Hidden Value Gems
I have recently noticed Ferrari fashion ads on the FT app. So they have decided to expand their TAM, grow the fun base…?

Unlikely to make an impact on their bottom line any time soon, but still quite an interesting move $RACE #Exor
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Hidden Value Gems
#Exor is making another step into Tech and Healthcare sectors taking a 10.1% stake in Clarivate, US-listed company ($4.8B Mkt Cap).
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Hidden Value Gems
Just a thought: Could Philips be to Exor what Apple was for Berkshire? A dormant stock suddenly generating 100% gains? 🤔

$EXO.AS #Exor

My second idea for premium subscribers was actually Philips which is up 40% today. A rare coincidence. I am rarely so lucky or smart, and I don’t own it, only benefiting through Exor. https://t.co/a0JtlCxK7o - Hidden Value Gems
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Hidden Value Gems
Applies to #Exor too 👇🏼

An incredible case study of how brand power can translate into more value for shareholders by @IntrinsicInv discussing $RACE :

✅ "After the company went public in 2015, it reported revenue of just under €3 billion for the year while shipping less than 8,000 cars at an average selling price (ASP) of €270,000 per car. EBITDA margins were 25%. Importantly, by our calculation, its return on invested capital (ROIC) was over 100%."

✅"In 2024, the company expects to generate over €6.7 billion in revenue in 2024 with EBITDA margins exceeding 38%. We expect over 14,000 cars to be shipped with an ASP over €400,000 – that is an ASP increase of €100,000 over the past 5 years!"

✅"When we did our first deep dive into the business in 2016, we estimated there were 2-3 million potential high net worth customers who could afford to buy a Ferrari. Consequently, selling less than 8,000 cars meant a customer capture percentage of less than 0.1% in any given year. Even this year, when the company will likely sell 14,000 cars, we believe it is still selling to less than 0.1% of its potential market." - Hidden Value Gems
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⁠Hidden Value Gems
Good timing for another €125M buyback by #Exor https://t.co/cqBzx99WhL
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⁠Hidden Value Gems
Exor to host H1 2024 conference call tomorrow 👇🏼

I hope they keep things simple - we want higher value per share, not new structures, committees, VC investments, more new faces and so on.

#Exor $EXO.AS https://t.co/DtgsYK9XRO
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⁠Hidden Value Gems
#Exor NAV is up 8.8% in H1 ‘24 (EUR terms). $RACE accounts for 39% of GAV, followed by $STLA (19%). Made five investments and one disposal.

The most interesting in the accounts is a switch to new format applicable to investment companies. Much leaner balance sheet and income statement.

The call is at 1pm CET today.
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⁠Hidden Value Gems
No questions during the Q&A and the call lasted for 20 min in total! Shows you how out of favour European companies are...

Makes more excitied to keep holding it !

#Exor

#Exor NAV is up 8.8% in H1 ‘24 (EUR terms). $RACE accounts for 39% of GAV, followed by $STLA (19%). Made five investments and one disposal.

The most interesting in the accounts is a switch to new format applicable to investment companies. Much leaner balance sheet and income statement.

The call is at 1pm CET today. - Hidden Value Gems
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⁠Hidden Value Gems
That would be nice 🙂

John Elkann plans to appoint Luca Maestri, the outgoing CFO of Apple, as the new CEO of Stellantis.

$STLA
#Exor

via @Reuters https://t.co/wGx5u9Gwaj
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⁠Hidden Value Gems
Not really saying much new, rebuilding relationships with dealers, meeting Trump this year...Lets see what they say during #Exor investor day next month.

$STLA

via @FT https://t.co/zQzl0yCi6l
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⁠Hidden Value Gems
Good news on #Exor

Selling 4% in $RACE for €1B buyback and a new acquisition.

Makes a lot of sense! https://t.co/WYW9FTOKmj
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⁠Hidden Value Gems
Berkshire selling Apple shares, Exor cutting its Ferrari investment - price matters after all even for exceptional companies.

Munger would probably have been selling Costco this year …

Good news on #Exor

Selling 4% in $RACE for €1B buyback and a new acquisition.

Makes a lot of sense! https://t.co/WYW9FTOKmj - Hidden Value Gems
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⁠Hidden Value Gems
Markets are usually efficient, but not all the time. I think Exor's stock performance today is one such case - good deal, the stock goes down 🙆‍♂️

Good news on #Exor

Selling 4% in $RACE for €1B buyback and a new acquisition.

Makes a lot of sense! https://t.co/WYW9FTOKmj - Hidden Value Gems
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⁠Hidden Value Gems
RT @HiddenValueGems: Good news on #Exor

Selling 4% in $RACE for €1B buyback and a new acquisition.

Makes a lot of sense! https://t.co/WYW9FTOKmj
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