Methodology:
(1) Listed stakes: Exor's % × underlying market cap. Live prices fetched for RACE/STLA/CNH/PHG (US ADRs).
(2) Private holdings (Juventus 100%, Lifenet, Institut Mérieux, Lingotto, Welltec, GEDI, etc.) at editable carrying value.
(3) Net cash position (~€4B liquidity per Q1'26) added back.
(4) Holdco discount applied at the end (preset toggle).
Self-disclosed NAV historically ~€20–22B; market cap ~€16–18B → discount ~25–30%.
Valuation presets
Live SOTP per share (EUR)
Listed stakes (look-through)
€0
+ Private holdings
€0
+ Net cash / liquidity
€0
Gross NAV
€0
× (1 – discount)
×0.75
SOTP / share
EXXRF (USD)
$0
EXO.AS (EUR equivalent)
€0
1. Listed stakes (Exor's % × underlying market cap)
| Company | US ADR | Mkt cap (€B) | Exor's % | Look-through (€B) |
|---|---|---|---|---|
| Total listed | — | |||
Live ADR prices estimate mkt cap by: price × ADR ratio × total shares × FX. Override mkt cap directly if you have a better number.
2. Private & venture holdings (carrying value × haircut)
| Holding | Description | Carry (€M) | Haircut % | SOTP value (€M) |
|---|---|---|---|---|
| Total private | — | |||
3. Net liquidity
| Item | Note | Value (€M) |
|---|---|---|
| Total net liquidity | — | |
Share count, FX & market
| Shares outstanding (M) | M | |
| Holdco discount (override) | % | |
| EUR / USD FX | 1 USD = X EUR | |
| EXXRF (USD) | USD |
Not investment advice. Sources: Exor FY2024 annual results, H1 2025 NAV update, Q1 2026 trading update.