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.