STELLANTIS - Ricavi del terzo trimestre leggermente meglio del consenso

Fatto

Di seguito i dati relativi alle vendite del terzo trimestre di Stellantis:

•    Revenue at €45.1bn (+7% YoY) vs our/cons FactSet/cons BBG. at €44.6/ 42.4/43.3bn, +1%/+7%/+4%
o    North America at €21.5bn (+2% YoY) vs our/cons. at €21.7/ 20.4bn
o    Europe & ME at €17.1bn (+16% YoY) vs our/cons. at €16.0/15.6bn
o    South America at €4.3bn (+8% YoY) vs our/cons. at €4.2/ 4.0bn
o    APAC at €0.70bn (-38% YoY) vs our/cons. at €1.05/ 0.95bn
o    Maserati at €0.50bn (-21% YoY) vs our/cons. at €0.65/ 0.59bn
o    Others at €1.0bn (+102% YoY) vs our/cons. at €1.0/ 0.8bn

•    Shipments at 1.426mn (+11% YoY) vs our 1.414mn

•    ASP at €31.0k (-5% YoY) vs our €30.9k

•    Revenue bridge
o    Volume +11% vs our +10%
o    Mix -3% vs our -4%
o    Price +4% vs our +4%
o    FX -7% vs our -5%
o    Other +1% vs our -1%

2023 guidance UNCHANGED, but not indicative:
•    Adj. EBIT margin >10%, our/cons 12.8/12.7%
•    Industrial FCF >€0bn, our/cons. €12.9/12.9bn

Other items:
•    UAW strike impact
o    Net revenue of €3bn vs our est. of €1.9bn
o    Pre-tax impact of €750mn vs our est. of €340mn
•    BEV sales up +37% YoY
•    Inventories at 1.39mn units, up from 1.37mn units despite positive impact on inventories from UAW strike
•    Order book at 3 months of sales
•    Investor day at Auburn Hills on 13th of June 2024
•    Market share
o    -1.7pp in North America
o    -1.2pp in Europe
 

Effetto