STELLANTIS : Oddo BHF 'more optimistic' than the consensus
January 22, 2024 at 11:10 am
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Oddo BHF maintains its Outperform rating on Stellantis shares, with an unchanged target price of €25.
With Stellantis due to publish its full-year results on February 15, the analyst is 'considerably more optimistic' than the consensus this year (+12% on EBIT), anticipating stable profitability (12.8%e) where the consensus is much more cautious (11.3%).
Stellantis remains our favorite stock in the automotive sector, combining a best-in-class operating performance that is still largely underestimated, a favorable geographic exposure (much North America, little Europe, almost no China) and still significant internal leverage capable of giving it a resilience superior to most peers", says the broker.
Oddo BHF thus expects MOP to be stable vs. 2023 (and up vs. H2) at 12.8%, i.e. 150 bp above consensus expectations (11.3%), as well as FCF of E13 bn vs. a VA consensus of E10.5 bn.
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Stellantis N.V. is one of the world's leading car manufacturers. The activity is essentially organized around 4 sectors:
- sales of passenger cars and light commercial vehicles: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys brands;
- sale of luxury vehicles: Maserati and DS Automobiles brands;
- sale of automotive equipment: interior systems, car seats, car exteriors, emission control systems, etc.;
- other: sales financing services (purchase, rental, leasing, etc.), after-sales services, etc.; - other: sales financing services (purchase, rental, leasing, etc.).
Net sales are distributed geographically as follows: the Netherlands (0.8%), North America (46.7%), France (9.5%), Brazil (7.3%), Italy (6.2%), Germany (5.5%), the United Kingdom (4.4%), China (0.6%) and other (19%).
STELLANTIS N.V. 
