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Stellantis NV - Stock Quote STLA

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Morningstar's Stellantis NV Stock Analysis

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Despite Headwinds, Stellantis Increases Q1 Revenue, Maintains Guidance; EUR 33 FVE Unchanged

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Stellantis reported first-quarter revenue of EUR 41.5 billion, increasing 12% from the pro forma EUR 37.0 billion reported for the prior year; excluding favorable currency, though, revenue would have risen 8%. The top line beat the FactSet consensus estimate of EUR 37.4 billion by 11%. Stellantis’ volume and market conditions affected by the chip shortage and the Ukraine crisis contributed negative 6 percentage points to revenue. However, vehicle pricing, content, and mix added 14 percentage points, while average revenue per unit jumped 28% as the firm allocates chips to production of higher margin vehicles. The revenue increase outpaced a 12% drop in unit volume to 1.4 million from pro forma 1.6 million last year. The automaker (France-domiciled for accounting purposes) discloses only revenue in the first and third quarters.

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Stellantis NV's 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. In 2021, forma Stellantis had sales volume of 6.1 million vehicles and EUR 152.1 billion in revenue, albeit substantially affected by the microchip shortage. Europe is Stellantis' largest market, accounting for 47% of 2021 global volume while North America and South America were 30% and 14%, respectively.

Taurusavenue 1
Hoofddorp, NH, 2132 LS, Netherlands
T +31 237001511
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2022
Stock Type
Employees 281,595

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