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.
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