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Data-driven stock valuation

Exor N.V. (EXO) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Exor N.V. stock €139, price €73.35, upside +90.0%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services NL · ISIN NL0012059018

EN Exor N.V. logo Thin data Nov 7, 2026

Exor N.V.

EXO · AS
Undervalued, but sideways

The stock costs 47% less than our calculation considers fair.

Fair value €139.37 · Strongly undervalued (47%)
Low debt
Generates free cash flow
0.7% dividend yield · Cash covered
Positive coverage
Even on cautious assumptions the value is 43% above the price (€104.53).
Quality 59/100
Mixed Growth (revenue YoY −45.1 %/yr in EUR)
Mixed vs. peers (5/11)
Narrow moat 41/100 · thin data
Thin data

Risks from the AI analysis

🚩Agnelli family inheritance disputes
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€103.57 €58.63 Fair Value €139.37 Aug 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

51‑month range €58.63 – €103.57 · fair‑value band €104.53 – €174.21 · the €73.35 price screens below the €139.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.

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Company profile

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 luxury performance sports cars under the Ferrari brand.

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It also provides automotive vehicles and mobility solutions under the Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall brands; diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatic, and personal health equipment under Philips brand; agricultural and construction equipment and services; heavy, medium, and light-duty trucks; powertrain technologies; mass-transit and premium buses and coaches; defense and civil protection equipment; heavy-duty quarry and construction vehicles; and firefighting vehicles and equipment, as well as financing services.

In addition, the company offers men's footwear, leather goods, beauty, and accessories; equipment for the building and repairing of oil and gas wells; clean energy solutions; data, insights and analytics, expert, and workflow solutions; information through newspapers and magazines to conferences and electronic services and publishes The Economist; and apparel, furniture, homeware, and jewelry products.

Further, it engages in the management of professional football teams under the Juventus Football Club name; and hospitals and outpatient clinics, as well as operates as investment management company and technology company specializing in the data-driven optimization of public mobility systems.

Exor N.V. was founded in 1899 and is headquartered in Amsterdam, the Netherlands. Exor N.V. is a subsidiary of Giovanni Agnelli B.V.

Stock analysis

Exor N.V. (EXO) currently trades at €73.35, while our model-based Fair Value estimate is €139.37, implying the stock looks roughly 47% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: €104.53 (bear) to €174.21 (bull), the price of €73.35 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Exor N.V. reported revenue of €1.0B in FY2025 versus €33.6B in FY2021, a compound −58.0%/yr. Reported net income was −€3.8B in FY2025.

Key figures

Market cap €22.5B Large · EPS (TTM) €−21.02 · Dividend yield 0.7% · Return on equity −12.6% · Return on assets (EBIT) 7.7% (5-year average) · Operating margin 102% · Revenue (TTM) −€4.0B · Revenue growth (YoY) −98.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).

What moves the price

The share trades about 4% below its 52-week high and 17% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −26% fair-value upside, at 90%, EXO screens cheaper than that median.

Fair Value models

Bear €104.53 Fair Value €139.37 Bull €174.21
Price €73.35 · Upside +90.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
P/B Multiple €104.53 €139.37 €174.21 55
NCAV (Graham) €75.96 €101.79 €151.92 54
All 2 models by family
Multiples
P/B Multiple €104.53 €139.37 €174.21 55
Asset-Based
NCAV (Graham) €75.96 €101.79 €151.92 54

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Quality Score breakdown

Overall quality 59/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 16
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 69
Debt, balance sheet and risk of trouble
Investment 71
Does it invest with discipline instead of growing at any price?
Low Volatility 92
How calm the share price moves, does not count
Price momentum 42
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 54
Distance to the 52-week high, does not count
New shares 100
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1.4% (2020) → −438.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−15.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −17.4% a year for the price.

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Recent news

News mood ⓘNews mood, the average tone of recent news (80 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.
Note from the team Oct 11, 2026
AI conclusion: Portfolio simplification yielding deployable cash stands as the main strength while large net losses and thin data provide weak evidence of durable advantage.
Main risk: Ongoing legal battles and tax investigations within the Agnelli family over inheritance could destabilise governance and long-term decision-making at Exor and its major holdings such as Stellantis.
Bull case: Exor could strengthen governance through clearer family agreements and use its cash from asset sales to diversify further into stable sectors like healthcare, mitigating any disruption from legal matters.
Bear case: Prolonged family legal conflicts might impair strategic flexibility at Exor and key portfolio companies, leading to delayed investments or operational challenges in automotive and machinery businesses.
Exor keeps simplifying its portfolio through asset sales that have built substantial deployable cash. It is now directing part of that into an ongoing share repurchase program because management sees the shares trading at a meaningful discount to the value of the holdings. Our models currently see the shares as undervalued. Will the buybacks create more lasting value than putting the same capital to work in new investments?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 588 stocks

Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 59 · Below median
Fair Value upside +90.0% · Top 25%
Profitability
Return on assets −10.2% · Bottom 25%
Operating margin (12 months) 102.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −98.9% · Bottom 25%
Dividend yield (12 months) 0.7% · Bottom 25%
Balance sheet
Debt / equity 0.09× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.75× · Cheaper than median
Price / free cash flow (fiscal year) 8.8× · Cheaper than median
EV/EBITDA 1.5× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 60
FUTURE (revenue growth)0 · sector 39
PAST (return on equity)0 · sector 29
HEALTH (low debt)95 · sector 96
DIVIDEND (yield)13 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs EXO
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs EXO
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs EXO
State Street Corporation STT $165.56 $139.37 −16% vs EXO
Ares Management Corporation ARES $133.98 $99.35 −26% vs EXO
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs EXO
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs EXO
Principal Financial Group PFG $110.91 $52.47 −53% vs EXO
Blackstone Inc BX $119.50 $52.29 −56% vs EXO
KKR & Co KKR $96.48 $27.32 −72% vs EXO

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Exor N.V.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Exor N.V. Fair Value". https://www.fairvalue-calculator.com/stock/EXO

Frequently asked questions

Is Exor N.V. (EXO) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €139.37 versus a price of €73.35, about +90% upside (undervalued).
What is the fair value of EXO?
Our model-based fair value for Exor N.V. is €139.37 (as of Nov 7, 2026), built from audited fundamentals. The current price: €73.35.
What is the quality score of EXO?
Exor N.V. has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Exor N.V. (EXO)?
Our model-based price target is the fair value of €139.37 (as of Nov 7, 2026) from 2 valuation models. Cautious scenario €104.53, optimistic scenario €174.21. It is a calculation from audited fundamentals, not an analyst target.
What is the Exor N.V. stock forecast for 2026?
Our models put fair value at €139.37, about +90% upside versus a price of €73.35 (undervalued). Cautious scenario €104.53, optimistic scenario €174.21. The calculation is refreshed regularly with new filings.
Does Exor N.V. pay a dividend?
Exor N.V. currently shows a dividend yield of 0.67% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Exor N.V. (EXO) and when is the ex-dividend date?
Exor N.V. pays a dividend of €0.49 per share a year, a dividend yield of 0.7%. The last ex-dividend date was May 25, 2026. Free cash flow covers the dividend 28.82 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into Exor N.V. (EXO)?
For today's price to be fair in a discounted-cash-flow model, Exor N.V. would have to grow free cash flow by -15.6 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -47.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of EXO use?
Our models discount Exor N.V. at 7.9 %: a base by market capitalisation (large), damped by beta 0.51, country premium for Netherlands. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Exor N.V. that is -15.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Exor N.V. (EXO) delivered so far?
Over the past 5 years revenue at Exor N.V. grew -47.8 % a year. The price currently implies free-cash-flow growth of -15.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Exor N.V. (EXO) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Exor N.V. (-15.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Exor N.V. (EXO)?
The free-cash-flow yield on the price is 19.25 %: that much free cash flow Exor N.V. produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Exor N.V. (EXO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Exor N.V. it is €139.37 per share (as of Nov 7, 2026), against a price of €73.35. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Exor N.V. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, EXO trades below its calculated fair value: price €73.35, fair value €139.37, a gap of about +90% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EXO?
No. The price is what the market pays today (€73.35); the fair value is what the company's own numbers justify (€139.37). For Exor N.V. the two are €66.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is Exor N.V. worth?
The market values Exor N.V. at about €22.5B (market capitalisation, as of Nov 7, 2026). Per share that is €73.35; our models calculate a fair value of €139.37 per share.
What do the bullish and bearish scenarios say about EXO?
Our models span a range for Exor N.V.: cautious scenario €104.53, base €139.37, optimistic €174.21 per share (as of Nov 7, 2026, price €73.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Exor N.V. (EXO)?
Balance-sheet figures for Exor N.V. (as of Nov 7, 2026): return on equity −12.6%, debt of 0.09 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is EXO from its 52-week high?
Exor N.V. trades at €73.35, about 4% below its 52-week high of €76.19 and 17% above the low of €62.89 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €139.37 is for.
Which stocks are comparable to Exor N.V.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Exor N.V. stock attractive at the current price?
The data as of Nov 7, 2026: price €73.35, calculated fair value €139.37 (+90%), Quality Score 59/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EXO calculated?
We run Exor N.V. through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €139.37 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Exor N.V. currently trades 47% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Exor N.V. (EXO)?
The closing price on Nov 6, 2026 was €73.35. Our model-based fair value is €139.37, about +90% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Exor N.V. right now?
The price is below even our cautious bear case (€104.53). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Exor N.V. (EXO) come from?
Earnings per share at Exor N.V. grew +40.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +46.7 %, EBIT margin −20.0 %, tax rate +8.8 %, residual (interest, one-offs) +9.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Exor N.V.

How large is the market capitalisation of Exor N.V. (EXO)?
The market capitalisation of Exor N.V. is €22.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Exor N.V. (EXO)?
Earnings per share at Exor N.V. are €−21.02. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Exor N.V. (EXO)?
The dividend yield of Exor N.V. is 0.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the return on equity of Exor N.V. (EXO)?
The return on equity (ROE) of Exor N.V. is −12.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Exor N.V. (EXO)?
On an EBIT basis the return on assets of Exor N.V. is 7.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Exor N.V. (EXO)?
The operating margin of Exor N.V. is 102% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Exor N.V. (EXO) generate?
Exor N.V. generates revenue of −€4.0B (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Exor N.V. (EXO)?
Revenue at Exor N.V. is growing −98.9% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Exor N.V. (EXO)?
Earnings per share at Exor N.V. are growing +614% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Exor N.V. (EXO) hold?
Exor N.V. holds more cash than debt, €1.4B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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