Exor holdings thread
- very good capital allocator with John Elkann
- NAV at 93,5 euros on the 31/12/2019. 67,5% GAV is linked to stock market price so NAV impacted by covid 19 but yet gives an idea. Could apply a 15% discount to NAV for covid 1/
@GWInvestors
@chriswmayer
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-for partner re I took the fair value of half year 2019 (6722 MEUR) but we know Covea was ready to buy it for 8011 MEUR. Market is hardening for reinsurance. Great to see management not decreasing price to satisfy Covea.
- lots of movement with merger Fiat Chrysler/peugeot 2/
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- CNH industrial has a new ceo and will be spinned off to create 2 focused global companies.
-Ferrari is a luxury brand,
-Juventus is a rare asset with a massive history.
- opportunistic private placement (500 M at 2,25% with a 2030 maturity) and notes offering 300 M at 1,75% 3/
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- recent investments: 182 MEUR for a 8, 87% stake in Via and acquisition of most of Gedi Gruppo Éditoriale.
- treasury shares: 3,9% as of 25 March 2020. Bought back (and does it each year) 3,6 M shares at an average price of 56,8 euros in 2019, 1,2 M at 50,4 in 2018 4/
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Points to be followed:
- dividend from Fiat: will it be maintained.
Points to bear in mind:
- fiat and CNH industrial are Capex heavy and cyclical businesses.
- very good irr on previous sales by John Elkann.
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FCA (Fiat) named a new CEO and chairman for Comau which will be spinned off. Comau is a world leader in industrial automation for the automotive industry.
Consistency in showing value in FCA. Good moves for creating value.
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@FoxCastlehold
@chriswmayer
Here's the current NAV and discount for you. This marks PRE to industry P/TBV... Pretty intriguingly the discount has come down to 30%, but agree that the company is stronger with PartnerRe inside it.
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