# Exor N.V. (EXO.AS) Canonical: https://gigainvestors.com/s/EXO.AS Analysis as of: 2026-10-16T07:34:30.746Z. Financial observations: FY2004–FY2025. Listing currency: EUR. Reporting currency: EUR. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: EUR 68.60 per share; close as of 2026-10-15. Estimated value: low EUR 196.86 per share, central EUR 196.86 per share, high EUR 196.86 per share. Buy at or below the central value EUR 196.86 per share. Valuation as of 2026-10-16T07:34:30.746Z; scenarios are not confidence intervals. Expected annual return: 22.2% at the stated quote. About 22.2% a year at today's price (required return 10.0%). required return 10.0% a year. ## Checklist ### understandable: fail - 3 revenue declines in the last 10 years (informational) - operating margin variation exceeds 0.35 - Financial history: 10 years - Years with declining revenue: 3 - Years with a net loss: 2 - Operating margin variation: 2.36× Chart: Operating margin; fiscal year observations. - FY2016: 0.92× - FY2017: 16.12× - FY2018: 0.95× - FY2019: 0.98× - FY2020: -0.01× - FY2021: 0.09× - FY2022: 0.10× - FY2023: 0.13× - FY2024: 8.08× - FY2025: -4.39× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 4.6% - ROIC, second-lowest year: -0.9% - Typical minus recent gross margin: -3.0 pp - Typical gross margin (annual median): 95.1% - Recent gross margin (lower of latest and 3-year median): 98.1% - Years with nonpositive capital: 0 - Capital spending / revenue: 22.2% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 0.1% - FY2017: 28.3% - FY2018: 1.5% - FY2019: 2.7% - FY2020: -0.9% - FY2021: 6.6% - FY2022: 6.6% - FY2023: 10.2% - FY2024: 36.2% - FY2025: -10.9% ### economics: fail - incremental invested capital return below threshold - Owner earnings / net income, 5-yr: 1.40× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: EUR 29B - Net income, five-year total: EUR 21B - Return on incremental invested capital: -54.6% - Working capital / revenue, annual change: -3215.9 pp - Working capital / revenue, change between three-year averages: -20228.3 pp - Working capital / revenue, final three-year average: 100.3% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 0.94× - FY2022: 0.97× - FY2023: 0.98× - FY2024: 1.14× - FY2025: -0.75× ### management: pass - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: 1.5% vs 10.2% - Per-share earnings: 3.30 to 19.42 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: -0.8% - Ordinary dilution, 5-year annual growth: -1.3% - Diluted shares, 10-year annual growth: -0.8% - Diluted shares, 5-year annual growth: -1.3% - Per-share value growth: 24.8% - Per-share value change: EUR 16.12 - Per-share value, starting three-year median: EUR 3.30 - Per-share value, ending three-year median: EUR 19.42 - Buybacks concentrated in cheaper years (correlation): -1.00 - Average buyback yield: 4.5% - Buyback history: 4 years - Debt-funded buybacks: No - Acquisition spending: EUR 14B - Cumulative net income, 10 years: EUR 27B - ROIC, first three-year median: 1.5% - ROIC, last three-year median: 10.2% Chart: Earnings per share; fiscal year observations. - FY2016: EUR 2.49 - FY2017: EUR 5.87 - FY2018: EUR 5.72 - FY2019: EUR 13.16 - FY2020: EUR -0.14 - FY2021: EUR 7.80 - FY2022: EUR 18.12 - FY2023: EUR 19.42 - FY2024: EUR 67.00 - FY2025: EUR -18.27 ### accounting: pass - latest-year receivables to sales index (DSRI) exceeds 1.465 - Sloan accruals: -19.5% - Receivables to sales index (DSRI): 26.72× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 0.9% - Earnings backed by cash: Yes - Accounting red flags: 1 - Goodwill and intangibles / equity: 0.00× Chart: Sloan accruals; fiscal year observations. - FY2016: -6.8% - FY2017: -7.3% - FY2018: 0.8% - FY2019: 1.2% - FY2020: -8.1% - FY2021: -2.7% - FY2022: -0.8% - FY2023: 0.2% - FY2024: 34.4% - FY2025: -19.5% ## Holders ## Price story Down 33% since Mar 2024 · sales -45.1% Story as of 2026-10-16T10:00:00.923Z; price observation 2026-10-15. The price assumes assets grow 0.8% yearly for ten years ### Sales · FY2024–2025 sales -45.1%; source https://filings.xbrl.org/5493002ENHZ6NYET7405/2025-12-31/ESEF/NL/0/exor-2025-12-31-en/reports/exor-2025-12-31-en.xhtml; observed 2026-04-07. - FY2016: EUR 30M - FY2017: EUR 501M - FY2018: EUR 533M - FY2019: EUR 1.0B - FY2020: EUR 27B - FY2021: EUR 34B - FY2022: EUR 42B - FY2023: EUR 45B - FY2024: EUR 1.9B - FY2025: EUR 1.0B ### Gross margin · FY2025 gross margin 98.1%; source https://filings.xbrl.org/5493002ENHZ6NYET7405/2025-12-31/ESEF/NL/0/exor-2025-12-31-en/reports/exor-2025-12-31-en.xhtml; observed 2026-04-07. - FY2016: 95.3% - FY2017: 94.9% - FY2020: 18.1% - FY2021: 22.7% - FY2022: 22.7% - FY2023: 26.4% - FY2024: 99.3% - FY2025: 98.1% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in asset management; annual sales are EUR 1 billion. - Source: https://eodhd.com/api/fundamentals/EXO.AS.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 1042000000. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EXO.AS: Exor N.V. engages in the automotive, agriculture and construction, sports car, commercial vehicle, health technology, football and powertrain businesses in the Netherlands and internationally. The company designs, engineers, produces, and sells luxury performance sports cars under the Ferrari brand. It also provides automotive vehicles and mobility solutions under the Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall brands; diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatic, and personal health equipment under Philips brand; agricultural and construction equipment and services; heavy, medium, and light-duty trucks; powertrain technologies; mass-transit and premium buses and coaches; defense and civil protection equipment; heavy-duty quarry and construction vehicles; and firefighting vehicles and equipment, as well as financing services. In addition, the company offers men's footwear, leather goods, beauty, and accessories; equipment for the building and repairing of oil and gas wells; clean energy solutions; data, insights and analytics, expert, and workflow solutions; information through newspapers and magazines to conferences and electronic services and publishes The Economist; and apparel, furniture, homeware, and jewelry products. Further, it engages in the management of professional football teams under the Juventus Football Club name; and hospitals and outpatient clinics, as well as operates as investment management company and technology company specializing in the data-driven optimization of public mobility systems. Exor N.V. was founded in 1899 and is headquartered in Amsterdam, the Netherlands. Exor N.V. is a subsidiary of Giovanni Agnelli B.V. ### Where the cash goes Paid dividends in 10 of 10 years; bought back EUR 1 billion of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,82000000],[2017,291000000],[2018,281000000],[2019,2615000000],[2020,99581000],[2021,455000000],[2022,601000000],[2023,716000000],[2024,99000000],[2025,93000000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://eodhd.com/api/fundamentals/EXO.AS.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 1000000000 EUR. ### Are managers owners Insiders own 55.1% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EXO.AS SharesStats.PercentInsiders = 55.131 percentage points; cache date 2026-10-16. ### What the price says The price assumes assets grow 0.8% yearly for ten years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Price 68.6; FX 1; reported NAV 164.4; ten-year realization discounted at 0.1; required annual NAV growth 0.007940545242528962. Closing-price date 2026-10-15. ## Monthly share-price history (EUR per share) - 2022-08: EUR 60.00 per share - 2022-09: EUR 65.48 per share - 2022-10: EUR 68.00 per share - 2022-11: EUR 75.08 per share - 2022-12: EUR 68.30 per share - 2023-01: EUR 72.88 per share - 2023-02: EUR 77.96 per share - 2023-03: EUR 75.84 per share - 2023-04: EUR 74.48 per share - 2023-05: EUR 77.66 per share - 2023-06: EUR 81.68 per share - 2023-07: EUR 84.94 per share - 2023-08: EUR 81.74 per share - 2023-09: EUR 83.94 per share - 2023-10: EUR 80.94 per share - 2023-11: EUR 89.30 per share - 2023-12: EUR 90.50 per share - 2024-01: EUR 89.86 per share - 2024-02: EUR 99.80 per share - 2024-03: EUR 103.05 per share - 2024-04: EUR 102.70 per share - 2024-05: EUR 102.90 per share - 2024-06: EUR 97.70 per share - 2024-07: EUR 94.60 per share - 2024-08: EUR 100.60 per share - 2024-09: EUR 96.15 per share - 2024-10: EUR 97.20 per share - 2024-11: EUR 93.65 per share - 2024-12: EUR 88.55 per share - 2025-01: EUR 91.75 per share - 2025-02: EUR 93.60 per share - 2025-03: EUR 83.55 per share - 2025-04: EUR 82.90 per share - 2025-05: EUR 84.80 per share - 2025-06: EUR 85.60 per share - 2025-07: EUR 84.75 per share - 2025-08: EUR 85.65 per share - 2025-09: EUR 83.20 per share - 2025-10: EUR 75.20 per share - 2025-11: EUR 72.60 per share - 2025-12: EUR 72.45 per share - 2026-01: EUR 69.10 per share - 2026-02: EUR 74.35 per share - 2026-03: EUR 65.65 per share - 2026-04: EUR 66.80 per share - 2026-05: EUR 66.95 per share - 2026-06: EUR 67.00 per share - 2026-07: EUR 69.30 per share - 2026-08: EUR 73.15 per share - 2026-09: EUR 69.00 per share - 2026-10: EUR 69.25 per share ## Annual estimated value (EUR per share) - FY2021: low EUR 158.55 per share, central EUR 158.55 per share, high EUR 158.55 per share - FY2022: low EUR 146.49 per share, central EUR 146.49 per share, high EUR 146.49 per share - FY2023: low EUR 194.42 per share, central EUR 194.42 per share, high EUR 194.42 per share - FY2024: low EUR 214.08 per share, central EUR 214.08 per share, high EUR 214.08 per share - FY2025: low EUR 196.86 per share, central EUR 196.86 per share, high EUR 196.86 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:40:16.439Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original ESEF filing](https://filings.xbrl.org/5493002ENHZ6NYET7405/2025-12-31/ESEF/NL/0/exor-2025-12-31-en/reports/exor-2025-12-31-en.xhtml); period 2025-12-31, filed 2026-04-07. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights. ## Reported holder observations