Exor : un Berkshire Hathaway en devenir, éligible au PEA

Extrait de la lettre mensuelle du fonds AVI Global Trust :

AVI Global Trust a écrit :

EXOR

EXOR shares returned +7% during February as a +6% increase in the NAV was boosted by a slight narrowing of the discount from 45% to 44%. During the month, all three main assets – Ferrari, Stellantis and CNH – reported Q4/FY results.

Results from Stellantis (the autos company that resulted from the merger of Fiat Chrysler [FCA] and PSA) were particularly impressive, leading to a +15% share price return over the month. In 2H22, sales and operating profit grew +19% and +17% year on year, both coming in +4% ahead of consensus expectations. The broadtrends that typified 2021 and 1H22– low volumes, strong pricing, high margins – were still present, albeit less pronounced and ersus a more demanding comparison period. The full-year group operating margin of 13.0% is a real yardstick of success – driven not only by exceptional North American performance (16.4% margin), but also performance in Europe that was previously unfathomable (9.9% margin vs. the FCA European businesses which was loss-making in five of the last eight years to 2020, with 3.2% the highest margin achieved).

Longer-term readers of our letters may remember that FCA’s extreme undervaluation and the scope for value creation through industry consolidation were key attractions that initially led us to invest in EXOR in 2016. The latter of these two points has of course occurred, with the formation of Stellantis. 2022 results serve to highlight just what a success the merger has been, with Stellantis achieving €7.1bn of net cash synergies – exceeding the €5bn target more than two years ahead of plan. However, the first point – valuation – remains unresolved, with Stellantis trading at a 21% free cash flow yield and roughly half the PE multiple of Ford and GM (adjusted for accounting differences). The recent announcement of a €1.5bn share buyback further highlights the attractive valuation, and combined with the proposed dividend will see a total of €5.7bn (11% of market cap) returned to shareholders.

The past 18 months have been challenging but profitable ones for the auto industry, as volume scarcity has led to increased pricing power, lower levels of dealer incentives and higher margins. Inventory levels are starting to normalise and the path ahead now appears less rosy. With industry-leading breakeven points and a rock-solid balance sheet, combined with the upcoming launch of the RAM BEV, we believe this could be exactly the environment in which Stellantis’ quality is recognised.

Ils sont sur Exor mais surtout pour avoir Stellantis.

Le commentaire du fonds fermé Avi Global Trust sur Exor dans son rapport semestriel :

AGT a écrit :

EXOR’s discount remains wide (45%) and the prospects for NAV growth appear compelling. However, during the period we partially reduced the position to free up capital for new ideas with more imminent catalysts to drive returns, such that EXOR is currently your Company’s sixth largest holding at 5.9% of NAV.

Je n’ai copié qu’une phrase du commentaire pour le copyright, vous avez l’intégralité dans le lien plus haut.

Heureux les actionnaires d’Exor, puisqu’EXO a annoncé hier un rachat d’actions de potentiellement 1 Md€ pour tirer partie de la décote sur ANR.

Pendant ce temps-là, Peugeot Invest ne peut racheter d’actions (pas la trésorerie nécessaire et flottant trop réduit) alors que sa décote de 56% est bien supérieure à celle d’EXO.

Peut-être pas pour rien que le fonds AVI Family Holding a choisi de jouer Stellantis à travers d’EXO et non à travers de PEUG :

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

Pas possible, car comme expliqué par IH, le flottant est trop réduit

Dernières nouvelles d’Exor

Letter to Shareholders | EXOR

On se demande pourquoi ils ne font des rachats massifs d’actions à ce niveau de décote.