STELLANTIS -8% Sui minimi da 12 mesi, risultati peggio delle stime

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Stellantis perde l'8% e scende sui minimi da 12 mesi a valle dei risultat

Dati del 1H 2024:
•    Shipments 2,872k (-10% YoY), vs Interm. at 2,902k, -1%;
o    North America at 838k, vs Interm./Cons. at 818/ 837k, +2%/ +0%
o    Europe at 1,387k, vs Interm./Cons. at 1,403/ 1,350k, -1%/ +3%
o    3rd engine at 640k, vs Interm./Cons. at 672/ 722k, -5%/ -11%
•    Revenue at €85.0bn (-14% YoY), vs Interm./Cons. at €86.5/ 87.4bn, -2%/ -3%;
o    North America at €38.4bn, vs Interm./Cons. at €37.6/ 38.8bn, +2%/ -1%
o    Europe at €29.7bn, vs Interm./Cons. at €32.1/ 30.4bn, -7%/ -2%
o    3rd engine at €13.4bn, vs Interm./Cons. at €13.3/ 14.9bn, +1%/ -10%
•    ASP at €28.6k (-10% YoY), vs Interm. at €28.9k, -1%;
•    Adj. EBIT at €8.5bn (-40% YoY), vs Interm./Cons. at €9.1/ 8.9bn, -7%/ -5%;
o    North America at €4.4bn, vs Interm./Cons. at €4.6/ 4.8bn, -6%/ -8%
o    Europe at €2.1bn, vs Interm./Cons. at €2.6/ 2.3bn, -22%/ -11%
o    3rd engine at €2.3bn, vs Interm./Cons. at €2.2/ 2.3bn, +3%/ -2%
•    Adj. EBIT margin at 10.0% vs 14.4% in 1H23, vs Interm./Cons. at 10.5%/ 10.2%;
o    Vol&Mix -4.7bn vs -6.4bn, better
o    Price 0.5bn vs 1.2bn, worse
o    Industrial cost -0.2bn vs 0.7bn, worse
o    SG&A and R&D 0.1/ 0.1bn vs 0.0/ -0.2bn, in line
o    FX & Others -1.5bn vs -0.3bn, worse
•    Ind. FCF at €-0.4bn, vs Interm./Cons. at €0.6/ 2.1bn;
•    Net cash at €22.2bn, vs Interm./Cons. at €23.3/ 23.1bn.
2024 guidance:
•    Revenue: from “supportive” to “neutral”
•    Adj. EBIT margin: “double-digit” commitment confirmed
•    Ind. FCF: “positive “confirmed
 Other key info:
•    Shareholder payouts of total €7.7bn or ~10.8% of current market cap
o    Dividend €1.55, payout of 26% of reported EPS and 24% of adj. EPS, vs our €1.51 and FactSet cons. of €1.52
o    Buyback of €3.0bn, including €0.5bn to service share-based compensation
•    No update on order book
•    Inventories at 1.41mn units, vs 1.39mn in 1Q and 1.46mn in 4Q23
o    North America dealers’ inventories up by 47k units; DOS at 4.5

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