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AUTOMOTIVE: Exor (EXOIM NR/A-/NR): 1H24 Results

AUTOMOTIVE

Exor continues to perform well with solid results here. Automotive exposure may be a headwind with Ferrari, Stellantis, CNH and Iveco 77% of assets.

  • Exor reported late yesterday. NAV grew 9% in 1H.
  • LTV improved to 8.9% from 10.1%.
  • Net debt declined from €4bn to €3.7bn.
  • FCF improved to €854mn from €748mn due to higher dividends received. Asset disposals of €372mn also improved the cash position.
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Exor continues to perform well with solid results here. Automotive exposure may be a headwind with Ferrari, Stellantis, CNH and Iveco 77% of assets.

  • Exor reported late yesterday. NAV grew 9% in 1H.
  • LTV improved to 8.9% from 10.1%.
  • Net debt declined from €4bn to €3.7bn.
  • FCF improved to €854mn from €748mn due to higher dividends received. Asset disposals of €372mn also improved the cash position.