Exor posted poor H1 22 results, impacted by macro-economic woes. Compared to the 2021 level, the NAV of the group has collapsed by 17.4%, thereby underperforming the 14.3% decrease of its benchmark. The decline in NAV was driven by the weak price performance of Ferrari, Stellantis and CNHI. While the H1 results are not very promising for the group, it should not be forgotten that the HoldCo is expected to get its hands on €8.6bn soon, enough to make some new masterstrokes.
