Exor N.V. (EXO.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-91.1%

€6.40

vs €71.60 price

Levered DCF

-€6.60

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.64

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-3.97×	1.3×	4.92×	38.37×	27.21×	-106.65×	17.4×	367.33×
P/B	0.48×	0.51×	0.89×	0.75×	0.91×	1.17×	1.02×	1.27×
P/S	14.06×	10.3×	0.45×	0.37×	0.46×	0.57×	14.91×	29.07×
EV / EBITDA	-3.8×	0.8×	6.6×	8.89×	11.66×	2,415.37×	2.66×	3.12×
Gross margin	98.1%	99.3%	26.4%	22.7%	22.7%	18.1%	2213.8%	4130.8%
Operating margin	-438.7%	807.6%	13.2%	9.8%	9.3%	-1.4%	97.7%	94.7%
Net margin	-364.0%	772.6%	9.2%	10.1%	5.1%	-0.1%	297.2%	252.8%
Current ratio	16.87×	0.31×	3.37×	3.63×	1.96×	2.12×	1.91×	1.34×
Debt / equity	0.12×	0.11×	1.73×	2.33×	1.73×	5.35×	3.13×	3.9×
Interest coverage	-45.71×	135.73×	5.85×	6.63×	18.59×	-0.96×	0.48×	0.43×
Dividend yield	0.6%	0.5%	3.5%	3.9%	3.0%	0.7%	17.1%	1.8%
Payout ratio	-2.5%	0.7%	17.1%	14.2%	26.5%	-331.9%	85.7%	20.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-12.5%	38.4%	18.0%	20.5%	10.2%	-0.2%	20.3%	11.0%
Return on invested capital	-13.4%	35.9%	6.4%	4.0%	3.2%	-0.2%	-0.7%	0.3%
Return on assets	-11.1%	34.6%	4.4%	5.1%	1.9%	-0.0%	1.8%	0.8%
Free cash flow yield	19.5%	0.2%	5.9%	15.9%	14.5%	24.9%	9.5%	37.1%
Earnings yield	-25.9%	75.0%	20.4%	27.2%	11.2%	-0.2%	19.9%	8.7%
Enterprise value	€17.4B	€23.5B	€53B	€53B	€37.3B	€50.5B	€40.3B	€44.7B
Net debt / EBITDA	-0.59×	0.13×	4.04×	6.28×	6.87×	1,684.2×	1.65×	2.04×
Cash conversion cycle (days)	785	-74	249	20	199	75	8,955	16,827