Gianluca Ferrari presented his in-depth investment thesis on Exor (Milan: EXO) at European Investing Summit 2015.
Exor is a superbly-managed, Italian-listed holding company that trades at a 20% discount to NAV and that owns a collection of assets who, in themselves, are significantly undervalued and undergoing value-accretive changes. Management has a phenomenal track record of compounding NAV at 23% per year since inception and they just completed an acquisition in the reinsurance space that, with the float generated, will allow them to continue compounding at above market rates similar to Berkshire, Fairfax and Markel. Imminent catalysts such as the upcoming Ferrari IPO should dramatically increase NAV and further accentuate the company’s current undervaluation.
Note: Gianluca Ferrari points out the following correction to the video below: The insider ownership percentage of Exor stated in the session is incorrect. Click here to view the current ownership structure of Exor.
About the instructor:
Gianluca Ferrari is an analyst at Shareholder Value Management AG based in Germany. His focus is on international equities, in particular in Italy and the U.S. Gianluca graduated from LUISS University in Rome with a B. Sc. in Economics and Business. During his studies he worked at AlcoInvest, a start-up he founded in 2010.
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