Stellantis Earnings: Full-Year Results Prove Resilient; Headwinds Expected in 2024

No-moat-rated Stellantis reported full-year revenue of EUR 189.5 billion, up 6% from EUR 179.6 billion reported in the prior year, despite the effects from the United Auto Workers, or UAW, strike. The top line was 0.3% below FactSet consensus. Excluding unfavorable currency, organic revenue rose 9%. Volume and mix contributed 5%, while net pricing contributed a further 4% growth year over year. The automaker (French domiciled for accounting purposes) discloses only revenue in the first and third quarters but full financials for the first half and full year. We are keeping our fair value estimate at EUR 39. Shares of Stellantis currently trade at a compelling 38% discount to our fair value.