Stellantis NV (STLAM IM) Hold: No simple or quick solutions

研报英文原文证据摘录

Stellantis NV (STLAM IM) Hold: No simple or quick solutions

Peugeot and Fiat, 52-WEEK PRICE (EUR)

although the remaining 10 brands will live on, but with a focus on regional markets. We 12.00

suspect this will be the focus of next week’s CMD. Brand verticals equate to layers of

fixed costs, so it would be disappointing if the portfolio is unchanged. However, closing 8.40

brands is costly (dealers, suppliers, staff all need to be compensated) and there is no 4.80

05/25 11/25 05/26

guarantee that the relinquished market share would be retained by the group.

Target price: 5.50 High: 10.41 Low: 5.53 Current: 6.26

A recovery is a tantalising prospect, but by no means a certainty: We’ve started to Source: Refinitiv IBES, HSBC estimates

see the reversal of US market share losses and, given where margins once were, we can

understand why investors are eager to participate in a potential recovery – when and if it Michael Tyndall*, CFA

Senior Global Autos Analyst

comes. Our worry is that the historical high margins may well be symptomatic of under- HSBC Bank plc

investment, and the issues the group faces today (on execution and quality) reflect that. It michael.tyndall@hsbc.com

+44 20 3359 6301

may be that Stellantis needs to invest more to put itself on a sustainable recovery path.

Pushkar Tendolkar*

That gives us reason to remain cautious, and we would rather wait for further confirmation Global Autos Analyst

of a sustainable profit turnaround. We see no reason to rush. HSBC Securities and Capital Markets (India) Private Limited

pushkarnarendratendolkar@hsbc.co.in

Maintain Hold; cut TP to EUR5.50 (from EUR6.50): Reflecting the changes to our +91 80 4555 2752

estimates, our multiples-based SoTP valuation gives a new target price of EUR5.50 (from Alice Martin*