The great discount

Exor’s net asset value rose by 9% last year, which Chairman & CEO John Elkann found a little disappointing compared to the MSCI World’s performance. The real engine was Ferrari, while difficulties at Stellantis held it back. Additionally, last year, the company increased its exposure to the healthcare sector, mainly through its stake in Philips. With the 25% tariffs announced by Trump on autos, Ferrari will of course be impacted. However, the company already announced a 10% increase in its prices for the US market, showcasing the brand’s pricing power. At ECP, we believe in the investment case presented by the stock’s current discount of over 50% to its net asset value.