May 06, 2013 - 11:23am EST by
2013 2014
Price: 23.00 EPS $0.00 $0.00
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 $M): 525 EBIT 0 0
TEV ($): 5,636 TEV/EBIT 0.0x 0.0x

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  • Italy
  • Holding Company
  • excess cash
  • Potential IPO


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.


I do not hold a position of employment, directorship, or consultancy with the issuer.
Neither I nor others I advise hold a material investment in the issuer's securities.


1) Share buybacks
2) Listing of FIAT INDUSTRIAL on NYSE in 3Q13
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