|Shares Out. (in M):||222||P/E||0.0x||0.0x|
|Market Cap (in $M):||5,110||P/FCF||0.0x||0.0x|
|Net Debt (in $M):||525||EBIT||0||0|
Position: Long EXOR
Exor (Borsa Italiana: EXO IM), based in Turin, Italy, is a €5.1 bn market cap holding company. For €23 per share, you are getting €32 per share of highly-liquid, public securities and another €4 of private assets. Management has implemented a €200 mm share repurchase program to capitalize on this discount to NAV. Additionally, we believe the pending listing of its largest holding on the NYSE in 3Q13 could add another €3-5 to NAV per share, allowing us to buy these assets for 55-60c on the dollar.
Due to charts and tables, you can access the write-up using this link: EXOR
Disclosure: We and our affiliates are long Exor. We may buy / sell shares in the future. This is not a recommendation to buy or sell shares.