EXOR NV is one of Europe's leading investment companies. It is controlled by the Agnelli family. With an NAV of over $17 billion, it has an entrepreneurial history based on more than a century of investments. EXOR makes long-term investments focused on global companies in diversified sectors, mainly in Europe and the United States. The Company holds interests in PartnerRe, a reinsurance company; Fiat Chrysler Automobiles, a designer, developer and producer of cars, light commercial vehicles, components and production systems; CNH Industrial, a producer of agricultural equipment, trucks, commercial vehicles, buses and specialty vehicles; Ferrari, a manufacturer of sports cars; The Economist, a magazine focusing on international news, politics, business, finance, science and technology; Juventus, a sports club; Welltec, a manufacturer of equipment for the food industry.oil industry and Banca Leonardo, a private bank.
Exor est tout à fait abordable en termes valorisation, avec un ratio/cours bénéfices de 11.7, un ratio cours/valeur comptable de 1.2 et un ratio prix/ventes de 0.09. Le rendement en dividendes est certes très faible (0.65%), mais avec un ratio de distribution de seulement 7.59%. Le dividende progresse pour l'instant très légèrement sur le long terme. Ce n'est donc pas vraiment un payeur de growing dividends classique, mais les distributions progressent et ont le potentiel de faire beaucoup mieux dans le futur.
La société parvient à créer de la valeur sur la durée, ce qui se constate par l'augmentation des bénéfices, du cash, des dividendes et des actifs. L'objectif d'EXOR est de battre l'indice MSCI World à long terme grâce à l'augmentation de sa valeur liquidative. Et il faut convenir qu'elle réussit très bien à ce petit jeu. L'entreprise combine son approche entrepreneuriale avec une saine discipline financière. Elle se concentre sur le développement de ses entreprises, améliorant leur position concurrentielle et leur rentabilité. Elle entretient un dialogue constant avec la direction des entreprises dans lesquelles elle investit, tout en respectant pleinement leur autonomie de fonctionnement.
EXOR's investment decisions are guided by the following criteria:
1) PeopleA team of talented, professional managers with a proven track record who contribute to value creation by "thinking and acting like owners".
2) Economic and financial resultsThe following criteria apply: companies that have demonstrated consistent cash flow and profit generation, with a healthy balance sheet.
3) Competitive positionCompanies that have a sustainable long-term competitive advantage and are "best in class" or have the potential to become "best in class".
4) GovernanceParticipation on boards of directors to monitor and contribute to the company's development.
Les réserves de liquidités de la société sont bonnes, même si le ratio de liquidité générale, de 1.7, est en légère baisse depuis l'année précédente. La gross margin est en hausse, le rendement des actifs aussi, tandis que le taux d'endettement est en baisse. Petite ombre au tableau par contre : le nombre d'actions en circulation a tendance à monter sur le long terme.
EXOR began in 1899 with the founding of Fiat by Giovanni Agnelli. The company has a very long history, and makes a point of focusing on lucrative investments in companies with a sustainable competitive advantage. It's a bit like Warren Buffet's Berkshire Hathaway...., which EXOR has the insolence to beat to the punch...
I've just taken a position on this stock.
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A very interesting company, which does indeed do things a bit like Buffett, especially now that, like him, it's got a foothold in reinsurance. Too bad dividends aren't the Agnelli family's top priority!
In this respect too, they're like Buffett. But they're not as cheap as he is:)
Thank you for this analysis of a European company that has the profile of Berkshire, of which I have been a shareholder for many years.
The fact that the dividend is low is even desirable if they know how to allocate the company's net income, and apparently they do. If you need income, all you have to do is sell a few shares, but in the meantime you won't be taxed.
friendly
Antonio
A shareholder for many years, Antonio I'm impressed... And jealous 😉
I just have a doubt about the quality and future of Exor's stake (which is explained for historical reasons) in Fiat Chrysler Automobiles.
Perhaps. But it's very difficult to judge and predict the future evolution of a society. Most of those who dare to do so fail.
It's better to focus on what already exists. We have a company with good fundamentals for not too much money. That's rare enough these days to be worth noting.
Good morning
Monish Pabrai (an excellent value investor) is very positive on Fiat Chrysler, which suggests that Exor has some excellent holdings.
friendly
Antonio
activation of trailing stop loss 20%