Matt Franz : Zealous For Knowledge

Exor

Exor is an Italian Holding company listed in Milan that is controlled by the Agnelli family. Exor’s primary assets are large stakes in Fiat-Chrysler, Ferrari, CNH Industrial, PartnerRe, Juventus Football Club, and The Economist Group, among many others.

Exor’s publically traded subsidiares have experiences significant run-ups since Exor last published it’s NAV. I adjust Exor’s NAV on 6/30/2017 for the marked-to-market gains in Fiat, Ferrari, and CNH Industrial since then. I find that Exor is trading at a 29% discount to its adjusted NAV.

My full notes and valuation are here.

For more background on Exor, Sergio Marchionne, and the Agnelli family, I recommend reading Mondo Agnelli by Jennifer Clark.

This is not a recommendation to buy or sell any stock mentioned. I do not have a position in any stock mentioned. Do your own research: you are accountable for your own returns. Please read my full disclosure.


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