TIVP053: Exor NV (EXO): Too Good To Be True? w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
NAV Frictions: Taxes, Costs, and Complexity
Daniel and Shawn outline frictional costs, taxation, and liquidity limits that justify some NAV discount.
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.
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- 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.
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