Shawn O’Malley and Daniel Mahncke break down Exor NV (ticker: EXO), a unique holding company that has acted as a vehicle for the family wealth of Fiat’s founder, but now poses a compelling arbitrage opportunity, with Exor’s stock trading at nearly a 60% discount to its net asset value.

IN THIS EPISODE, YOU’LL LEARN: 00:00:00 – Intro

00:04:55 – How Ferrari became Exor’s largest investment

00:06:16 – Whether Exor actually offers discounted exposure to companies like Ferrari, Stellantis, and CNH

00:16:48 – What markets Exor is focusing on most now

00:19:45 – Why Exor trades at such a discount to its NAV

00:42:02 – Why Exor trimmed part of its Ferrari stake

00:45:01 – Why Exor is unlikely to be forced to realize its NAV by outsiders

00:51:03 – Why Exor reclassified itself from an industrial conglomerate to an investment company

01:00:11 – How to think about modeling EXO’s intrinsic value

01:09:24 – Whether Shawn and Daniel add EXO to their Intrinsic Value Portfolio

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

• The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Sign up for ⁠⁠The Intrinsic Value Newsletter.⁠⁠
• Shawn & Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!
• Learn how to join us in Omaha for the 2026 Berkshire Hathaway shareholder meeting.
• Check out the Interview with Exor’s CEO, John Elkann.
• Check out the 2020 Value Investors Club pitch on Exor.
• Read the 2011 book on the Agnelli family history.
• Explore our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Transdigm⁠⁠, ⁠⁠Salesforce,⁠⁠ ⁠⁠Berkshire Hathaway,⁠⁠ ⁠⁠FICO⁠⁠, ⁠⁠PayPal⁠⁠, ⁠⁠Uber,⁠⁠ ⁠⁠Nike,⁠⁠ ⁠⁠Amazon⁠⁠, ⁠⁠Airbnb,⁠⁠ ⁠⁠Alphabet.⁠⁠
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