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Exor
(EXO)
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Rating:60Neutral
Price Target:
€74.00
▲(3.28% Upside)
Action:Reiterated
Date:09/28/26
Overall score reflects (1) volatile financial performance with a recent loss year and inconsistent cash/earnings relationship, partially offset by balance-sheet improvement, (2) a constructive earnings-call backdrop with substantial liquidity and a near-term buyback tied to a large stated NAV discount, (3) mixed technicals with neutral momentum, and (4) valuation that is hard to judge on earnings due to a negative P/E, with only a modest dividend yield as support.
Positive Factors
Strong liquidity and extended debt maturities
Substantial deployable cash gives Exor flexibility to fund investments, support portfolio companies, and execute shareholder returns without immediate refinancing pressure. The extended maturity schedule further improves resilience and allows management to remain selective during the next investment cycle.
Negative Factors
Highly volatile earnings and cash generation
Large swings between profitability and losses make Exor's reported earnings difficult to forecast and weaken confidence in earnings quality. Inconsistent alignment between earnings and cash generation can also complicate dividend planning, investment pacing, and assessment of recurring financial strength.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and extended debt maturities
Substantial deployable cash gives Exor flexibility to fund investments, support portfolio companies, and execute shareholder returns without immediate refinancing pressure. The extended maturity schedule further improves resilience and allows management to remain selective during the next investment cycle.
Read all positive factors
Exor (EXO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€21.76B
Dividend Yield0.72%
Average Volume (3M)252.56K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth59.33%
EPS Growth-560.78%
CountryNL
Employees20
SectorFinancial
Sector Strength70
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-20.79
Shares Outstanding207,779,750
10 Day Avg. Volume242,977
30 Day Avg. Volume252,557
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.48
Price to Sales (P/S)14.06
P/FCF Ratio5.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.35
Revenue Forecast (FY)N/A
Exor Business Overview & Revenue Model
Company Description
Exor N.V. engages in the automotive, agriculture and construction, sports car, commercial vehicle, health technology, football and powertrain businesses in the Netherlands and internationally. The company designs, engineers, produces, and sells lu...
How the Company Makes Money
Exor primarily makes money as a holding company through (1) dividends and other distributions it receives from its portfolio companies, (2) value creation and capital gains from buying, holding, and selling equity stakes (including proceeds from p...
Exor Earnings Call Summary
Earnings Call Date:Sep 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 31, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Exor highlighted rapid portfolio simplification, substantial liquidity of approximately EUR 4 billion, a EUR 500 million buyback, a strengthened debt profile, successful divestments and positive performance from several holdings and investment platforms. These positives outweighed the EUR 1.2 billion NAV decline, the 50% to 60% decline in Stellantis, weakness at Clarivate and Intersection, and the widening NAV discount.Positive Updates
Portfolio Simplification Progress
Exor progressed rapidly with its portfolio simplification. The sale of Iveco's defense business to Leonardo was completed, Tata formally launched its tender offer for Iveco with closing expected in 2 months, and Exor completed the divestments of GEDI, Lifenet and NUO.
Negative Updates
NAV Declined by EUR 1.2 Billion
Exor's NAV declined by EUR 1.2 billion during the period. NAV per share moved fundamentally in line with NAV because Exor did not conduct buybacks during the period.
Read all updates
Q2-2026 Updates
Positive
Negative
Portfolio Simplification Progress
Exor progressed rapidly with its portfolio simplification. The sale of Iveco's defense business to Leonardo was completed, Tata formally launched its tender offer for Iveco with closing expected in 2 months, and Exor completed the divestments of GEDI, Lifenet and NUO.
Read all positive updates
Company Guidance
Exor said it expects approximately EUR 4 billion of deployable cash, of which EUR 0.5 billion will be used for an on-market buyback to be executed in the next 6 months, leaving EUR 3.5 billion, with EUR 1.4 billion of current cash, EUR 2.7 billion of expected cash inflows from disposals, around EUR 300 million of net free cash flow and EUR 300 million of commitments. It expects the Welltec sale to close in the first half 2027, has no redemptions in 2026 nor in 2027, and said the first redemption will follow in 2028 with a maturity profile spread out for the coming next 12 years. For the next investment, Exor is primarily looking at large listed companies where it can acquire a shareholding of 15% to 20% for an investment of at least EUR 2 billion, approximately 5% of gross asset, but is very open to other sectors; it is not in a rush to deploy and will not give any timing, although “sooner rather than later” is the objective.Exor Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -4.11B | 1.04B | 1.90B | 45.41B | 41.84B | 33.62B |
| Gross Profit | -4.11B | 1.02B | 1.89B | 11.97B | 9.51B | 7.64B |
| EBITDA | 582.00M | -4.57B | 29.45B | 8.03B | 5.96B | 3.19B |
| Net Income | -4.29B | -3.79B | 14.67B | 4.19B | 4.23B | 1.72B |
Balance Sheet | ||||||
| Total Assets | 35.77B | 34.13B | 42.46B | 94.78B | 83.70B | 91.11B |
| Cash, Cash Equivalents and Short-Term Investments | 2.18B | 961.00M | 153.00M | 8.66B | 13.51B | 7.70B |
| Total Debt | 3.69B | 3.67B | 4.09B | 40.22B | 48.05B | 28.95B |
| Total Liabilities | 3.76B | 3.89B | 4.25B | 61.65B | 54.03B | 66.74B |
| Stockholders Equity | 32.01B | 30.38B | 38.21B | 23.27B | 20.63B | 16.76B |
Cash Flow | ||||||
| Free Cash Flow | 444.00M | 2.86B | 47.00M | 1.22B | 2.47B | 2.22B |
| Operating Cash Flow | 444.00M | 2.86B | 47.00M | 4.03B | 4.92B | 4.18B |
| Investing Cash Flow | 171.00M | 24.00M | -58.00M | -8.73B | -4.10B | -29.59B |
| Financing Cash Flow | -3.00M | -1.63B | -56.00M | 2.11B | 2.13B | -2.19B |
Exor Technical Analysis
Negative
71.65
Price Trends
70.44
Negative
69.38
Negative
68.85
Negative
Market Momentum
-0.63
Positive
43.43
Neutral
31.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:EXO, the sentiment is Negative. The current price of 71.65 is above the 20-day moving average (MA) of 68.83, above the 50-day MA of 70.44, and above the 200-day MA of 68.85, indicating a bearish trend. The MACD of -0.63 indicates Positive momentum. The RSI at 43.43 is Neutral, neither overbought nor oversold. The STOCH value of 31.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:EXO.
Exor Peers Comparison
UnderperformOutperform
Sector (68)
NL:EXO
Exor
68.25
-8.59
-11.18%
NL:ALFEN
Alfen NV
9.95
>-0.01
-0.04%
NL:NXFIL
NX Filtration N.V.
3.25
0.44
15.86%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.