The Intrinsic Value Podcast发布 2026-08-09
《Exor NV (EXO): The Massive Discount Continues To Widen》
$RACE未明确方向
法拉利是一个高品质、有韧性的奢侈品牌，拥有强大的定价能力和完整的增长假设；然而，其当前估值（约36倍市盈率）相对于近期低点（约30倍）仍被认为昂贵，因此现在作为直接投资不如在Luce公告后立即投资那样有吸引力。
在2026年初，我们告诉过你，你可以通过持有意大利控股公司Exer来以50%的折扣购买法拉利。其下的核心资产法拉利又创下了创纪录的季度业绩。而且不仅再次创下纪录季度，他们还预计这将是有史以来最好的一年。
At the beginning of 2026, we told you that you could buy a Ferrari at a 50% discount by owning it through Exer, an Italian holding company. the crown jewel asset underneath, Ferrari, has posted yet another record quarter. And not only did it post another record quarter, but they're guiding for its best year in history.
我们曾将法拉利作为独立股票进行过报道。对法拉利的结论非常简单：我们喜爱这项业务，但未必喜爱其估值，至少在当时是这样。对我们价值投资的血液来说，它有点过于昂贵了。
We covered Ferrari as a standalone stock. And the conclusion on Ferrari was pretty simple. We love the business, but we didn't necessarily love the valuation, at least not at that time. It was a little too rich for our value investing blood.