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Exor NV (NL:EXO)
:EXO
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Exor
(EXO)
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Rating:49Neutral
Price Target:
€79.00
▲(7.34% Upside)
Exor's overall stock score is primarily influenced by its mixed financial performance and bearish technical indicators. While the company shows strong profitability and a robust balance sheet, the significant revenue decline and cash flow issues are concerning. The technical analysis indicates a downtrend, and the low P/E ratio suggests potential undervaluation, but the modest dividend yield limits income potential.
Positive Factors
Strong Balance Sheet
A robust balance sheet with low leverage provides Exor with financial stability and flexibility to pursue strategic investments and weather economic downturns.
Successful Monetization
The successful monetization of assets like the Ferrari stake enhances Exor's investment capabilities, allowing for reinvestment into high-potential ventures and strengthening its financial position.
Strong Dividend Inflows
Consistent dividend inflows bolster Exor's cash reserves, enabling sustained investment in growth opportunities and providing a buffer against market volatility.
Negative Factors
Revenue Decline
A dramatic decline in revenue growth can undermine Exor's financial performance and limit its ability to generate profits, impacting long-term sustainability and investment capacity.
Cash Flow Issues
Declining free cash flow growth indicates potential liquidity challenges, which could restrict Exor's operational flexibility and ability to fund new projects or pay dividends.
Decrease in Gross Asset Value
A reduction in gross asset value can signal declining asset performance or valuation, potentially impacting Exor's overall financial health and investor confidence.
Exor (EXO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€23.80B
Dividend Yield0.68%
Average Volume (3M)221.98K
Price to Earnings (P/E)0.6
Beta (1Y)1.06
Revenue GrowthN/A
EPS GrowthN/A
CountryNL
Employees23
SectorIndustrials
Sector Strength72
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-3.00
Shares Outstanding207,779,750
10 Day Avg. Volume162,632
30 Day Avg. Volume221,981
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.51
Price to Sales (P/S)1.27
P/FCF Ratio416.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€117.19Price Target Upside59.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Exor Business Overview & Revenue Model
Company DescriptionExor N.V., together with its subsidiaries, engages in the luxury goods, automotive, agricultural equipment, construction equipment, commercial vehicles, and professional football businesses. The company designs, engineers, produces, and sells luxury performance sports cars under the Ferrari brand. It also offers automotive vehicles and mobility solutions under the Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall brands; and retail and dealer financing, and rental services for the automotive sector, as well as sells service parts. In addition, the company designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, engines, and car spare parts. Further, it manages professional football teams; publishes The Economist, La Repubblica and La Stampa, Il Secolo XIX, and other newspapers and magazines; offers digital and advertising, and conference and electronic services; and operates three national radio stations, including Radio Deejay. Additionally, the company provides furniture, homeware, apparel, leather goods, jewelry, and accessories; and offers footwear. It operates in the Netherlands, the United States, Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, the Czech Republic, India, China, Australia, and South Africa. The company was founded in 1899 and is headquartered in Amsterdam, the Netherlands. Exor N.V. is a subsidiary of Giovanni Agnelli B.V.
How the Company Makes MoneyExor generates revenue primarily through its investments in publicly traded and private companies. Its key revenue streams include dividends and capital gains from its equity holdings, particularly in automotive and media sectors. The company also benefits from strategic partnerships and joint ventures, which enhance its investment portfolio's value. Exor's revenue is significantly bolstered by the performance of its major subsidiaries, including Stellantis and Ferrari, where it holds substantial stakes. Additionally, Exor may engage in the sale of assets or restructuring of its investments to realize gains, further contributing to its financial performance.
Exor Earnings Call Summary
Earnings Call Date:Sep 17, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Apr 01, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant achievements, such as the strong performance of Lingotto and a successful share buyback that increased NAV per share. However, these were balanced by challenges like a decrease in gross asset value, negative TSR, and poor share price movements of key investments like Stellantis and Philips. Overall, the sentiment is neutral, as the highlights and lowlights are balanced.Q2-2025 Updates
Positive Updates
Outperformance of NAV Per Share
NAV per share outperformed the MSCI World Index by about 5% due to a €1 billion buyback. The NAV per share saw an increase of 0.9% with 3.2% attributed to the buyback.
Strong Performance from Lingotto
Lingotto performed exceptionally with an 11% increase, mainly from the public investment part, despite a declining market.
Successful Monetization and Healthy Debt Ratio
Monetized €3 billion of Ferrari stake and maintained a healthy debt ratio at 5.5% of GAV, providing good firepower for future investments.
Strong Dividend Inflows
Received strong dividend inflows of €624 million, contributing to a healthy cash position of €1.5 billion.
Reduction in Gross Debt
Gross debt reduced to €3.5 billion from €4.1 billion, demonstrating effective debt management.
Negative Updates
Decrease in Gross Asset Value
Gross asset value decreased by €2.5 billion, affected by value changes and the buyback.
Disappointing Share Price Movements
Stellantis and Philips both experienced disappointing share price movements, affecting overall performance.
Negative Total Shareholder Return (TSR)
Despite outperforming the market, the TSR was negative, signaling a need for improvement.
Impact of Foreign Exchange Movements
The performance was negatively affected by a €427 million negative FX impact, particularly on Exor Ventures and reinsurance vehicles.
Company Guidance
During Exor's Half Year 2025 Results Conference Call, several key metrics were highlighted by Chief Financial Officer Guido de Boer. The company reported that its net asset value (NAV) per share outperformed the MSCI World Index by approximately 5%, aided by a €1 billion buyback. Despite a €2.5 billion decrease in gross asset value (GAV) due to value changes and the buyback, the NAV per share grew by 0.9%. The company's debt ratio was noted to be healthy at 5.5% of GAV. Exor also monetized €3 billion from its Ferrari stake, enhancing its investment capabilities. Additionally, Lingotto's performance was particularly strong with an 11% increase, driven by public investments despite a declining market. The company invested €1 billion in new ventures, with significant allocations to Philips and Juventus, and realized €3.5 billion from disposals. Overall, Exor continues to focus on outperforming both on a relative and absolute basis, with a commitment to strategic investments and enhancing shareholder value.Exor Financial Statement Overview
Summary
Exor's financial performance is mixed. The income statement shows strong profitability margins but is overshadowed by a dramatic revenue decline. The balance sheet is robust with low leverage and high return on equity, reflecting financial stability. However, the cash flow statement raises concerns with a sharp decline in free cash flow growth and low operating cash flow coverage.Income Statement
Exor's income statement shows a significant decline in revenue and profit margins in the most recent year, with a revenue growth rate of -93.37% and a net profit margin of 15.27%. While the company achieved a high net profit margin, the drastic drop in revenue is concerning. Historical data indicates fluctuating revenue growth, with a notable decline in 2020 and a recovery in subsequent years. The EBIT and EBITDA margins are strong at 15.28%, suggesting operational efficiency despite the revenue drop.Balance Sheet
Exor's balance sheet reflects a strong equity position with a debt-to-equity ratio of 0.11, indicating low leverage. The return on equity is exceptionally high at 71.40%, driven by substantial net income. The equity ratio stands at 89.98%, showcasing a solid capital structure. However, the historical data shows variability in leverage, with a significant reduction in debt in the latest year, which is a positive development.Cash Flow
The cash flow statement reveals a concerning decline in free cash flow growth of -97.17% in the latest year. The operating cash flow to net income ratio is low at 0.04, indicating potential cash flow issues. Despite this, the free cash flow to net income ratio is 1.0, suggesting that the company is generating sufficient free cash flow relative to its net income. Historical data shows fluctuating cash flow metrics, with a significant drop in operating cash flow in the latest year.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -302.00M | 15.39B | 44.74B | 41.84B | 33.62B | 26.79B |
| Gross Profit | -302.00M | 1.89B | 11.31B | 9.51B | 7.64B | 4.86B |
| EBITDA | 1.24B | 17.39B | 7.37B | 5.96B | 6.55B | 20.89M |
| Net Income | -648.00M | 14.67B | 4.19B | 4.23B | 1.72B | -30.00M |
Balance Sheet | ||||||
| Total Assets | 40.00B | 42.46B | 94.78B | 83.70B | 91.11B | 172.94B |
| Cash, Cash Equivalents and Short-Term Investments | 1.53B | 153.00M | 8.66B | 13.51B | 8.67B | 35.79B |
| Total Debt | 3.54B | 4.09B | 39.92B | 48.05B | 28.68B | 70.02B |
| Total Liabilities | 3.64B | 4.25B | 61.65B | 54.03B | 66.74B | 135.28B |
| Stockholders Equity | 36.35B | 38.21B | 8.91B | 20.63B | 16.76B | 13.09B |
Cash Flow | ||||||
| Free Cash Flow | 2.81B | 47.00M | 3.44B | 2.47B | 2.22B | 3.81B |
| Operating Cash Flow | 2.81B | 47.00M | 6.25B | 4.92B | 4.18B | 14.06B |
| Investing Cash Flow | -92.00M | -58.00M | -8.73B | -4.10B | -29.59B | -10.10B |
| Financing Cash Flow | -1.98B | -56.00M | 2.11B | 2.13B | -2.19B | 10.63B |
Exor Technical Analysis
Negative
73.60
Price Trends
73.05
Positive
77.50
Negative
81.00
Negative
Market Momentum
0.40
Negative
51.39
Neutral
56.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:EXO, the sentiment is Negative. The current price of 73.6 is above the 20-day moving average (MA) of 73.05, above the 50-day MA of 73.05, and below the 200-day MA of 81.00, indicating a neutral trend. The MACD of 0.40 indicates Negative momentum. The RSI at 51.39 is Neutral, neither overbought nor oversold. The STOCH value of 56.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:EXO.
Exor Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €1.94B | 16.82 | 25.34% | 2.44% | 11.67% | 36.03% | |
74 Outperform | €2.60B | 18.65 | 11.89% | 2.69% | 3.64% | -22.13% | |
73 Outperform | €4.31B | 9.60 | 15.92% | 4.27% | -3.32% | 15.52% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | €3.33B | 14.11 | 21.45% | 2.85% | -2.02% | 24.14% | |
60 Neutral | €3.11B | 20.78 | 6.13% | 4.08% | -4.31% | -50.34% | |
49 Neutral | €23.80B | 0.58 | ― | 0.68% | ― | ― |
* Industrials Sector Average
NL:EXO
Exor
73.60
-13.60
-15.60%
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Heijmans N.V.
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.