Full Year 2024 Exor NV Earnings Call and Investor and Analyst call Transcript
Key Points
- EXOR NV (EXXRF) increased its net asset value (NAV) per share by 9% in 2024, driven by strong performances from Ferrari and Philips.
- Ferrari, a key asset for EXOR NV (EXXRF), had an extraordinary year with a 36% increase in value, contributing significantly to the company's portfolio.
- Lingoto, EXOR NV (EXXRF)'s investment management company, delivered a strong performance with a 26% return on investments in 2024.
- EXOR NV (EXXRF) is focusing on long-term investments, particularly in healthcare, with significant investments in Philips and Aerie.
- The company is committed to maintaining a disciplined financial approach, reducing its leverage target from 20% to 15% to ensure financial stability.
- Stellantis faced operational challenges in North America, leading to leadership changes and a disappointing performance with a 36% decline in value.
- CNH Industrial experienced difficulties due to downturns in the agriculture and construction equipment markets, impacting its financial performance.
- EXOR NV (EXXRF) reported a 50% discount on its NAV, which has persisted for some time, indicating potential undervaluation concerns.
- The luxury market, including Louboutin, faced a decline in performance in 2024, affecting EXOR NV (EXXRF)'s luxury investments.
- EXOR NV (EXXRF) acknowledged that 2024 was a mixed year overall, with some companies underperforming, highlighting the need for improved performance in 2025.
Ladies and gentlemen, good afternoon. Welcome and thank you for joining the XA Investor and Analyse Cole. Please note that the presentation is available to download on Xa website www.X.com under the Investors and Media events and presentations section.
Any forward-looking statements ex management makes are covered by the safe harbor statement included in the presentation materials.
Please note that this conference is being recorded as a reminder all participants are in listen-only mode.
Later, there will be a brief question and answer session. To ask the questions on the phone line, please press one and one on your telephone and wait for your name to be announced.
To withdraw your question, please press one and one again. If you wish to ask a question via the webcast, please type it in the question box and click submit. At this time, I would like to turn the conference over to your host, CEO John Elkan. Please go ahead.
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