KBC Securities - EXOR N.V. (EXO) Exor Tata Motors To Buy Italys Iveco From Exor

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KBC Securities

Livio Luyten

Exor Tata Motors To Buy Italy's Iveco From Exor

Exor has finalized the sale of Iveco Group's commercial vehicle business to Tata Motors for €3.8bn and its defence unit (IDV) to Leonardo for €1.7bn, totaling €5.5bn. Exor, holding a 27.1% stake with 43.1% voting rights, will transfer its stake to Tata, which will launch a tender offer at €14.1 per share. The deal excludes IDV, aligning with Exor's strategy to diversify away from automotive. Exor's stake is currently valued at ~€1.33bn or 3.6% of NAV. Exor trades at a 52.3% discount to NAV, above the two-year average of 47.0%. The proceeds will enhance Exor's liquidity, likely supporting buybacks or dividends to boost shareholder value. We maintain our BUY rating with a €120 target price.

31/07/2025 1 EN

Underlying

EXOR N.V.

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NL0012059018 Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Livio Luyten

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Exor Tata Motors To Buy Italy's Iveco From Exor

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : AZKA N NA, AUTL US, IIL NA, N4SA NA

Fugro First look: Weak 1H25 but strong rebound guided for 2H25

X Fab Silicon Foundries EV Solid set of 2Q25 results, expecting this positive trend to continue in 2H25

Sequana Medical Publishes alfapump case report in journal, US launch on track

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