Author Topic: EXO.MI - EXOR  (Read 39633 times)

John Hjorth

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Re: EXO.MI - EXOR
« Reply #70 on: December 20, 2018, 05:35:35 AM »
Thank you for sharing, Gísli,

Good capital allocation by Mr. Elkann & team.

Exor looks like an early version of Berkshire to me. It is no coincidence that they acquired an insurance company (Partner RE). The spinoffs and special dividends from FCAU are driven by Exor’s desire to recycle some cash into higher quality assets or purchase back stock at a discount to fair value.

Yes, Spekulatius,

Perhaps somebody thinks it looks a bit like a weirdo right now, and that some of the subs perhaps may lack quality, but I like them. Personally, I think CNH Industrial by many are underrated.

Also, EXOR is "double cheap", because FCAU is cheap, and by EXOR in NAV included at market price. [A bit similar to the relationship between BOL.PA and ODET.PA.] [Please see Gísli's nice spreadsheet embedded in the blog post by Gísli, in this topic mentioned by Gísli earlier.]
« Last Edit: December 20, 2018, 05:40:09 AM by John Hjorth »
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TwoCitiesCapital

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Re: EXO.MI - EXOR
« Reply #71 on: December 20, 2018, 05:05:09 PM »
Exor now has a page on its website dedicated to the buyback program. They accumulated 989,940 shares at an average price of 50.7175 (€50,207,283) in less than a month, as of December 17.

Wow! I was figuring they'd wait until the dividend actually paid! Crazy to see that they've already 15% done in a month!

Spekulatius

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Re: EXO.MI - EXOR
« Reply #72 on: December 20, 2018, 06:49:36 PM »
Thank you for sharing, Gísli,

Good capital allocation by Mr. Elkann & team.

Exor looks like an early version of Berkshire to me. It is no coincidence that they acquired an insurance company (Partner RE). The spinoffs and special dividends from FCAU are driven by Exor’s desire to recycle some cash into higher quality assets or purchase back stock at a discount to fair value.

Yes, Spekulatius,

Perhaps somebody thinks it looks a bit like a weirdo right now, and that some of the subs perhaps may lack quality, but I like them. Personally, I think CNH Industrial by many are underrated.

Also, EXOR is "double cheap", because FCAU is cheap, and by EXOR in NAV included at market price. [A bit similar to the relationship between BOL.PA and ODET.PA.] [Please see Gísli's nice spreadsheet embedded in the blog post by Gísli, in this topic mentioned by Gísli earlier.]

Well, Exor has mainly grown from Cash and spinoffs crated out of Fiat. The Agnelli know better than anyone else that automobile is a crummy business in the long run and Fiat was at the brink of bankruptcy at least 3 times in recent history. Now, with the Spinoff, they insulated themselves somewhat from Fiat and have now several pillars to stand on. I am guessing they Exor is as much a wealth preservation than a wealth generation vehicle and diversification is important to the owners. I agree that CNHI is underrated, it used to be a real crappy subscale business and It’s now at least Ok business and may end up getting merged eventually.
« Last Edit: March 28, 2019, 03:57:51 AM by Spekulatius »
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Sportgamma

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Re: EXO.MI - EXOR
« Reply #73 on: March 28, 2019, 03:37:26 AM »
Board aproves 2018 results:

https://www.exor.com/home/Media/01_Comunicati-stampa/2016/31_CS_27032019.html

Quote
Constitution of the Partners Council

On 24 May 2018 EXOR N.V. announced the constitution of a Partners Council chaired by former UK Chancellor of the Exchequer, George Osborne CH.

The initial membership of the Partners Council is: Michael Larson - Chief Investment Officer of BMGI; Jorge Paulo Lemann - Co-Founder of 3G Capital; George Osborne CH - Editor of the London Evening Standard; Nassef Sawiris - CEO of OCI; Rob Speyer - President and CEO of Tishman Speyer; Joseph C. Tsai - Executive Vice Chairman of Alibaba Group; Mike Volpi - Co-Founder of Index Ventures; Ruth Wertheimer – Founder, Owner and Chairwoman of 7- Main.

The EXOR Partners Council brings together a group of highly successful business leaders representing a wide range of companies, nationalities, backgrounds and experiences.

This group will bring additional expertise and counsel into EXOR, which will be particularly valuable, for example, when exploring new business opportunities.


Constitution of EXOR Seeds

In the first half of 2018 EXOR Group promoted EXOR Seeds, a new global venture initiative through which it plans to invest $100 million in startups, highly diversified by sector and geography, with a long-term investment outlook.

John Hjorth

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Re: EXO.MI - EXOR
« Reply #74 on: March 31, 2019, 04:46:39 AM »
Fairly much in line with the content of the last post by Gísli here about EXOR:

Financial Times - Rachel Sanderson [March 29th 2019] : John Elkann, Fiat’s dynastic survivalist - The scion of Italy’s glamorous automotive family is using his global connections to branch out.

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[Yeaayy! - Today I found out how to type "Gísli" the correct way [without using cut and paste from somewhere else] ... [ : - D ]]
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

Sportgamma

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Re: EXO.MI - EXOR
« Reply #75 on: April 02, 2019, 07:35:29 AM »

Jurgis

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Re: EXO.MI - EXOR
« Reply #76 on: April 02, 2019, 07:56:57 AM »
Elkann's letter to shareholders:
https://www.exor.com/home/Media/tutti-documenti.html

I just love how this page is called "tutti documenti".  :D
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John Hjorth

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Re: EXO.MI - EXOR N.V.
« Reply #77 on: July 15, 2019, 07:00:22 AM »
The P/V Podcast - Unlocking Value in European Conglomerates - The Price-to-Value Podcast with Southeastern Asset Management.

Podcast episode with a strong focus on EXOR and Mr. Elkann's work during the years at EXOR. To me, absolutely worth your time, if interested in EXOR - either just as an overall brush-up, or as an introduction & walk-you-through.
« Last Edit: July 15, 2019, 07:05:59 AM by John Hjorth »
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

WayWardCloud

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Re: EXO.MI - EXOR
« Reply #78 on: July 15, 2019, 06:18:02 PM »
Awesome! Thanks for sharing John.

John Hjorth

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Re: EXO.MI - EXOR N.V.
« Reply #79 on: Today at 02:05:12 AM »
You're welcome, WayWardCloud, & thank you!,

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By the way, I have the Welltec financials for 2018. I uploaded the 2017 financials for Welltec in post #63. For some reason that I don't know, the size of the files of the financials for 2018 are pretty much bigger than the 2017 files, so I can't upload them here on CoBF.

For all fellow CoBF members, please feel free to PM me your e-mail address, if you're interested in the 2018 financials, and I will send them to you.
« Last Edit: Today at 06:09:31 AM by John Hjorth »
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai