STELLANTIS - Risultati leggermente superiori alle stime

Fatto

Stellantis ha rilasciato i conti del 2H 2023. In sintesi:

•    Revenue at €91.2bn (-0% YoY), vs Interm./Cons. at €95.1/ 92.2bn, -4%/ -1%;
o    North America at €40.6bn, vs Interm./Cons. at €43.5/ 43.0bn, -7%/ -6%
o    Europe & MEA at €37.6bn, vs Interm./Cons. at €38.0/ 37.4bn, -1%/ +1%
o    South America at €8.5bn, vs Interm./Cons. at €8.8/ 8.5bn, -3%/ +0%
•    Shipments 2,965k (+4% YoY), vs Interm. at 3,081k, -4%;
•    ASP at €30.1k (-5% YoY), vs Interm. at €30.3k, -1%;
•    Adj. EBIT at €10.2bn (-7% YoY), vs Interm./Cons. at €10.7/ 9.7bn, -4%/ +6%;
•    Adj. EBIT margin at 11.2% vs 12.1% in 2H22, vs Interm./Cons. at 11.2%/ 10.5%;
o    Vol&Mix -1.5bn vs +0.3bn, peggio
o    Price +2.0bn vs +2.3bn, leggermente peggio
o    Industrial cost +0.7bn vs -0.8bn, meglio
o    SG&A and R&D -0.3bn vs -0.3bn, in linea
o    FX & Others -2.5bn vs -1.3bn, pegio
•    Ind. FCF at €4.2bn, vs Interm./Cons. at €4.4/ 4.1bn ;
•    Net cash at €29.5bn, vs Interm./Cons. at €34.6/ 32.3bn.

Guidance 2024:
•    Revenue: “supportive”
•    Adj. EBIT margin: “a doppia cifra”
•    Ind. FCF: “positivo”
Altre info:
•    Remunerazione per gli investitori
o    Dividendo di €1.55 payout 26%/24% del reported/adjusted EPS, ns stima €1.51, ma inferiore a quanto prezzato dai future (attorno a €1.71)
o    Buybabck di €3.0bn
•    Magazzino a 1.46mn di unità vs 1.39mn nel 3Q e 1.07mn nel 4Q22

Effetto