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Exor
(EXO)
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Rating:56Neutral
Price Target:
€73.00
▲(7.20% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by volatile financial performance and a sharp 2025 downturn in reported profitability, despite improved recent leverage and mixed cash generation. Technicals are moderately supportive with the price above key moving averages and neutral momentum. Valuation is a drag due to a negative P/E and low dividend yield. The earnings call adds modest support via stronger liquidity, buybacks, and Lingotto results, but cautious guidance and NAV pressure from major holdings keep risk elevated.
Positive Factors
Stronger liquidity and balance sheet
A materially improved liquidity position and lower LTV give Exor durable financial flexibility. With ~€1.4bn cash, an enlarged credit line and longer-dated refinanced debt, the holding company can fund buybacks, support portfolio companies and absorb shocks without forced asset sales.
Negative Factors
NAV decline and concentration risk
A concentrated exposure to a few large holdings makes Exor's NAV highly sensitive to idiosyncratic setbacks. A ~7.6% NAV fall driven by three names shows structural portfolio concentration that can cause persistent NAV volatility and hamper stable dividend/distribution profiles.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger liquidity and balance sheet
A materially improved liquidity position and lower LTV give Exor durable financial flexibility. With ~€1.4bn cash, an enlarged credit line and longer-dated refinanced debt, the holding company can fund buybacks, support portfolio companies and absorb shocks without forced asset sales.
Read all positive factors
Exor (EXO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€22.59B
Dividend Yield0.7%
Average Volume (3M)221.98K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue GrowthN/A
EPS GrowthN/A
CountryNL
Employees20
SectorIndustrials
Sector Strength72
IndustryFinancial - Diversified
Share Statistics
EPS (TTM)-18.26
Shares Outstanding207,779,750
10 Day Avg. Volume162,632
30 Day Avg. Volume221,981
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.50
Price to Sales (P/S)14.44
P/FCF Ratio5.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.21
Revenue Forecast (FY)N/A
Exor Business Overview & Revenue Model
Company Description
Exor N.V. is a diversified holding company controlled by the Agnelli family. It manages a portfolio of investments with a long-term view across various sectors, including automotive, luxury goods, healthcare, and technology. The company supports i...
How the Company Makes Money
Exor primarily makes money as a holding company through (1) dividends and other distributions it receives from its portfolio companies, (2) value creation and capital gains from buying, holding, and selling equity stakes (including proceeds from p...
Exor Earnings Call Summary
Earnings Call Date:Mar 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 22, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong internal actions and positive developments (Lingotto’s strong performance, meaningful buybacks, a fortified balance sheet, and improving execution at Philips) are offset by significant headwinds from major holdings (NAV decline driven by Ferrari, Stellantis and CNH), a very large discount to NAV, and ongoing operational challenges at key portfolio companies. Management emphasizes prudence, liquidity, and patient capital allocation entering a difficult 2026.Positive Updates
Lingotto Reaches EUR 10 Billion AUM and Strong Performance
Lingotto reached roughly EUR 10 billion in assets under management and delivered an outstanding performance, with Lingotto rising ~40% in 2025, driven by its intersection/public strategy and selective third-party capital.
Negative Updates
NAV Per Share Decline in 2025
Net asset value (NAV) per share fell from EUR 178 at the start of the year to EUR 164.4 at year-end (a decline of ~7.6% or about EUR 13.6 per share), driven mainly by weak performance of several large holdings.
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Q4-2025 Updates
Positive
Negative
Lingotto Reaches EUR 10 Billion AUM and Strong Performance
Lingotto reached roughly EUR 10 billion in assets under management and delivered an outstanding performance, with Lingotto rising ~40% in 2025, driven by its intersection/public strategy and selective third-party capital.
Read all positive updates
Company Guidance
Management guided a cautious, liquidity‑first approach for 2026 after a heavy 2025 of portfolio reset: NAV per share fell from EUR 178 to EUR 164.4 (a EUR 25/share hit mainly from Ferrari, Stellantis and CNH), Lingotto delivered +40% and reached ~EUR/USD 10 billion AUM, and Exor completed ~EUR 2.5 billion of buybacks over recent years (including EUR 1 billion in 2025) buying nearly 15% of shares at >50% discounts; balance‑sheet metrics cited included loan‑to‑value down to 6.9%, free cash flow/dividend ~6x, cash of EUR 1.4 billion, a doubled EUR 1.1 billion credit facility, EUR 600 million refinanced (maturing 2035), a $170 million private‑placement payment coming up, and expected ~EUR 3–4 billion of additional resources as announced transactions close (Iveco transactions valued at EUR 5.3 billion; divestments returning ~1.4x on cost). Priorities are to focus on larger holdings, simplify the portfolio, preserve capital and deploy capital with discipline (remaining interested in healthcare, luxury and technology and willing to take >5% positions where appropriate).Exor Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.04B | 1.90B | 45.41B | 41.84B | 33.62B |
| Gross Profit | 1.02B | 1.89B | 11.97B | 9.51B | 7.64B |
| EBITDA | -4.57B | 17.39B | 8.03B | 5.96B | 1.47B |
| Net Income | -3.79B | 14.67B | 4.19B | 4.23B | 1.72B |
Balance Sheet | |||||
| Total Assets | 34.13B | 42.46B | 94.78B | 83.70B | 91.11B |
| Cash, Cash Equivalents and Short-Term Investments | 961.00M | 153.00M | 8.66B | 13.51B | 7.70B |
| Total Debt | 3.67B | 4.09B | 40.22B | 48.05B | 28.95B |
| Total Liabilities | 3.89B | 4.25B | 61.65B | 54.03B | 66.74B |
| Stockholders Equity | 30.38B | 38.21B | 23.27B | 20.63B | 16.76B |
Cash Flow | |||||
| Free Cash Flow | 2.86B | 47.00M | 1.22B | 2.47B | 2.22B |
| Operating Cash Flow | 2.86B | 47.00M | 4.03B | 4.92B | 4.18B |
| Investing Cash Flow | 24.00M | -58.00M | -8.73B | -4.10B | -29.59B |
| Financing Cash Flow | -1.63B | -56.00M | 2.11B | 2.13B | -2.19B |
Exor Technical Analysis
Positive
68.10
Price Trends
67.91
Positive
67.28
Positive
69.50
Positive
Market Momentum
0.75
Negative
56.80
Neutral
53.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:EXO, the sentiment is Positive. The current price of 68.1 is below the 20-day moving average (MA) of 69.41, above the 50-day MA of 67.91, and below the 200-day MA of 69.50, indicating a bullish trend. The MACD of 0.75 indicates Negative momentum. The RSI at 56.80 is Neutral, neither overbought nor oversold. The STOCH value of 53.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | €2.42B | 17.48 | 23.59% | 2.50% | 11.28% | 28.75% | |
73 Outperform | €3.70B | 18.45 | 19.64% | 2.52% | -0.71% | -12.00% | |
71 Outperform | €5.10B | 11.29 | 19.37% | 3.83% | 0.85% | -0.29% | |
68 Neutral | €3.11B | 12.48 | 22.89% | 2.73% | 7.01% | 87.12% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | €4.87B | 31.79 | 6.21% | 2.76% | 0.24% | 2.12% | |
56 Neutral | €22.59B | -3.85 | ― | 0.72% | ― | ― |
* Industrials Sector Average
NL:EXO
Exor
70.30
-15.32
-17.90%
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44.50
15.47
53.31%
NL:ARCAD
Arcadis NV
43.00
3.22
8.08%
NL:BAMNB
Koninklijke Bam Groep NV
11.61
3.68
46.41%
NL:HEIJM
Heijmans N.V.
91.60
31.45
52.30%
NL:VPK
Royal Vopak NV
46.52
6.68
16.76%
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.