Exor Approves EUR1 Billion Buyback
By Mauro Orru
Exor on Wednesday approved a share buyback program of 1 billion euros ($1.08 billion) to be completed over the next 12 months, as the group seeks to make the most of its current value to invest in its own companies.
The investment company, which holds stakes in a number of companies such as car makers Ferrari and Stellantis, made the announcement after its net profit for the six months ended June 30 surged to EUR2.16 billion from EUR265 million in last year's first half, an improvement that the group attributed to results of its subsidiaries.
"The board believes that the current value of Exor provides an attractive opportunity to invest in its own companies through buying back shares," it said.
Exor's net asset value increased to EUR34.19 billion at the end of June from EUR28.23 billion at the end of December last year.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 13, 2023 13:09 ET (17:09 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks