Episode notes
In today’s episode, Kyle Grieve and Shawn O’Malley analyze Exor, the Dutch holding company controlled by Italy’s Agnelli family and best known for its long-standing stake in Ferrari. They walk through Exor’s ownership of Ferrari, and what they like about Lingotto, Exor’s investing management company. Along the way, they dig into what could cause the current valuation gap to close or widen.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:08) Revisiting the Exor and Ferrari thesis
(00:05:06) How Exor’s stock reacted since the original purchase
(00:09:16) Why Ferrari’s stock has fallen despite strong operating results
(00:16:07) The market’s reaction to Ferrari’s new Luce model
(00:22:26) How Ferrari’s other new releases are doing
(00:45:04) Ferrari’s capital allocation, working capital, and margin trends
(00:54:05) How Ferrari’s racing program supports its brand and marketing
(00:57:18) Risks facing Ferrari from changing driving habits and tariffs
(01:13:22) Expanding on Lingotto, Exor’s growing asset management business
(01:17:44) Evaluating Lingotto’s performance, fees, and top holdings
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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