gain, while Stellantis declined by €1.83 billion. Revenue dropped, net profit fell by around 70%, and competition from Chinese brands plus high inventories in the U.S. forced lower prices. Its share price fell about 55%, though much of this negative news may already be reflected in the stock.
Overall, the portfolio saw more disposals than new investments, leading to a total negative change of €1.62 billion. These numbers indicate that Exor is actively reshaping its portfolio—selling mature assets to strengthen the balance sheet and make room for future opportunities.
Valuation
In terms of valuation, Exor’s shares currently trade at €87, while the NAV per share reported in the latest earnings is €180.4. Using the standard formula for the discount to NAV:
Discount to NAV = 1 = (Stock Price / NAV per Share) * 100%
1 – (87/180.4) * 100% ≈ 52%
This means that the shares are trading at roughly 52% below the intrinsic value of the company’s assets, suggesting a significant potential undervaluation.
Outlook & key considerations
Recent months show that Exor continues to manage its portfolio actively and with discipline. At the end of February 2025, the company sold 4% of its stake in Ferrari for €3 billion. Of this, €1 billion was used to buy back shares, reducing the number of shares in circulation and increasing the value of remaining shares.
The dividend was raised to €0.49 per share, a 6.5% increase from last year. This highlights Exor’s confidence in its financial position and commitment to shareholders.
The portfolio experienced more disposals than new investments, resulting in a total negative change of €1.62 billion. Key investments included Philips, showing that Exor continues to support companies it believes in while realizing gains from mature holdings.
Exor’s shares currently trade about 52% below the value of its assets, suggesting that the market is pricing the company lower than its true worth. Combined with buybacks, dividend growth, and selective investments, this points to a confident long-term outlook.
Recommendation: Buy
We recommend a Buy on Exor. The company is actively reshaping its portfolio. It realizes gains from mature holdings like Ferrari while continuing to support key investments such as Philips. Exor has also raised its dividend and conducted share buybacks, showing confidence in its financial position. Shares currently trade at a 52% discount to NAV, offering potential value for investors. However, investors should monitor portfolio performance, market conditions in key sectors, and the execution of strategic investments to assess long-term value creation.
This outlook is based on a 12- to 18-month view. This analysis is for informational purposes only and does not constitute professional investment advice. Readers should conduct their own research or consult a financial advisor before making investment decisions.
Keep learning with us!
Stay informed and grow as an investor! Follow Augustyn Analytics on Instagram and TikTok for daily business news, short educational videos, and practical tips to help you make smarter investment decisions.
