Exor's first half of 2026 showed a net asset value hit rather than an operating story: diluted EPS came in at -€5.54, and management tied most of the listed-company NAV decrease to Stellantis' share price decline. The Intersection fund also fell after last year's strong gains, while Lingotto Horizon rose on a unicorn round in one portfolio investment. SE fair value of €107 is 45.4% above the price of €73.35.
Management announced a €500 million on-market buyback, to be executed over the next six months, and said the Iveco tender offer should close in about two months. It is also continuing asset disposals and portfolio reviews. Asked why firepower has not been deployed, management called it an active choice to stay disciplined; the CFO said, "We did not miss any transactions." Risks it raised include Stellantis' cash position and a possible capital increase, plus Ferrari's large share of portfolio value. The call is dated, held 23 September.
Consensus has FY2026 EPS growing 2.0%, then FY2027 EPS falling 52.6%, on adjusted figures of €2.51 and €1.19. Only two analysts cover the stock, with a very wide spread in their estimates, so the forward path is loose. Reported FY2027 EPS of €5.48 is not comparable with the adjusted figure, which is why forward multiples look high. The buyback fits the shrinking share count, but earnings direction in consensus runs against the pull of the discount.
Returns have deteriorated sharply across the three-year window. Return on equity moved from 22.6% in FY2022 to -10.6% in FY2025, a fall of 33.2 points, and return on assets from 5.1% to -10.2%. Book value per share growth went from 16.3% in FY2022 to -7.2% in FY2025, also worse. Against the 30 nearest asset managers, ROE and ROA both sit below the peer median. Weak, volatile investment results hold quality back, and the swing in Stellantis' value drives that volatility.
The shares trade at 0.46x book, below their own ten-year median of 0.67x and well below the peer median of 2.22x. SE fair value of €107 is 45.4% above the price; it applies the company's own median P/B to book value per share, and confidence is low, with a central range of €84 to €125. The median analyst target of €107 is 45.9% above the price, with 6 Buy and 1 Hold. The discount holds if book value stabilises and Stellantis stops dragging it; another leg down there would show the estimate is too generous.
Exor is not rated on the SE Score, because the score has not yet been validated for holding companies, so no stars are given. Quality and Moat are not scored for lack of data. Value would otherwise stand at 3 of 3: SE fair value sits 51.7% above the price on a multiples-based estimate, and the 0.46x price to book compares with 0.67x for its own ten-year median.
Exor N.V. operates in the Netherlands and internationally across automotive, agriculture and construction, commercial vehicle, health technology, football and powertrain businesses, selling Ferrari sports cars, vehicles under brands such as Jeep, Fiat and Peugeot, Philips health equipment, trucks, buses and financing services, and publishes The Economist, manages Juventus Football Club and operates hospitals and clinics.