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Stellantis NV STLA

Morningstar Rating
$26.51 +0.02 (0.08%)
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Company Report

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.

Price vs Fair Value

STLA is trading at a 35% discount.
Price
$26.51
Fair Value
$45.00
Uncertainty
High
1-Star Price
$99.34
5-Star Price
$22.30
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Merger integration enhances economies of scale. In 2022, management achieved cash flow synergy targets two years ahead of schedule.

Bears

Stellantis lags competitors’ progress in transition to EVs as Fiat Chrysler required the purchase of carbon credits to avoid clean air regulation noncompliance fines due to slow EV development. However, merging with Peugeot has accelerated Fiat Chrysler EV development.

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News

Trading Information

Previous Close Price
$26.49
Day Range
$26.5026.80
52-Week Range
$15.0726.80
Bid/Ask
$26.57 / $26.59
Market Cap
$80.14 Bil
Volume/Avg
11,957 / 5.4 Mil

Key Statistics

Price/Earnings (Normalized)
3.81
Price/Sales
0.40
Dividend Yield (Trailing)
5.59%
Dividend Yield (Forward)
5.59%
Total Yield
8.76%

Company Profile

Stellantis NV was formed on Jan. 16, 2021, from the merger of Fiat Chrysler Automobiles and PSA Group. The combination of the two companies created the world’s fifth-largest automaker, with 14 automobile brands. In 2022, pro forma Stellantis had sales volume of 6.0 million vehicles and EUR 179.6 billion in revenue, albeit affected by the microchip shortage. Europe is Stellantis' largest market, accounting for 44% of 2022 global volume while North America and South America were 31% and 14%, respectively.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
258,275

Competitors

Valuation

Metric
STLA
MBGAF
F
Price/Earnings (Normalized)
3.815.376.27
Price/Book Value
0.890.891.19
Price/Sales
0.400.520.29
Price/Cash Flow
2.733.743.74
Price/Earnings
STLA
MBGAF
F

Financial Strength

Metric
STLA
MBGAF
F
Quick Ratio
0.900.831.01
Current Ratio
1.241.241.20
Interest Coverage
15.8462.152.82
Quick Ratio
STLA
MBGAF
F

Profitability

Metric
STLA
MBGAF
F
Return on Assets (Normalized)
10.04%5.98%3.08%
Return on Equity (Normalized)
25.58%17.96%18.80%
Return on Invested Capital (Normalized)
17.50%8.72%4.23%
Return on Assets
STLA
MBGAF
F
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Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
TSLA
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TM
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MBGAF
Mercedes-Benz Group AGBxszj$85.5 Bil
BMWYY
Bayerische Motoren Werke AG ADRLmcdcm$78.5 Bil
RACE
Ferrari NVFzdx$74.4 Bil
VWAGY
Volkswagen AG ADRXmrrl$72.7 Bil
VWAPY
Volkswagen AG ADRRhwp$72.7 Bil
HMC
Honda Motor Co Ltd ADRFvpb$58.2 Bil
F
Ford Motor CoTlvs$50.6 Bil

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