Financials Stellantis N.V.

Equities

STLAM

NL00150001Q9

Auto & Truck Manufacturers

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-06-07 am EDT			5-day change	1st Jan Change
20.19 ^EUR	-0.59%		-0.05%	-4.54%

04:21am	Chrysler to recall more than 211,000 vehicles due to software malfunction, NHTSA says	RE
Jun. 07	New US truck, SUV fuel economy rules much less stringent than original proposal	RE

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	52,274	42,622	63,845	77,634	-	-
Enterprise Value (EV) ¹	34,324	19,019	42,809	47,818	43,313	38,314
P/E ratio	3.67 x	2.5 x	3.56 x	3.97 x	3.9 x	3.76 x
Yield	-	-	7.33%	7.32%	7.57%	7.5%
Capitalization / Revenue	0.34 x	0.24 x	0.34 x	0.42 x	0.41 x	0.39 x
EV / Revenue	0.23 x	0.11 x	0.23 x	0.26 x	0.23 x	0.19 x
EV / EBITDA	1.44 x	0.63 x	1.34 x	1.73 x	1.52 x	1.3 x
EV / FCF	4.02 x	1.49 x	3.33 x	4.76 x	4.35 x	3.75 x
FCF Yield	24.9%	67%	30%	21%	23%	26.7%
Price to Book	0.93 x	0.58 x	0.8 x	0.69 x	0.6 x	0.55 x
Nbr of stocks (in thousands)	3,132,807	3,213,356	3,018,673	3,845,171	-	-
Reference price ²	16.69	13.26	21.15	20.19	20.19	20.19
Announcement Date	2/23/22	2/22/23	2/15/24	-	-	-

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	134,400	152,119	179,592	189,544	184,391	190,577	197,200
EBITDA ¹	10,041	-	23,882	30,120	31,892	27,602	28,436	29,398
EBIT ¹	6,324	7,100	18,011	23,323	24,343	19,880	19,965	20,238
Operating Margin	8.46%	5.28%	11.84%	12.99%	12.84%	10.78%	10.48%	10.26%
Earnings before Tax (EBT) ¹	4,324	-	14,553	19,244	22,418	19,919	20,257	20,803
Net income ¹	3,201	-	14,336	16,799	18,625	15,728	16,177	16,576
Net margin	4.28%	-	9.42%	9.35%	9.83%	8.53%	8.49%	8.41%
EPS ²	-	-	4.550	5.310	5.940	5.080	5.177	5.369
Free Cash Flow ¹	2,475	-	8,533	12,745	12,858	10,056	9,961	10,223
FCF margin	3.31%	-	5.61%	7.1%	6.78%	5.45%	5.23%	5.18%
FCF Conversion (EBITDA)	24.65%	-	35.73%	42.31%	40.32%	36.43%	35.03%	34.78%
FCF Conversion (Net income)	77.32%	-	59.52%	75.87%	69.04%	63.94%	61.57%	61.67%
Dividend per Share ²	-	-	-	-	1.550	1.478	1.529	1.513
Announcement Date	2/26/20	3/3/21	2/23/22	2/22/23	2/15/24	-	-	-

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	47,789	88,867	46,117	48,950	94,752	101,222	94,688
EBITDA	4,915	2,130	11,269	-	-	12,613	-	-	15,599	-	-	14,521	-	-	17,853	-	-	14,039	-	-	13,128	-	-	14,742	14,899	13,525
EBIT	2,986	517	8,622	-	-	9,389	-	-	12,374	-	-	10,949	-	-	14,126	-	-	10,217	-	-	9,191	-	-	10,172	10,952	9,488
Operating Margin	8.21%	2.06%	11.45%	-	-	12.22%	-	-	14.06%	-	-	11.95%	-	-	14.36%	-	-	11.21%	-	-	10.34%	-	-	10.74%	10.82%	10.02%
Earnings before Tax (EBT)	1,999	534	7,288	-	-	7,265	-	-	9,889	-	-	9,355	-	-	13,610	-	-	8,808	-	-	8,954	-	-	9,272	9,762	8,267
Net income	1,369	595	6,916	-	-	7,420	-	-	7,960	-	-	9,355	-	-	10,923	-	-	7,707	-	-	7,110	-	-	6,439	8,034	6,825
Net margin	3.76%	2.37%	9.18%	-	-	9.66%	-	-	9.05%	-	-	10.21%	-	-	11.1%	-	-	8.45%	-	-	8%	-	-	6.8%	7.94%	7.21%
EPS	-	-	2.210	-	-	2.390	-	-	2.470	-	-	2.840	-	-	3.450	-	-	2.470	-	-	2.400	-	-	2.140	2.670	2.280
Dividend per Share	-	-	-	-	-	-	-	-	1.040	-	-	-	-	1.340	1.340	-	-	-	-	-	1.550	-	1.550	-	-	-
Announcement Date	2/26/20	7/28/20	8/3/21	10/28/21	2/23/22	2/23/22	5/5/22	7/28/22	7/28/22	11/3/22	2/22/23	2/22/23	5/3/23	7/26/23	7/26/23	11/15/23	2/15/24	2/15/24	-	-	-	-	-	-	-	-

¹EUR in Million

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	29,816	34,321	39,320
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,475	-	8,533	12,745	12,858	10,056	9,961	10,223
ROE (net income / shareholders' equity)	17.7%	-	40.7%	30.5%	24.2%	17.9%	15.8%	14.6%
ROA (Net income/ Total Assets)	4.86%	-	11.6%	9.39%	9.59%	7.79%	7.73%	7.03%
Assets ¹	65,859	-	123,526	178,961	194,142	202,000	209,224	235,634
Book Value Per Share ²	-	-	17.80	22.90	26.30	29.50	33.40	36.80
Cash Flow per Share ²	-	-	6.090	6.360	7.180	7.250	7.240	7.480
Capex ¹	4,911	-	10,113	7,214	9,660	11,354	11,794	12,526
Capex / Sales	6.57%	-	6.65%	4.02%	5.1%	6.16%	6.19%	6.35%
Announcement Date	2/26/20	3/3/21	2/23/22	2/22/23	2/15/24	-	-	-

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

20.19 EUR

Average target price

26.77 EUR

Spread / Average Target

+32.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
STELLANTIS N.V.	-4.54%	83.91B
FERRARI N.V.	+22.01%	74.27B
PORSCHE AG	-5.66%	74.22B
MARUTI SUZUKI INDIA LTD	+24.35%	48.23B
KIA CORPORATION	+21.10%	34.63B
SAIC MOTOR CORPORATION LIMITED	+4.29%	22.33B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-20.92%	15.97B
FORD OTOMOTIV SANAYI	+38.61%	11.11B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-13.50%	10.09B
YUTONG BUS CO.,LTD.	+90.42%	7.71B

Automobiles & Multi Utility Vehicles