Exor FY24: NAV Up 9%; Opportunistically Diversifying Away From Ferrari

During FY24, NAV rose by 9% YoY to €38.2b or €178.8ps (KBCSe: €174.3ps). This was mainly driven by the rally in Ferrari (35%+) and Philips (16%+). Exor has been diversifying its portfolio away from Ferrari, its single biggest position, which currently makes up ~40% of NAV. During FY24, Exor increased its stake in Philips to 18.7%, acquired a 10.1% stake in Clarivate, increased stake in Institut Mérieux to 10% and executed a €72m follow up investment in TagHolding. Furthermore, during March'25, Exor sold, via an ABB, 7m shares of Ferrari for €3b proceeds of which €1b will be used to execute an SBB and the remaining €2b will be used to add a new investment, further diversifying away from Ferrari. We think the new investment will most likely be a listed asset in either be in the technology, healthcare or luxury sector. While Exor continues to be the largest shareholder of Ferrari with a 19.3% stake, we think management has opportunistically exploited the market to diversify the portfolio. Despite Trump tariffs having a direct impact on Stellantis and Iveco, we continue to believe that Exor's portfolio is attractive over the long-term and reiterate our BUY rating and €120.0 TP.