There most marketable player in hardly featured on the company's latest investor presentation. There a few small pics but Mourinho has a whole slide lol.
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Paul Pogba (85 Viewers)
- Thread starter Lo-Pan
- Start date
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Oh... 
I cannot wait to see the reaction of MU fans. I am betting sour grapes would be the main theme ... 'he wasn't good enough for United'
If the release clause is true - Mino raped them. I mean say what you will about the man - thats what you want from your agent as a player - to make anything you want possible and a ton of money by the way.
I cannot wait to see the reaction of MU fans. I am betting sour grapes would be the main theme ... 'he wasn't good enough for United'If the release clause is true - Mino raped them. I mean say what you will about the man - thats what you want from your agent as a player - to make anything you want possible and a ton of money by the way.
It depends. Exor owns 63% of JUVE shares. EXOR also owns 100% of PartnerRE, 29.19% of Fiat Chrysler, 26.89% of CNH, 22.91 of Ferrari, 43.4% of The Economist, and 63.77% of Juventus.
Breaking it down: companies like this are Investment conglomerates and usually own a bunch of separate investment positions in large companies. These are valued using something called a Sum of Parts Valuation: Ie: you take the value of all companies multiplied by their stake less any claims against those companies (debt). You then take that combined number and subtract any claims at EXOR to come up with a net value, which is called a NAV (Net Asset Value). That is how these companies are valued and often trade on the basis of its 'NAV'. Therefore, if its NAV increases, the stock often increases. And obviously EXOR's goal is to increase its stock price.
The assets can be estimated like this (pre-Ronaldo)
Fiat@ 29.4% = 7.5B
Ferrari@ 23.5% = 5.4B EUR
CNH @ 27.0 = 3.24B EUR
Juventus @ 63.8%= 420M EUR
PartnerRE @ 100% = 5.4B EUR
Economist @ 43.4% = 300M EUR
Other ~ = ~63M EUR
-------------------------
~22.0B EUR Less Claims (Debt) of 3.0B EUR = ~19.0B in Net Asset Value. NAV pre-Ronaldo purchase is therefore 19.0B
Anyways,
Exor will do whatever it can to increase the value of each of those assets. It can be as simple unnecessary cutting cost, thereby increasing earnings, which will drive up the value of the assets. Or it could invest in the assets if it believes that it could create value through future growth in revenues.
Let us assume that when examining the possibility of acquiring Ronaldo, management determines that buying Ronaldo will do the following:
-Increase the value of Juventus stock by 100 million net of claims
-Save Fiat/Chrysler 32M in marketing per year due to exposure through Cristiano, assume that translates to 200M in value added to the stock.
-Save Ferrari 15M in marketing because of brand synergies, which would increase the value of Ferrari stock by 300M
Therefore: Exor raises 100M in debt at the parent level and loans Juventus 100M in new preferred shares (at 3% per year) which Juventus uses to finance transfers , which is very easy for it (its stock being worth 13B EUR)
- Juventus market value of stock increases by 100M (through assumed growth in commercial revenue, tv revenue, ticket price increases, and expectation of continued success in tournaments such as champions league)
- Exor's stakes in FIAT/Ferrari also increase by a total of 500M
Therefore the impact would be:
Before: 22B - 3B in Claims/Debt = 19B (w/ Juve @419M, Ferrari @5.4B, FiatChrys @7.5B)
After:
Juventus (420+100M) = 520M
Ferrari (5.4B+300M) = 5.7B
Fiat Chrysler (7.5B+200M) = 7.8B
= 22B +600M = 22.6M
Less claims of 3.0B + 100M (in new debt to buy Ronaldo)
=19.5B
In this example, we have created EUR 500M in NAV value for Exor from JUVE, which when considering factors like discount to NAV, and share count, should increase the value of EXOR's stock by 2.5% Therefore, Exor would be incentivized to do it.
If similar logic could apply for Pogba or other transfers, Exor could help fund it. The business case is less solid for Pogba, but this helps illustrate why for Ronaldo it made sense.
Keep in mind that this is to illustrate so there are a lot of assumptions here.
Breaking it down: companies like this are Investment conglomerates and usually own a bunch of separate investment positions in large companies. These are valued using something called a Sum of Parts Valuation: Ie: you take the value of all companies multiplied by their stake less any claims against those companies (debt). You then take that combined number and subtract any claims at EXOR to come up with a net value, which is called a NAV (Net Asset Value). That is how these companies are valued and often trade on the basis of its 'NAV'. Therefore, if its NAV increases, the stock often increases. And obviously EXOR's goal is to increase its stock price.
The assets can be estimated like this (pre-Ronaldo)
Fiat@ 29.4% = 7.5B
Ferrari@ 23.5% = 5.4B EUR
CNH @ 27.0 = 3.24B EUR
Juventus @ 63.8%= 420M EUR
PartnerRE @ 100% = 5.4B EUR
Economist @ 43.4% = 300M EUR
Other ~ = ~63M EUR
-------------------------
~22.0B EUR Less Claims (Debt) of 3.0B EUR = ~19.0B in Net Asset Value. NAV pre-Ronaldo purchase is therefore 19.0B
Anyways,
Exor will do whatever it can to increase the value of each of those assets. It can be as simple unnecessary cutting cost, thereby increasing earnings, which will drive up the value of the assets. Or it could invest in the assets if it believes that it could create value through future growth in revenues.
Let us assume that when examining the possibility of acquiring Ronaldo, management determines that buying Ronaldo will do the following:
-Increase the value of Juventus stock by 100 million net of claims
-Save Fiat/Chrysler 32M in marketing per year due to exposure through Cristiano, assume that translates to 200M in value added to the stock.
-Save Ferrari 15M in marketing because of brand synergies, which would increase the value of Ferrari stock by 300M
Therefore: Exor raises 100M in debt at the parent level and loans Juventus 100M in new preferred shares (at 3% per year) which Juventus uses to finance transfers , which is very easy for it (its stock being worth 13B EUR)
- Juventus market value of stock increases by 100M (through assumed growth in commercial revenue, tv revenue, ticket price increases, and expectation of continued success in tournaments such as champions league)
- Exor's stakes in FIAT/Ferrari also increase by a total of 500M
Therefore the impact would be:
Before: 22B - 3B in Claims/Debt = 19B (w/ Juve @419M, Ferrari @5.4B, FiatChrys @7.5B)
After:
Juventus (420+100M) = 520M
Ferrari (5.4B+300M) = 5.7B
Fiat Chrysler (7.5B+200M) = 7.8B
= 22B +600M = 22.6M
Less claims of 3.0B + 100M (in new debt to buy Ronaldo)
=19.5B
In this example, we have created EUR 500M in NAV value for Exor from JUVE, which when considering factors like discount to NAV, and share count, should increase the value of EXOR's stock by 2.5% Therefore, Exor would be incentivized to do it.
If similar logic could apply for Pogba or other transfers, Exor could help fund it. The business case is less solid for Pogba, but this helps illustrate why for Ronaldo it made sense.
Keep in mind that this is to illustrate so there are a lot of assumptions here.
@Tanu_Mz
lol no, no..ofc not
Give us the sign, Mark. Fap or no fap.
We're breaking even after DC, Cancelo, Ronaldo buys and Higuain, Rugani (hope he'll stay, rather keep him over Benatia), and all the fringe player sales. Add up all the expected sales prices of Mandragoras and Keans, and you'll get between 80m (if being conservative) and 100m.
We can afford 60m.
Salary is another matter. Pogba would have to accept lower wages.
0 chance of Dybala leaving.
Fiat workers should protest because they didn't get a raise in 10 some years which is shameful, but doing it because of Ronaldo makes no sense. Ronaldo will pay for himself and then generate additional income.
CR7 is an isolated case. He's an industry of his own. Everything else is same as before. Pogba isn't a special case for Exor/Ferrari.
- - - Updated - - -
Fantastic informative post. Give this man a +rep.
lol no, no..ofc not
Give us the sign, Mark. Fap or no fap.
We're breaking even after DC, Cancelo, Ronaldo buys and Higuain, Rugani (hope he'll stay, rather keep him over Benatia), and all the fringe player sales. Add up all the expected sales prices of Mandragoras and Keans, and you'll get between 80m (if being conservative) and 100m.
We can afford 60m.
Salary is another matter. Pogba would have to accept lower wages.
0 chance of Dybala leaving.
Fiat workers should protest because they didn't get a raise in 10 some years which is shameful, but doing it because of Ronaldo makes no sense. Ronaldo will pay for himself and then generate additional income.
CR7 is an isolated case. He's an industry of his own. Everything else is same as before. Pogba isn't a special case for Exor/Ferrari.
- - - Updated - - -
Fantastic informative post. Give this man a +rep.
@Tanu_Mz
lol no, no..ofc not
Give us the sign, Mark. Fap or no fap.
We're breaking even after DC, Cancelo, Ronaldo buys and Higuain, Rugani, and all the fringe player sales. Add up all the expected sales prices of Mandragoras and Keans, and you'll get between 80m (if being conservative) to 100m.
We can afford 60m.
Salary is another matter. Pogba would have to accept lower wages.
0 chance of Dybala leaving.
Fiat workers should protest because they didn't get a raise in 10 some years which is shameful, but doing it because of Ronaldo makes no sense. Ronaldo will pay for himself and then generate additional income.
CR7 is an isolated case. He's an industry of his own. Everything else is same as before. Pogba isn't a special case for Exor/Ferrari.
- - - Updated - - -
Fantastic informative post. Give this man a +rep.
lol no, no..ofc not
Give us the sign, Mark. Fap or no fap.
We're breaking even after DC, Cancelo, Ronaldo buys and Higuain, Rugani, and all the fringe player sales. Add up all the expected sales prices of Mandragoras and Keans, and you'll get between 80m (if being conservative) to 100m.
We can afford 60m.
Salary is another matter. Pogba would have to accept lower wages.
0 chance of Dybala leaving.
Fiat workers should protest because they didn't get a raise in 10 some years which is shameful, but doing it because of Ronaldo makes no sense. Ronaldo will pay for himself and then generate additional income.
CR7 is an isolated case. He's an industry of his own. Everything else is same as before. Pogba isn't a special case for Exor/Ferrari.
- - - Updated - - -
Fantastic informative post. Give this man a +rep.
@Tanu_Mz
lol no, no..ofc not
Give us the sign, Mark. Fap or no fap.
We're breaking even after DC, Cancelo, Ronaldo buys and Higuain, Rugani (hope he'll stay, rather keep him over Benatia), and all the fringe player sales. Add up all the expected sales prices of Mandragoras and Keans, and you'll get between 80m (if being conservative) and 100m.
We can afford 60m.
Salary is another matter. Pogba would have to accept lower wages.
0 chance of Dybala leaving.
Fiat workers should protest because they didn't get a raise in 10 some years which is shameful, but doing it because of Ronaldo makes no sense. Ronaldo will pay for himself and then generate additional income.
CR7 is an isolated case. He's an industry of his own. Everything else is same as before. Pogba isn't a special case for Exor/Ferrari.
- - - Updated - - -
Fantastic informative post. Give this man a +rep.
lol no, no..ofc not
Give us the sign, Mark. Fap or no fap.
We're breaking even after DC, Cancelo, Ronaldo buys and Higuain, Rugani (hope he'll stay, rather keep him over Benatia), and all the fringe player sales. Add up all the expected sales prices of Mandragoras and Keans, and you'll get between 80m (if being conservative) and 100m.
We can afford 60m.
Salary is another matter. Pogba would have to accept lower wages.
0 chance of Dybala leaving.
Fiat workers should protest because they didn't get a raise in 10 some years which is shameful, but doing it because of Ronaldo makes no sense. Ronaldo will pay for himself and then generate additional income.
CR7 is an isolated case. He's an industry of his own. Everything else is same as before. Pogba isn't a special case for Exor/Ferrari.
- - - Updated - - -
Fantastic informative post. Give this man a +rep.
