Exor Exor Explores Sale of GEDI, Publisher of La Repubblica and La Stampa

On July 4, 2025, EXOR confirmed receiving multiple expressions of interest for GEDI, the publisher of Italian dailies La Repubblica and La Stampa. Italian newspaper Il Foglio reported that EXOR is considering selling GEDI, with French media group Vivendi and Greek media company Antenna Group as potential buyers. No deal has been finalized. In 2024, GEDI generated €224m in revenue but posted a €15m loss. EXOR's full ownership of the group is valued at €118m (0.3% of NAV). This potential divestment aligns with EXOR's strategy to optimize its portfolio. We do not expect any material impact on the share price due to the small size of the deal value. EXOR is currently trading at a ~50.5% discount to NAV, higher than the 2-year 47.0% average, with ~81.6% of the portfolio consisting of liquid listed assets. We reiterate our BUY rating and €120 TP.