Buy Exor N.V. at a Structural Discount: A Two-for-One Value Trade
Exor N.V. is a capital-allocating holding company with large, liquid stakes in high-quality businesses. The shares trade materially below our conservative estimate of sum-of-parts value, creating a high-conviction, asymmetric trade: buy at $55 with a stop at $45 and a target of $110 over a 180-trading-day horizon.