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Posted by
Two Blokes Sat at 4:15 AM -
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Stock
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Exor's FY24 performance was uninspiring, with Stellantis dragging down the very strong contribution from Ferrari. Recent actions—reducing Ferrari concentration, executing a large buyback, and increasing Philips exposure—strengthen my investment case for Exor. Exor's current share price implies a discount to adjusted NAV of slightly greater than 50%, well above the historic discount level of ~30%.
