Exor A Story About Fast Cars, Farming, Fiery Free Kicks And Future Tech

Today, we initiate our coverage on Exor, which on 27th Sept'22 shifted from being listed on the Euronext Milan to Euronext Amsterdam. Also, the group reported 1H results on 24th Sept'24 during which NAVps had grown by 8.8% to €178.5ps. However, soon after, news around Stellantis surfaced that the group, as part of its succession plan, was looking for a new CEO and subsequently, Stellantis issued a profit warning as it accelerated its remediation plan to combat the slump in its North America business. In reaction, Stellantis fell -14.6% and dragged Exor down to €97.2. We believe that Exor's diversified portfolio is comprised of companies that either have a dominant position in their sectors or operate in sectors that are entering a new growth phase. Additionally, allocations to Lingotto, reinsurance vehicles and Exor ventures help further diversify the portfolio with the potential to earn substantial returns. After having applied a 40% discount to our TEVps of €199.7, we initiate with a BUY rating & €120.0 TP.