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Stellantis NV STLA

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Stellantis Q3 Revenue Takes Chip-Crunch Hit but Maintains Guidance; Slight FVE Increase to EUR 27.50

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Stellantis reported third-quarter revenue of EUR 32.6 billion, down 13.7% from the pro forma EUR 37.7 billion reported for the prior year, but excluding unfavorable currency, revenue would have decreased 12.9%. The top line was 1.3% above the FactSet consensus estimate of EUR 32.1 billion. Stellantis volume and market conditions from the microchip shortage were responsible for 23.1 percentage points of the revenue decline. However, vehicle pricing, content, and mix added 10.6 percentage points, while average revenue per unit rose 17.6% as the firm allocates chips to the production of higher-margin vehicles. The revenue decrease was less than the 27.3% drop in unit volume to 1.2 million from a pro forma 1.6 million last year. The automaker, domiciled in France for accounting purposes, discloses revenue only in the first and third quarters.

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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