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Exor

BIT:EXO
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EXO
BIT
€13B
Market Cap
  1. Home
  2. IT
  3. Diversified Financials
Company description

Exor N.V., through its subsidiaries, engages in the reinsurance, automotive, agricultural equipment, construction equipment and commercial vehicles, and football businesses. The last earnings update was 53 days ago. More info.


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EXO Share Price and Events
7 Day Returns
-2.7%
BIT:EXO
-2.7%
IT Diversified Financial
-3%
IT Market
1 Year Returns
-10.2%
BIT:EXO
-10.4%
IT Diversified Financial
-8.2%
IT Market
EXO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Exor (EXO) -2.7% -5.9% 1.7% -10.2% - -
IT Diversified Financial -2.7% -6.4% -0.8% -10.4% -19.2% 33.7%
IT Market -3% -5.5% -0.2% -8.2% 0.5% -37.9%
1 Year Return vs Industry and Market
  • EXO underperformed the Market in Italy which returned -8.2% over the past year.
Price Volatility
EXO
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Exor undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Exor to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Exor.

BIT:EXO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= €46.09 * 10.2%
€4.72
Book Value of Equity per Share Median Book Value from the past 5 years. €46.09
Discount Rate (Cost of Equity) See below 14.9%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BIT:EXO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 6%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.693 (1 + (1- 25%) (357.19%))
2.039
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (2 * 5.96%)
14.85%

Discounted Cash Flow Calculation for BIT:EXO using Excess Returns Model Model

The calculations below outline how an intrinsic value for Exor is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BIT:EXO Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.2% – 14.85%) * €46.09)
€-2.13
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-2.13 / (14.85% - 2.93%)
€-17.85
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €46.09 + €-17.85
€28.24
BIT:EXO Discount to Share Price
Calculation Result
Value per share (EUR) From above. €28.24
Current discount Discount to share price of €56.52
= -1 x (€56.52 - €28.24) / €28.24
-100.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Exor is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Exor's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Exor's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:EXO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €5.37
BIT:EXO Share Price ** BIT (2019-05-24) in EUR €56.52
Italy Diversified Financial Industry PE Ratio Median Figure of 8 Publicly-Listed Diversified Financial Companies 13.56x
Italy Market PE Ratio Median Figure of 242 Publicly-Listed Companies 15.34x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Exor.

BIT:EXO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:EXO Share Price ÷ EPS (both in EUR)

= 56.52 ÷ 5.37

10.52x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exor is good value based on earnings compared to the IT Diversified Financial industry average.
  • Exor is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Exor's expected growth come at a high price?
Raw Data
BIT:EXO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.52x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
18.8%per year
Italy Diversified Financial Industry PEG Ratio Median Figure of 6 Publicly-Listed Diversified Financial Companies 0.85x
Italy Market PEG Ratio Median Figure of 162 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

BIT:EXO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.52x ÷ 18.8%

0.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exor is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Exor's assets?
Raw Data
BIT:EXO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €52.11
BIT:EXO Share Price * BIT (2019-05-24) in EUR €56.52
Italy Diversified Financial Industry PB Ratio Median Figure of 8 Publicly-Listed Diversified Financial Companies 2.42x
Italy Market PB Ratio Median Figure of 322 Publicly-Listed Companies 1.46x
BIT:EXO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:EXO Share Price ÷ Book Value per Share (both in EUR)

= 56.52 ÷ 52.11

1.08x

* Primary Listing of Exor.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exor is good value based on assets compared to the IT Diversified Financial industry average.
X
Value checks
We assess Exor's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Diversified Financial industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Diversified Financial industry average (and greater than 0)? (1 check)
  5. Exor has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Exor expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Exor expected to grow at an attractive rate?
  • Exor's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Exor's earnings growth is expected to exceed the Italy market average.
  • Exor's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:EXO Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:EXO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 18.8%
BIT:EXO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 4.8%
Italy Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average 16.6%
Italy Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average 7%
Italy Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BIT:EXO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:EXO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 156,274 18,609 1,837 1
2019-12-31 151,869 18,084 1,786 1
BIT:EXO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 142,375 12,916 1,264
2018-09-30 71,454 1,282
2018-06-30 142,908 14,197 1,217
2018-03-31 142,732 13,794 1,305
2017-12-31 137,336 13,390 1,331
2017-06-30 142,352 12,627 1,075
2017-03-31 140,768 12,623 833
2016-12-31 139,183 12,619 590
2016-06-30 137,061 12,834 435
2016-03-31 136,201 12,292 329

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Exor's earnings are expected to grow by 18.8% yearly, however this is not considered high growth (20% yearly).
  • Exor's revenue is expected to grow by 4.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BIT:EXO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Exor Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:EXO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 7.69 8.79 7.11 3.00
2019-12-31 7.47 10.10 5.59 4.00
BIT:EXO Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 5.37
2018-09-30 5.47
2018-06-30 5.18
2018-03-31 5.56
2017-12-31 5.67
2017-06-30 4.58
2017-03-31 3.55
2016-12-31 2.52
2016-06-30 1.89
2016-03-31 1.45

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Exor is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Exor's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Italy market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Italy market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Exor has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Exor performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Exor's growth in the last year to its industry (Diversified Financial).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Exor's year on year earnings growth rate has been positive over the past 5 years.
  • Exor's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Exor's 1-year earnings growth is negative, it can't be compared to the IT Diversified Financial industry average.
Earnings and Revenue History
Exor's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Exor Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:EXO Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 142,375.00 1,264.00 10,219.00 4,474.00
2018-09-30 71,454.00 1,282.00 4,947.50 2,370.50
2018-06-30 142,908.00 1,217.00 9,873.00 4,741.00
2018-03-31 142,731.50 1,304.50 10,133.50 4,738.50
2017-12-31 137,336.00 1,331.00 10,186.00 4,416.00
2017-06-30 142,352.00 1,075.00 10,958.00 4,889.00
2017-03-31 140,767.50 832.50 10,904.50 4,788.50
2016-12-31 139,183.00 590.00 10,851.00 4,688.00
2016-06-30 137,061.00 435.00 10,079.00 3,905.00
2016-03-31 136,200.50 328.50 10,020.50 3,776.50
2015-12-31 135,340.00 222.00 9,962.00 3,648.00
2015-09-30 219,981.50 358.00 16,884.00 6,060.00
2015-06-30 128,876.00 450.00 9,821.00 3,612.00
2015-03-31 123,973.00 365.00 9,525.50 3,365.00
2014-12-31 119,070.00 280.00 9,230.00 3,118.00
2014-09-30 112,791.00 483.60 9,120.60 2,809.00
2014-06-30 114,639.00 461.00 9,188.00 2,992.00
2014-03-31 113,526.00 1,273.00 9,162.50 2,903.00
2013-12-31 112,413.00 2,085.00 9,137.00 2,814.00
2013-09-30 27,784.50 1,808.40 2,236.40 583.50
2013-06-30 110,020.00 1,802.00 9,104.00 2,529.00
2013-03-31 109,820.50 1,050.00 9,122.00 2,441.00
2012-12-31 109,621.00 298.00 9,140.00 2,353.00
2012-09-30 106,694.50 273.00 9,093.50 2,267.50
2012-06-30 103,768.00 195.00 8,951.00 2,194.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Exor has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Exor used its assets less efficiently than the IT Diversified Financial industry average last year based on Return on Assets.
  • Exor has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Exor's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Diversified Financial industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Exor has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Exor's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Exor's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Exor is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Exor's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Exor's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Exor Company Filings, last reported 4 months ago.

BIT:EXO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 36,445.00 47,299.00 20,293.00
2018-09-30 12,210.00 3,522.00 21.00
2018-06-30 33,331.00 49,586.00 19,389.00
2018-03-31 33,331.00 49,586.00 19,389.00
2017-12-31 31,186.00 51,310.00 20,614.00
2017-06-30 30,467.00 53,917.00 18,563.00
2017-03-31 30,467.00 53,917.00 18,563.00
2016-12-31 30,220.00 60,361.00 26,270.00
2016-06-30 27,329.00 61,965.00 26,315.00
2016-03-31 27,329.00 61,965.00 26,315.00
2015-12-31 26,827.00 61,785.00 32,431.00
2015-09-30 26,114.00 61,785.00 31,859.00
2015-06-30 24,073.00 63,733.00 27,507.00
2015-03-31 24,073.00 63,733.00 27,507.00
2014-12-31 22,321.00 64,483.00 30,783.00
2014-09-30 7,826.20 1,287.30 2,475.80
2014-06-30 18,490.00 61,039.00 25,302.00
2014-03-31 18,490.00 61,039.00 25,302.00
2013-12-31 20,936.00 56,609.00 27,353.00
2013-09-30
2013-06-30 17,527.00 54,828.00 24,295.00
2013-03-31 17,527.00 54,828.00 24,295.00
2012-12-31 16,502.00 52,443.00 23,810.00
2012-09-30 21,668.00 52,443.00 23,810.00
2012-06-30 21,156.00 53,682.00 25,288.00
  • Exor's level of debt (129.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (271% vs 129.8% today).
  • Debt is well covered by operating cash flow (27.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.8x coverage).
X
Financial health checks
We assess Exor's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Exor has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Exor's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.76%
Current annual income from Exor dividends. Estimated to be 0.74% next year.
If you bought €2,000 of Exor shares you are expected to receive €15 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Exor's pays a lower dividend yield than the bottom 25% of dividend payers in Italy (2.16%).
  • Exor's dividend is below the markets top 25% of dividend payers in Italy (4.5%).
Upcoming dividend payment

Purchase Exor before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BIT:EXO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Italy Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.9%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.3%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.2%
Italy Bottom 25% Dividend Yield 25th Percentile 2.2%
Italy Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BIT:EXO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.43 4.00
2019-12-31 0.41 5.00
BIT:EXO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-03 0.430 0.735
2019-03-27 0.430 0.730
2018-03-26 0.350 0.630
2017-04-11 0.350 0.653
2016-12-12 0.350 0.794

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Exor is not paying a notable dividend for Italy, therefore no need to check if the payments are stable.
  • Exor is not paying a notable dividend for Italy, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Exor's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Exor's dividends as it is not paying a notable one for Italy.
Future Payout to shareholders
  • No need to calculate the sustainability of Exor's dividends in 3 years as they are not expected to pay a notable one for Italy.
X
Income/ dividend checks
We assess Exor's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Exor afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Exor has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Exor's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Elkann
COMPENSATION €3,981,456
AGE 42
TENURE AS CEO 8.3 years
CEO Bio

Mr. John Jacob Philip Elkann has been an Executive Director of Fiat Chrysler Automobiles N.V. since December 1997. He has been the Chairman of Fiat Chrysler Automobiles N.V., since October 13, 2014. He has been the Chief Executive Officer at Exor N.V. since February 2011 and serves as its Chairman. Mr. Elkann is General Partner at Giovanni Agnelli. He served as Vice President at IFIL - Finanziaria di Partecipazioni S.p.A. since December 20, 2006. He served as Vice President of Fiat Chrysler Automobiles N.V., from May 2004 to September 1, 2004. He gained work experience in various companies of Fiat Group in the UK and Poland (manufacturing) as well as in France (sales and marketing). He started his professional career in 2001 at General Electric as a member of the Corporate Audit Staff, with assignments in Asia, the USA and Europe. Mr. Elkann serves as the Chairman of Giovanni Agnelli e C. Sapaz., Giovanni Agnelli B.V. and Italiana Editrice. He served as Chairman of PartnerRe Ltd. since March 24, 2016 until September 1, 2018. Mr. Elkann has been the Chairman of Editrice La Stampa S.p.A. since 2008. He serves as the Vice Chairman of IFIL Investment SPA. He has been a Non-Executive Director of GEDI Gruppo Editoriale S.p.A. since June 27, 2017 and serves as its Deputy Chairman. He has been Chairman of Ferrari S.p.A. since July 21, 2018. He served as a Vice Chairman of Ferrari N.V., until July 21, 2018. He served as the Chairman of the Board of Cushman & Wakefield, Inc. until September 1, 2015. He served as the Chairman of Fiat S.p.A. since April 21, 2010 and served as its Vice Chairman since. He served as Deputy Chairman of IFIL - Finanziaria Di Partecipazioni S.p.A. since February 2006. He served as a Vice Chairman of Fiat Chrysler Automobiles N.V. from May 30, 2004 to April 2010. He has been a Director of Gruppo Banca Leonardo S.p.A. since 2006, New Newscorp LLC since June 28, 2013, Giovanni Agnelli e C. S.A.p.A. since 1999 and PartnerRe Ltd. since March 18, 2016. He serves as a Director of The Economist Newspaper Limited. He serves as a Director of SGS North America Inc. and Exor S.p.A. He has been a Non-Executive Director of the Economist Group Limited since July 2009 and Ferrari N.V. since April 15, 2016. He served as Senior Non-Executive Director of CNH Industrial N.V. until April 15, 2016 served as its Director from September 29, 2013 to April 15, 2016. Mr. Elkann served as a Director of SGS SA since March 2011 and Fiat Industrial S.p.A. since 2010. He served as a Director at Fiat S.p.A. since December 1997. He served as a Director of News Corporation since June 28, 2013 until September 30, 2016. He served as a Director of RCS MediaGroup S.p.A since April 29, 2005. Mr. Elkann served as an Independent Non-Executive Director of RIT Capital Partners PLC from March 2007 to 2011. He served as a Director at IFIL - Finanziaria Di Partecipazioni S.p.A. He is a Member of the IAC of Brookings Institution and of MoMA. He is a Member of Executive Board at Confindustria and the Italy-China Foundation. He is Vice Chairman of Giovanni Agnelli Foundation, the Italian Aspen Institute, the Italy-China Foundation and the Fondazione Giovanni Agnelli. He is a Board member of Pinacoteca Giovanni e Marella Agnelli. Mr. Elkann is a member of the Museum of Modern Art (MoMA). Mr. Elkann obtained a diploma in scientific studies from the Lycée Victor Duruy in Paris and graduated in Industrial Engineering from Politecnico di Torino University, the Engineering University of Turin in 2000.

CEO Compensation
  • John's compensation has been consistent with company performance over the past year, both up more than 20%.
  • John's remuneration is higher than average for companies of similar size in Italy.
Management Team Tenure

Average tenure and age of the Exor management team in years:

2.7
Average Tenure
48
Average Age
  • The tenure for the Exor management team is about average.
Management Team

John Elkann

TITLE
Chairman & CEO
COMPENSATION
€4M
AGE
42
TENURE
8.3 yrs

Enrico Vellano

TITLE
Chief Financial Officer
AGE
51
TENURE
13.3 yrs

Maite Trenchs

TITLE
Corporate Finance Investor Relator
AGE
29
TENURE
2.1 yrs

Florence Hinnen

TITLE
General Counsel
TENURE
2.4 yrs

Gioia Caramellino

TITLE
Head of Communication
AGE
37
TENURE
2.4 yrs

Suzanne Heywood

TITLE
Managing Director of Direct Investments
AGE
49
TENURE
2.7 yrs

Matteo Scolari

TITLE
Managing Director of Financial Investments
AGE
48
TENURE
2.7 yrs

Gianluca Ferrero

TITLE
Secretary to the Board
COMPENSATION
€75K
AGE
55

Nicoletta Paracchini

TITLE
Statutory Auditor
COMPENSATION
€42K
Board of Directors Tenure

Average tenure and age of the Exor board of directors in years:

4
Average Tenure
44
Average Age
  • The tenure for the Exor board of directors is about average.
Board of Directors

John Elkann

TITLE
Chairman & CEO
COMPENSATION
€4M
AGE
42

Alessandro Nasi

TITLE
Vice Chairman
COMPENSATION
€475K
AGE
44
TENURE
7 yrs

Pio Teodorani-Fabbri

TITLE
Honorary Chairman
COMPENSATION
€41K
TENURE
7 yrs

António de Sousa Horta-Osório

TITLE
Independent Director
COMPENSATION
€50K
AGE
54
TENURE
4 yrs

Melissa Bethell

TITLE
Independent Non-Executive Director
COMPENSATION
€50K
AGE
44
TENURE
2 yrs

Marc Bolland

TITLE
Senior Non Executive Director
COMPENSATION
€70K
AGE
59

Andrea Agnelli

TITLE
Non-Independent Director
COMPENSATION
€676K
AGE
43
TENURE
13 yrs

Ginevra Elkann

TITLE
Non-Independent Director
AGE
39

Laurence Debroux

TITLE
Independent Director
COMPENSATION
€50K
AGE
49
TENURE
2 yrs

Joe Bae

TITLE
Independent Non-Executive Director
AGE
46
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Information is not available.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
26. Apr 19 Sell John Elkann Individual 26. Apr 19 26. Apr 19 -10,631 €60.05 €-638,392
26. Apr 19 Buy John Elkann Individual 26. Apr 19 26. Apr 19 10,631 €19.97 €212,301
29. Apr 19 Sell John Elkann Individual 29. Apr 19 29. Apr 19 -13,066 €60.04 €-784,483
29. Apr 19 Buy John Elkann Individual 29. Apr 19 29. Apr 19 13,066 €19.97 €260,928
30. Apr 19 Sell John Elkann Individual 30. Apr 19 30. Apr 19 -2,870 €60.02 €-172,257
30. Apr 19 Buy John Elkann Individual 30. Apr 19 30. Apr 19 2,870 €19.97 €57,314
23. Apr 19 Sell John Elkann Individual 23. Apr 19 23. Apr 19 -20,000 €59.82 €-1,196,400
23. Apr 19 Buy John Elkann Individual 23. Apr 19 23. Apr 19 20,000 €19.97 €399,400
24. Apr 19 Sell John Elkann Individual 24. Apr 19 24. Apr 19 -20,000 €59.66 €-1,193,200
24. Apr 19 Buy John Elkann Individual 24. Apr 19 24. Apr 19 20,000 €19.97 €399,400
X
Management checks
We assess Exor's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Exor has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Exor N.V. (BIT:EXO) Is An Attractive Investment To Consider

Help shape the future of investing tools and you could win a $250 gift card! … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … is a company that has been able to sustain great financial health, trading at an attractive share price

Simply Wall St -

Do You Like Exor N.V. (BIT:EXO) At This P/E Ratio?

We'll look at Exor N.V.'s (BIT:EXO) P/E ratio and reflect on what it tells us about the company's share price. … Looking at earnings over the last twelve months, Exor has a P/E ratio of 11.22. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Investors Who Bought Exor (BIT:EXO) Shares A Year Ago Are Now Down 11%

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Even though the Exor share price is down over the year, its EPS actually improved. … However, it is certainly possible the market was expecting an uptick in revenue, and that the share price fall reflects that disappointment.

Simply Wall St -

Why Exor N.V. (BIT:EXO) Could Be Worth Watching

The company's stock. … received a lot of attention from a substantial price increase on the BIT over the last few months … As a large-cap stock, which tends to be well-covered by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock.

Simply Wall St -

Is Exor N.V.'s (BIT:EXO) Growth Strong Enough To Justify Its January Share Price?

Let’s look into this by assessing EXO's expected growth over the next few years. … Check out our latest analysis for Exor? … According to the analysts covering the company, the following few years should bring about good growth prospects for Exor

Simply Wall St -

Exor N.V. (BIT:EXO) Has Attractive Fundamentals

(BIT:EXO) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … is a company that has been able to sustain great financial health, trading at an attractive share price.

Simply Wall St -

What Kind Of Shareholder Appears On The Exor N.V.'s (BIT:EXO) Shareholder Register?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Normally institutions would own a significant portion of a company this size. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Why Exor NV's (BIT:EXO) Ownership Structure Is Important

In this analysis, my focus will be on developing a perspective on Exor NV’s (BIT:EXO) latest ownership structure, a less discussed, but important factor. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment.

Simply Wall St -

Why Exor NV (BIT:EXO) Is Truly A Standout Investment

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

A Look At Exor NV. (BIT:EXO) And The Financial Sector

Financial services analysts are forecasting for the entire industry, a relatively muted growth of 8.92% in the upcoming year , and a robust short-term growth of 22.82% over the next couple of years. … BIT:EXO PE PEG Gauge May 23rd 18 The financial services industry is trading at a PE ratio of 10.73x, lower than the rest of the IT stock market PE of 19.42x. … On the stock-level, Exor is trading at a PE ratio of 10.94x, which is relatively in-line with the average diversified financial services stock.

Simply Wall St -

Company Info

Description

Exor N.V., through its subsidiaries, engages in the reinsurance, automotive, agricultural equipment, construction equipment and commercial vehicles, and football businesses. The company reinsures agriculture, aviation/space, casualty, catastrophe, energy, engineering, financial, marine, motor, multiline, and property risks, as well as offers mortality, longevity, accident and health, and alternative risk products. It also provides vehicles for the mass-market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram brands, as well as the SRT performance vehicles; luxury vehicles under the Maserati brand; related service parts and accessories, as well as service contracts under the Mopar brand for the mass-market; and retail and dealer financing, leasing, and rental services. In addition, the company operates in the components and production systems sectors under the Teksid and Comau brands; designs, engineers, produces, and sells luxury performance sports cars under the Ferrari brand; and manages professional football teams. Further it designs, produces, markets, sells, and finances agricultural and construction equipment under the Case and New Holland brands; trucks, commercial vehicles, and buses; and firefighting, defense, and other vehicles under the Iveco brand; and engines, axles, and transmissions solutions for on-road, off-road, marine, and power generation applications. Additionally, the company publishes The Economist newspaper and Website, as well as The World In…, Espresso, Economist Films, Economist Radio, and 1843; and offers magazines, conference and electronic services, and research and analysis services. It operates in the Netherlands, the United States, Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, the Czech Republic, India, China, Australia, South Africa, and internationally. The company is based in Amsterdam, the Netherlands. Exor N.V. is a subsidiary of Giovanni Agnelli B.V.

Details
Name: Exor N.V.
EXO
Exchange: BIT
Founded:
€13,242,076,847
234,290,107
Website: http://www.exor.com
Address: Exor N.V.
Gustav Mahlerplein 25,
Amsterdam,
Noord-Holland, 1082 MS,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT EXO Ordinary Shares Borsa Italiana IT EUR 13. Apr 2012
OTCPK EXXR.F Ordinary Shares Pink Sheets LLC US USD 13. Apr 2012
DB EYX Ordinary Shares Deutsche Boerse AG DE EUR 13. Apr 2012
LSE 0RKY Ordinary Shares London Stock Exchange GB EUR 13. Apr 2012
WBAG EXO Ordinary Shares Wiener Boerse AG AT EUR 13. Apr 2012
BATS-CHIXE EXOM Ordinary Shares BATS 'Chi-X Europe' GB EUR 13. Apr 2012
Number of employees
Current staff
Staff numbers
272,170
Exor employees.
Industry
Multi-Sector Holdings
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 22:17
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/04/03
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.