AlphaValue/Baader Europe Updates EPS Forecasts for Exor on Expected Dividend Income

MT Newswires · 2d ago
01:50 AM EDT, 09/03/2026 (MT Newswires) -- AlphaValue/Baader Europe revised its EPS projections for Exor (EXO.AS), citing a shift in anticipated dividend income from key holdings across 2026 and 2027. "Since Exor's reclassification as an 'Investment Entity' under IFRS 10, dividend income has become the primary driver of reported earnings, as equity-accounted results are no longer included in the [profit and loss]. The 2026 upgrade reflects the exceptional distribution from Iveco [IVG.MI] of EUR427m. The 2027 decline reflects the loss of recurring dividend streams from the holdings being divested, together with downward revisions to our Stellantis [STLAM.MI, STLAP.PA] and CNH dividend-per-share assumptions, in line with the projections of our automotive analyst," the research firm said Wednesday. As a result, analysts raised their full-year 2026 EPS forecast to 3.79 euros from 2.46 euros and cut their 2027 estimate to 2.17 euros from 3.43 euros. AlphaValue/Baader Europe rates the stock at buy, with a price target of 130 euros.