Rankings Financial data & insurance broking Exor
Exor
76
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- NAV performance vs market−5
- Capital allocation−3
- Concentration (Ferrari)−2
Strengths
- Strong balance sheet and cash+2
How the score is built
From 100 to 76, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 72.30 EUR
- Median analyst target
- 107.00 EUR
- Upside to median
- +48.0%
- Analysts
- 7
- Target range
- 89.00 – 120.00 EUR
- 52-week change
- −4%
- P/E (trailing)
- n/a
- Forward P/E
- 28.6
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−8 of −30
- −5NAV performance vs marketNAV per share fell 8.1% in 2025 (MSCI World +5.4%) and 3.9% in H1 2026 to EUR 157.9 (MSCI World +11.8%); NAV fell EUR 1.2bn in the half-year, mainly because the Stellantis holding almost halved (from about 4.3 to 2.2bn). Two periods in a row far below the market.
- −3Capital allocationThe Philips holding (bought 2023) and the repeated capital increases in Juventus have not created value, Stellantis was kept through the crisis, and Juventus and Clarivate fell again in H1; meanwhile the best asset (Ferrari) was partly sold in 2025 to fund buybacks.
Price
Today's multiples against the company's own history and its peers. · 2 findings−2 of −35
- −1Shareholder returnsDividend yield only 0.7% and P/FCF 32 on the holding's own cash flow (EUR 444m); shareholders get their return via NAV growth and buybacks, not via ongoing distributions.
- −1Discount to net asset valueThe discount is about 56% (price about 70 vs NAV 157.9) and P/B 0.45 vs 0.45–0.61 in 2022–2025 – at the bottom of its own range. But the discount has been persistent and structural due to family control and the conglomerate structure, so it will not close on its own.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −2Concentration (Ferrari)Ferrari makes up 34–39% of gross assets (about EUR 12bn) and itself trades at a high multiple; a de-rating of Ferrari feeds directly and amplified into Exor's NAV.
- −2Capital needs at StellantisStellantis has lost about EUR 2bn in value for Exor in H1; if Stellantis raises new capital, Exor as largest shareholder may be pressured to put new money into a weakened carmaker instead of using its cash on new investments.
- −2Governance and controlGiovanni Agnelli BV holds 54.9% of the capital and 84.0% of the votes through loyalty shares, so the minority has no influence; John Elkann and his siblings paid about EUR 175m in 2025 to settle an inheritance tax case, and a judge in Turin has refused to close the tax-fraud case against Elkann.
- −1Unlisted valuationUnlisted assets and Lingotto (over 12% of gross assets) are valued by Exor itself; Institut Mérieux fell EUR 276m and Lingotto's Intersection fund EUR 367m in H1.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Strong balance sheet and cashThe cash rose from EUR 1.4bn to 2.2bn in H1 after the sales of GEDI, Lifenet and NUO, and about EUR 4bn can be invested (3.5bn after the new buyback); debt 3.7bn vs assets of about 35bn, debt/equity 0.12.
Caveats
What the score does not capture, or where the data is weak.
A holding company: stockanalysis' revenue (−4.0bn), net profit (−4.3bn), ROE/ROIC and P/E are fair-value changes on the portfolio (especially Stellantis) and not meaningful; the PEG formula will therefore give 'n/a'. Valuation is on net asset value (NAV EUR 157.9 per share at 30/6/2026) and P/B (0.45, equal to NAV). The subsidiaries' own findings (Ferrari, Stellantis, Philips, CNH) are not counted again – only Exor's exposure, losses and possible capital needs. Stellantis is scored separately. Share count −3.9% in a year matches buybacks of about EUR 1bn in 2025 (funded by the sale of 4% of Ferrari in Feb 2025, i.e. a core asset) and therefore earns no plus. The new EUR 500m buyback (about a 54% discount to NAV, funded by cash from the sales of GEDI, Lifenet and NUO) is accretive to NAV per share, but together with the dividend exceeds the holding's FCF (444m) and therefore earns no plus. The holding's own FCF (444m) is dividends from subsidiaries minus costs. Exor's historical average discount was not found in a source; history is assessed on P/B 2022–2025. Unlisted assets (Lingotto, Institut Mérieux, Louboutin, The Economist) are valued by Exor itself. Insider trading in 2026 has not been examined. A holding company placed under Financial data & insurance broking like Investor AB.
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