EXOR N.V. | The Agnelli Holding Company

EXOR N.V. is a European diversified holding company, which Net Asset Value amounted to about $23 billion (equal to over €19 billion) at the end of 2017. It is listed on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. (MTA) but is headquartered in Amsterdam, The Netherlands.

The Company is majority-owned and controlled by Giovanni Agnelli B.V., a holding company of the descendants of Senator Giovanni Agnelli, the founder of FIAT. Giovanni Agnelli B.V. holds 52.99% of EXOR’s share capital.

Exor-related Research on FFP

Valuation Models

Investment Policy

EXOR invests with a long-term view and aims to:

  • Increase its NAV per share in excess of its benchmark,  the MSCI World Index in dollars
  • Generate free cash flows above its dividend outflows and
  • Preserve an investment-grade rating

EXOR is an active shareholder, combining its entrepreneurial approach with sound financial discipline. It brings in finance for the development of its companies, to improve their competitive position and profitability, and maintains a constant dialogue with the top management of the companies in which it invests, while fully respecting their operating autonomy.

Investment Portfolio

  • Fiat Chrysler Automobiles (FCA). FCA is the seventh-largest automaker in the world and the owner Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram and Maserati. FCA’s businesses also include Comau (production systems), Magneti Marelli (components), Teksid (iron and castings) and Mopar, the after-sales services and parts brand. Exor holds a 29.18% stake in FCA.
  • PartnerRe is a leading global reinsurer with headquarters in Bermuda. PartnerRe provides Non-life (Property and Casualty and Specialty) and Life and Health reinsurance on a worldwide basis. PartnerRe services over 2,000 customers through its global platform of 20 offices and is present in more than 150 countries.  EXOR holds 100% of the common stock in PartnerRe.
  • CNH Industrial (CNH). CNH is a global leader in the capital goods segment. Through its brands, the company designs, produces and sells trucks, commercial vehicles, buses and speciality vehicles, agricultural and construction equipment, as well as engines and transmissions for those vehicles and engines for marine applications. The company’s main brands are Iveco, Case, New Holland and FPT Industrial.  EXOR holds a 26.89% stake in CNH Industrial.
  • Ferrari (RACE). The Ferrari brand is the world’s most iconic luxury car brand and is unique for performance, innovation, technologies, driving pleasure and design. Ferrari was spun out of the FCA Group at the beginning of 2016 and is listed on the New York Stock Exchange (NYSE) and the Mercato Telematico Azionario managed by Borsa Italiana (MTA).  EXOR holds a 22.91% stake in Ferrari.
  • The Economist Group. Headquartered in London, the Economist Group the company owns the editorial group that publishes The Economist, a weekly newspaper that, with a global circulation of more than one million copies, represents one of the most important sources of analysis in the international business world. The Economist Group is a private company that EXOR holds a 43.40% stake in.
  • Juventus Football Club (JUVE).  Founded in 1897 in Torino, Juventus Football Club is one of the most prominent professional football teams in the world. The Company is listed on the Mercato Telematico Azionario managed by Borsa Italiana (MTA). EXOR holds 63.77% of the share capital of Juventus.

Exor Sum-of-Parts and Discount to NAV

The Common Shares of Exor have historically traded at a discount to the net asset values attributable to each share. Conglomerate discounts are a known phenomenon, particularly when there is a controlling block of shareholders.

In the following sheet, you can find a calculation of the Net Asset Values of Exor based on the current share values of the publicly listed assets of Exor, as well as the current discount to NAV of the Exor shares:

John Elkann

John Elkann is CEO and Chairman of EXOR NV. He is the grandson of Gianni Agnelli and was originally appointed to the board of FIAT at the age of 21.

Third-Party Exor Write-ups

  • Cloning Berkshire Hathaway (in Turin) (April 2014). An investment update from HollAnd Advisors following Exor’s initial bid in Partner Re.
  • Lollapalooza (May 2016). An investment thesis from Greenwood Investors presented at the Ira Sohn Conference.

Other Resources