Report
Exor - H1 2023: Strong NAV growth and surprise SBB
H1 2023 NAV at EUR 150 p/s, up 23% in H1 and above our estimate of EUR 140Exor will launch a EUR 1bn SBB stating that “the current value of Exor provides an attractive opportunity to invest”Philips remains a peculiar investment (no family link and business in the doldrums) so we are curious to get more info on their rationaleWe estimate today's NAV to be EUR 145 p/s, implying a discount of 44%. Exor has been one of the best performing investment companies in our coverage (+17.5%). We slightly raise our TP to EUR 99 (vs. EUR 96 before), using
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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