Stellantis: CMD: ambitious targets, focus moves to execution

研报英文原文证据摘录

Stellantis: CMD: ambitious targets, focus moves to execution

Foundation

May 21, 2026 07:24 PM GMT

Morgan Stanley Europe S.E., Madrid Branch+MStellantis | Europe Javier Martinez de Olcoz Cerdan

Equity Analyst

CMD: ambitious targets, focus Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Shaqeal A Kirunda

Equity Analystmoves to execution Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

Clear turnaround messages, addressing key issues: product, Research Associate

brands, cost, capacity utilization, investments and margin, Matias.Rodriguez@morganstanley.com +44 20 7425-1091

including additional partnerships. Targets look ambitious to us, Stellantis (STLAM.MI, STLAM IM)

the market is not going to help, the focus now moves to ADRSTLA.N

Autos & Shared Mobility | France

execution and delivery. Stock Rating Equal-weight

Industry View In-Line

The turnaround story is underway .... As expected, the CEO delivered strong and Price target €6.50

Shr price, close (May 21, 2026) €6.31

clear messages, Stellantis seems to be addressing all key issues, starting with the 52-Week Range €10.49-5.31

significant volume decline (low capacity utilization) in North America and Europe Mkt cap, curr (mn) €18,274

Net debt (12/26e) (mn)* €16,231

from past underinvestments, and product gaps and pricing missteps, rising EV, curr (mn)* €34,525

structural pressure from Chinese OEMs, US tariff headwinds, and a weakened * = GAAP or approximated based on GAAP

balance sheet with ongoing cash burn. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Sales / Revenue 153,508 156,794 158,302 158,350

… execution targets look ambitious to us, focus moves to execution. The targets (€mn)**