Report
Exor - FY 2023 results
• Exor's FY23 NAV landed at EUR 162.4 p/s, up 32.7% YoY, and was 5% above our estimate of EUR 154.6 per share. This increase is mainly thanks to impressive rally of Stellantis & Ferrari. Exor proposed a dividend at EUR 0.46 p/s, up 4.5% YoY• We estimate today's NAV to be EUR 189.9 p/s thanks to a continued rally of the major listed stocks, implying today's discount of 47.6%. That is quite elevated but there are few short-term catalysts to close the gap in our view. Ferrari looks quite expensive following its rally and hence we remain cautious• Our
Underlying
EXOR N.V.
Provider
Degroof Petercam
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Joren Van Aken
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