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Stellantis NV STLA

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Morningstar’s Analysis

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Stellantis Hits the Ground Running with Strong 1H Results; Slight Reduction in FVE to EUR 27

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Stellantis reported first-half pro forma 2021 earnings per share before special items of EUR 2.15, handily beating the EUR 0.95 FactSet consensus estimate and EUR 2.03 better than the COVID-19-impacted prior year. All results we discuss are pro forma as if the merger of Fiat Chrysler and Peugeot took place on Jan. 1, 2020. For accounting purposes, Stellantis is a French domiciled company and only reports half- and full-year complete financial statements. Consolidated revenue surged 46% while unit volume climbed 44%. Excluding currency headwinds, revenue would have increased 54%. Revenue outperformance versus unit volume was driven by favorable price and mix.

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Company Profile

Business Description

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 fourth- largest automaker, with 14 automobile brands. For 2020, we calculate that pro forma Stellantis would have had sales volume of 5.9 million vehicles and EUR 132.8 billion in revenue, albeit substantially affected by COVID-19. We see limited geographic overlap as Fiat Chrysler's major markets were North America, Italy, and Brazil, while PSA Group's major markets were France, the United Kingdom, Germany, and Argentina.

Singaporestraat 92-100
Lijnden, NH, 1175 RA, Netherlands
T +31 203421707
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 189,512