Exor trades at a 60% discount to NAV, offering value in Ferrari and other assets.

Exor N.V. is currently trading at an unusually wide discount of about 60% to its net asset value (NAV), providing investors with exposure to Ferrari and other holdings at an attractive price. Ferrari remains a strong asset due to its resilient demand, pricing power, and disciplined production, despite recent volatility related to electric vehicles and a relatively high earnings multiple of around 38 times. Exor's asset management arm, Lingotto, has significantly grown its assets under management to €10 billion since 2023, driven by strong returns from focused investments in companies like Teva and Carvana. The holding company structure of Exor offers downside protection, implying that investors effectively acquire non-Ferrari assets at little or no additional cost, making it a compelling investment opportunity.