Exor underwent a stellar run over H1 23, with NAV per share up 23% ytd, outperforming its benchmark by 11% and bringing the discount to NAV to 45%. Apart from CNHI, all assets contributed to the performance, especially Ferrari, up 50%, and Stellantis, up 21%. To top it all off, Exor’s net profit soared by €1.9bn. Accordingly, management demonstrated its interest in its own company by announcing a €1bn share buy-back programme.
