TIVP053: Exor NV (EXO): Too Good To Be True? w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
Assessing John Elkann's Track Record
Daniel and Shawn review Elkann's stewardship, NAV compounding, and key allocation decisions like Ferrari and Fiat.
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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