TIVP053: Exor NV (EXO): Too Good To Be True? w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
Position Size, Entry Rules, and Exit Triggers
Hosts propose allocation ranges, an exit rule tied to Ferrari concentration, and risk considerations.
Shawn O’Malley and Daniel Mahncke break down Exor NV (ticker: EXO), a unique holding company that has acted as a vehicle for the family wealth of Fiat’s founder, but now poses a compelling arbitrage opportunity, with Exor’s stock trading at nearly a 60% discount to its net asset value.
IN THIS EPISODE, YOU’LL LEARN: 00:00:00 – Intro
00:04:55 – How Ferrari became Exor’s largest investment
00:06:16 – Whether Exor actually offers discounted exposure to companies like Ferrari, Stellantis, and CNH
00:16:48 – What markets Exor is focusing on most now
00:19:45 – Why Exor trades at such a discount to its NAV
00:42:02 – Why Exor trimmed part of its Ferrari stake
00:45:01 – Why Exor is unlikely to be forced to realize its NAV by outsiders
00:51:03 – Why Exor reclassified itself from an industrial conglomerate to an investment company
01:00:11 – How to think about modeling EXO’s intrinsic value
01:09:24 – Whether Shawn and Daniel add EXO to their Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: Sign up for the waitlist(!)
- Sign up for The Intrinsic Value Newsletter.
- Shawn & Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!
- Learn how to join us in Omaha for the 2026 Berkshire Hathaway shareholder meeting.
- Check out the Interview with Exor’s CEO, John Elkann.
- Check out the 2020 Value Investors Club pitch on Exor.
- Read the 2011 book on the Agnelli family history.
- Explore our previous Intrinsic Value breakdowns: Transdigm, Salesforce, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet.
- Related books mentioned in the podcast.
- Ad-free episodes on our Premium Feed.
NEW TO THE SHOW?
- Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
- Browse through all our episodes (complete with transcripts) here.
- Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
- Enjoy exclusive perks from our favorite Apps and Services.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS Support our free podcast by supporting our sponsors:
- Public.com - See the full disclaimer here.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
The AI-powered Podcast Player
