The Intrinsic Value Podcast - The Investor’s Podcast Network TIVP053: Exor NV (EXO): Too Good To Be True? w/ Shawn O’Malley & Daniel Mahncke
34 snips
Jan 4, 2026 Shawn and Daniel dive into Exor NV, a family holding company with a surprising 60% discount to its net asset value. They explore how Ferrari became its largest investment and discuss Exor's eclectic mix of assets, from luxury brands to cyclical stocks. The hosts examine the implications of Exor’s reclassification as an investment company and review John Elkann's leadership. They also address concerns over Exor's partial Ferrari sale and the complex factors that contribute to its current market valuation.
AI Snips
Chapters
Transcript
Episode notes
Exor Is An Italian-Style Holding Powerhouse
- Exor acts like an Italian Berkshire: a multigenerational holding company that consolidates stakes rather than running operating businesses.
- Its Ferrari stake (20% of shares, ~30% control) dominates NAV and drives most of Exor's historical outperformance.
Extreme Discount To Net Asset Value
- Exor's market cap is ~€15bn while NAV is ~€36bn, implying about a 60% discount to net asset value.
- That gap means buying Exor today is like buying Ferrari exposure at a deep discount to the standalone stock price.
Why The Market Applies A Big Discount
- The NAV discount partly reflects a conglomerate discount from a messy, eclectic portfolio that investors find hard to value.
- Investors demand a safety premium because they lack conviction in management's ability to allocate across diverse assets.