Financials Stellantis N.V.

Equities

STLAM

NL00150001Q9

Auto & Truck Manufacturers

Market Closed - Borsa Italiana Other stock markets 09:14:59 03/05/2024 pm IST			5-day change	1st Jan Change
20.33 ^EUR	+1.75%		-11.78%	-3.88%

03/05	US Electric Vehicle Companies Shares Mixed Friday After White House Extends Tax Credits for Another 2 Years	MT
03/05	STELLANTIS : Following a revenue and shipment miss, Stellantis resets expectations for FY24

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	52,274	42,622	63,845	78,241	-	-
Enterprise Value (EV) ¹	34,324	19,019	42,809	47,337	43,063	38,619
P/E ratio	3.67 x	2.5 x	3.56 x	3.83 x	3.84 x	3.81 x
Yield	-	-	7.33%	7.48%	7.73%	7.64%
Capitalization / Revenue	0.34 x	0.24 x	0.34 x	0.42 x	0.41 x	0.4 x
EV / Revenue	0.23 x	0.11 x	0.23 x	0.26 x	0.22 x	0.2 x
EV / EBITDA	1.44 x	0.63 x	1.34 x	1.67 x	1.49 x	1.31 x
EV / FCF	4.02 x	1.49 x	3.33 x	4.33 x	3.89 x	3.49 x
FCF Yield	24.9%	67%	30%	23.1%	25.7%	28.7%
Price to Book	0.93 x	0.58 x	0.8 x	0.69 x	0.61 x	0.55 x
Nbr of stocks (in thousands)	31,32,807	32,13,356	30,18,673	38,48,526	-	-
Reference price ²	16.69	13.26	21.15	20.33	20.33	20.33
Announcement Date	23/02/22	22/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	74,731	1,34,400	1,52,119	1,79,592	1,89,544	1,84,945	1,91,607	1,97,243
EBITDA ¹	10,041	-	23,882	30,120	31,892	28,331	28,827	29,485
EBIT ¹	6,324	7,100	18,011	23,323	24,343	20,896	21,010	21,110
Operating Margin	8.46%	5.28%	11.84%	12.99%	12.84%	11.3%	10.97%	10.7%
Earnings before Tax (EBT) ¹	4,324	-	14,553	19,244	22,418	20,603	20,700	20,677
Net income ¹	3,201	-	14,336	16,799	18,625	16,371	16,529	16,528
Net margin	4.28%	-	9.42%	9.35%	9.83%	8.85%	8.63%	8.38%
EPS ²	-	-	4.550	5.310	5.940	5.304	5.299	5.342
Free Cash Flow ¹	2,475	-	8,533	12,745	12,858	10,933	11,062	11,080
FCF margin	3.31%	-	5.61%	7.1%	6.78%	5.91%	5.77%	5.62%
FCF Conversion (EBITDA)	24.65%	-	35.73%	42.31%	40.32%	38.59%	38.37%	37.58%
FCF Conversion (Net income)	77.32%	-	59.52%	75.87%	69.04%	66.78%	66.93%	67.04%
Dividend per Share ²	-	-	-	-	1.550	1.521	1.571	1.554
Announcement Date	26/02/20	03/03/21	23/02/22	22/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	36,391	25,120	75,310	32,600	44,258	76,809	41,482	46,517	87,999	42,101	49,492	91,593	47,235	51,133	98,368	45,136	46,040	91,176	41,700	50,350	89,005	46,930	51,381	95,442	1,01,222	94,688
EBITDA	4,915	2,130	11,269	-	-	12,613	-	-	15,599	-	-	14,521	-	-	17,853	-	-	14,039	-	-	14,013	-	-	15,059	14,899	13,525
EBIT	2,986	517	8,622	-	-	9,389	-	-	12,374	-	-	10,949	-	-	14,126	-	-	10,217	-	-	9,888	-	-	10,703	10,952	9,488
Operating Margin	8.21%	2.06%	11.45%	-	-	12.22%	-	-	14.06%	-	-	11.95%	-	-	14.36%	-	-	11.21%	-	-	11.11%	-	-	11.21%	10.82%	10.02%
Earnings before Tax (EBT)	1,999	534	7,288	-	-	7,265	-	-	9,889	-	-	9,355	-	-	13,610	-	-	8,808	-	-	9,286	-	-	10,084	9,762	8,267
Net income	1,369	595	6,916	-	-	7,420	-	-	7,960	-	-	9,355	-	-	10,923	-	-	7,707	-	-	7,286	-	-	7,622	8,034	6,825
Net margin	3.76%	2.37%	9.18%	-	-	9.66%	-	-	9.05%	-	-	10.21%	-	-	11.1%	-	-	8.45%	-	-	8.19%	-	-	7.99%	7.94%	7.21%
EPS	-	-	2.210	-	-	2.390	-	-	2.470	-	-	2.840	-	-	3.450	-	-	2.470	-	-	2.355	-	-	2.520	2.670	2.280
Dividend per Share ²	-	-	-	-	-	-	-	-	1.040	-	-	-	-	1.340	1.340	-	-	-	-	-	1.550	-	1.455	-	-	-
Announcement Date	26/02/20	28/07/20	03/08/21	28/10/21	23/02/22	23/02/22	05/05/22	28/07/22	28/07/22	03/11/22	22/02/23	22/02/23	03/05/23	26/07/23	26/07/23	15/11/23	15/02/24	15/02/24	-	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,914	-	17,950	23,603	21,036	30,903	35,177	39,622
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,475	-	8,533	12,745	12,858	10,933	11,062	11,080
ROE (net income / shareholders' equity)	17.7%	-	40.7%	30.5%	24.2%	18.2%	16%	16.1%
ROA (Net income/ Total Assets)	4.86%	-	11.6%	9.39%	9.59%	7.79%	7.73%	7.03%
Assets ¹	65,859	-	1,23,526	1,78,961	1,94,142	2,10,263	2,13,767	2,34,954
Book Value Per Share ²	-	-	17.80	22.90	26.30	29.70	33.50	37.20
Cash Flow per Share ²	-	-	6.090	6.360	7.180	7.600	7.540	7.650
Capex ¹	4,911	-	10,113	7,214	9,660	11,466	11,903	12,377
Capex / Sales	6.57%	-	6.65%	4.02%	5.1%	6.2%	6.21%	6.28%
Announcement Date	26/02/20	03/03/21	23/02/22	22/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Stellantis N.V.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20.33 EUR

Average target price

27.58 EUR

Spread / Average Target

+35.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
STELLANTIS N.V.	-3.88%	84.28B
BYD COMPANY LIMITED	+5.60%	86.34B
PORSCHE AG	+4.78%	82.16B
FERRARI N.V.	+27.14%	77.47B
MARUTI SUZUKI INDIA LTD	+21.26%	47.1B
KIA CORPORATION	+13.90%	33.31B
SAIC MOTOR CORPORATION LIMITED	+9.83%	23.55B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-12.54%	17.65B
FORD OTOMOTIV SANAYI	+53.21%	12.29B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-8.26%	10.28B

Automobiles & Multi Utility Vehicles