Exor: Buying Ferrari At A Discount While Getting Lingotto For Free

Brant Munro, CFA 2.76K Followers Follow Summary Exor N.V. (EXXRF) trades at an unusually wide ~60% discount to NAV, offering exposure to Ferrari and other assets at a compelling valuation. Ferrari’s resilient demand, pricing power, and disciplined production underpin its value, despite recent EV-related volatility and a still-high ~38x earnings multiple. Lingotto, Exor’s asset management arm, has tripled AUM to €10B since 2023, with strong returns from concentrated positions in outperformers like Teva and Carvana. Exor’s holding company structure offers downside protection; current valuation implies investors get non-Ferrari assets at little to no incremental cost. Federico Luppi/iStock Editorial via Getty Images Introduction For those who follow my work you may recall that I wrote a thesis on Exor N.V. ( EXXRF ) back in January 2026. The article was called Exor: Paying 50 Cents On This article was written by Brant Munro, CFA 2.76K Followers Follow I am always on the lookout for businesses that have a strong cash generating ability and a strong enough competitive advantage that I can be sure they will be around for the next decade, and at a price where I can be as sure as possible that I can achieve at least 15 percent annualized returns, or else companies whose price is deeply discounted from their asset base as long as its highly marketable. Im not one to shy away from takeover targets, provided the target still has a strong business that I would be okay with owning it even if the takeover did not go through. Since I began investing on my own 3 years ago I have achieved an annualized time weighted return of about 16 percent, and plan to continue to beat that hurdle as I learn more. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in EXXRF over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.