TIVP053: EXOR NV (EXO): TOO GOOD TO BE TRUE?

W/ SHAWN O’MALLEY & DANIEL MAHNCKE

TIVP053: EXOR NV (EXO): TOO GOOD TO BE TRUE? W/ SHAWN O’MALLEY & DANIEL MAHNCKE

04 January 2026

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 about how to value investment holding companies, how Ferrari became Exor’s largest holding, why NAV discounts can be justified in holding companies, how Exor is trying to close its valuation gap, and whether Exor truly offers a chance to buy Ferrari at a discount. Shawn & Daniel also explore whether Exor’s stock is attractively priced at current levels, plus so much more!

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IN THIS EPISODE, YOU’LL LEARN:

  • Whether Exor actually offers discounted exposure to companies like Ferrari, Stellantis, and CNH
  • Why Exor reclassified itself from an industrial conglomerate to an investment company
  • How Ferrari became Exor’s largest investment
  • Why Exor trades at such a discount to its NAV
  • Why Exor is unlikely to be forced to realize its NAV by outsiders
  • What markets is Exor focusing on most now 
  • Why Exor trimmed part of its Ferrari stake
  • How to think about modeling EXO’s intrinsic value
  • Whether Shawn and Daniel add EXO to their Intrinsic Value Portfolio
  • And much, much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Shawn O’Malley: Ferrari is one of the most special brands in the world. It’s the epitome of Italian excellence, craftsmanship, and engineering, and it has been an incredible stock to own too, even though the stock itself is not priced cheaply. What if I told you there was a way for us to legitimately gain exposure to the company at something like half price. I mean, what would you say to that?

[00:00:23] Daniel Mahncke: Well, I would say that sounds too good to be true, but also very compelling. And today, that’s exactly what we will be exploring with Exor NV, a holding company with a significant stake in Ferrari. We might just be able to bet on Ferrari at a major discount.

[00:00:42] Intro: You are listening to The Intrinsic Value Podcast by The Investor’s Podcast Network since 2014, with over 180 million downloads. We’ve learned directly from the world’s best investors. Now we are applying those lessons to analyze businesses and investment opportunities every week, helping you uncover intrinsic value. And now here are your hosts, Shawn O’Malley and Daniel Mahncke.

[00:01:15] Daniel Mahncke: In today’s episode, we will be covering a new company, but also in a way a business that we have already studied before X, Y, and V is a Dutch company for tax purposes with strong Italian roots, and it has been run for over a century by the descendants of Giovanni Agnelli, who founded Fiat back in 1927. And that makes Exor this weird mix of conglomerate and family office.

[00:01:37] Daniel Mahncke: It is a public traded company, and yet primarily a vehicle for just one family’s wealth. And the reason I say that this overlaps with the company that we’ve dug into previously is that, well, Exor’s biggest holding by far is Ferrari. A company we loved when we covered it a few months ago on this show, but the variation just wasn’t something we could get comfortable with, although we love the company.

[00:01:58] Daniel Mahncke: And since then, Ferrari’s stock has declined by double-digit percentages. And then, thanks to a listener from the audience, after the episode, we came across Exor, which I guess you could say provides a way to own Ferrari stock, but at a massive discount to the stock. As always, I should mention beforehand that nothing on this show is meant to be taken as financial advice and is only meant for educational and entertainment purposes only.

[00:02:22] Daniel Mahncke: And while I’m at it, I should also mention that starting soon, we will be welcoming our fourth cohort of members into the Intrinsic Value Community, which is a special group of investors that we have cultivated over the last year. And maybe you’ve already heard us talking about it here on the show a few times.

[00:02:38] Daniel Mahncke: And the idea is basically that every member must pass an application and interview process, which is basically a call with either you, Shawn, or me to be admitted. And then if approved, you unlock access to an exclusive group of sophisticated investors with discussion firms for stock ideas, weekly virtual calls with other members to discuss investing topics or listen to expert guest speakers like Adam Seessel and William Green and beyond that membership in the community also gives you access to private dinners hosted by The Investor’s Podcast Network in Omaha for Berkshire Weekend, as well as events in New York City next fall. Alright, with that backdrop, how about you explain to us what I meant by that comment a moment ago about buying Ferrari stock at a massive discount, Shawn?

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