Financials Stellantis N.V.

Equities

STLAM

NL00150001Q9

Auto & Truck Manufacturers

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-05-08 am EDT			After market 03:45:12 pm
19.8 ^EUR	-1.98%		19.95	+0.77%

12:04pm	Mib lone bearish; Leonardo shines in Milan	AN
10:04am	MIb down; Leonardo bats a path after accounts	AN

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	52,274	42,622	63,845	77,740	-	-
Enterprise Value (EV) ¹	34,324	19,019	42,809	46,932	42,582	38,184
P/E ratio	3.67 x	2.5 x	3.56 x	3.81 x	3.81 x	3.78 x
Yield	-	-	7.33%	7.53%	7.78%	7.69%
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	0.25 x	0.22 x	0.19 x
EV / EBITDA	1.44 x	0.63 x	1.34 x	1.65 x	1.47 x	1.29 x
EV / FCF	4.02 x	1.49 x	3.33 x	4.46 x	4.01 x	3.61 x
FCF Yield	24.9%	67%	30%	22.4%	25%	27.7%
Price to Book	0.93 x	0.58 x	0.8 x	0.68 x	0.6 x	0.54 x
Nbr of stocks (in thousands)	3,132,807	3,213,356	3,018,673	3,848,526	-	-
Reference price ²	16.69	13.26	21.15	20.20	20.20	20.20
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	185,100	191,551	197,219
EBITDA ¹	10,041	-	23,882	30,120	31,892	28,376	28,948	29,696
EBIT ¹	6,324	7,100	18,011	23,323	24,343	20,590	20,500	20,598
Operating Margin	8.46%	5.28%	11.84%	12.99%	12.84%	11.12%	10.7%	10.44%
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	16,293	16,531	16,606
Net margin	4.28%	-	9.42%	9.35%	9.83%	8.8%	8.63%	8.42%
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	10,528	10,627	10,582
FCF margin	3.31%	-	5.61%	7.1%	6.78%	5.69%	5.55%	5.37%
FCF Conversion (EBITDA)	24.65%	-	35.73%	42.31%	40.32%	37.1%	36.71%	35.63%
FCF Conversion (Net income)	77.32%	-	59.52%	75.87%	69.04%	64.62%	64.28%	63.72%
Dividend per Share ²	-	-	-	-	1.550	1.521	1.571	1.554
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	50,350	89,290	46,930	51,381	95,671	101,222	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	-	-	9,420	-	-	10,281	10,952	9,488
Operating Margin	8.21%	2.06%	11.45%	-	-	12.22%	-	-	14.06%	-	-	11.95%	-	-	14.36%	-	-	11.21%	-	-	10.55%	-	-	10.75%	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%	-	-	8.16%	-	-	7.97%	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	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 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	30,808	35,159	39,556
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,475	-	8,533	12,745	12,858	10,528	10,627	10,582
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	-	123,526	178,961	194,142	209,252	213,796	236,056
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	11,450	11,887	12,352
Capex / Sales	6.57%	-	6.65%	4.02%	5.1%	6.19%	6.21%	6.26%
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

20.2 EUR

Average target price

27.42 EUR

Spread / Average Target

+35.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
STELLANTIS N.V.	-6.38%	83.8B
BYD COMPANY LIMITED	+4.01%	89.45B
PORSCHE AG	+2.13%	83.49B
FERRARI N.V.	+20.18%	72.2B
MARUTI SUZUKI INDIA LTD	+21.75%	46.58B
KIA CORPORATION	+16.00%	33.8B
SAIC MOTOR CORPORATION LIMITED	+7.54%	23.14B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-10.99%	17.4B
FORD OTOMOTIV SANAYI	+51.45%	12.48B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-12.67%	10.26B

Automobiles & Multi Utility Vehicles