mst@fyi:~$ analyze exor_nav
Exor is the quality-allocator comparison.
Exor shows that even a respected long-term allocator with low leverage can trade at a meaningful discount when control rights and patient capital allocation dominate the story.
Actual Numbers
FY2025 plus Yahoo price snapshotgross asset valueEUR 37.1bn
NAVEUR 33.2bn
LTV6.9%
ordinary shares out.202.2mn
rough NAV/shareEUR 164.2
EXO.AS priceEUR 66.95
rough discount59.2%
2026 proceeds expectedEUR 2.0bn
Read-Through
SK comparison| Core assets | Ferrari, Stellantis, Philips, CNH, private assets, Lingotto. |
|---|---|
| Positive signal | Low LTV and planned monetisations create dry powder. |
| Main trap | Control structure and patient reinvestment can delay discount closure. |
| SK read-through | SK Inc needs to prove it is an allocator, not just a control-chain wrapper. |