Stellantis N.V.: Postcard from Detroit CMD: Too good to be true?

研报英文原文证据摘录

Stellantis N.V.: Postcard from Detroit CMD: Too good to be true?

Equity Research

European Autos & Auto Parts

22 May 2026

Stellantis N.V.

Postcard from Detroit CMD: Too

good to be true?

STLA set highly ambitious 2028/30 targets, including a STLAM.MI/STLAM IM EQUAL WEIGHT

NEGATIVEmajor new emphasis on savings, as we expected. 750bp AOI EuropeanParts Autos & Auto

margin and €10.5bn FCF swings by 2030 based on big NA/EU Price Target EUR 10.00

unit growth despite flat markets, positive price-mix and €6bn Price (21-May-26) EUR 6.31 Potential Upside/Downside +58.6%

Source: Bloomberg, Barclays Researchcost-cutting. Most difficult execution story in EU Autos in our

view.

Henning Cosman

Overall take: Very 'hard-to-achieve' combination of AOI bridge drivers, in our view. We +44 (0)20 3134 3106

attended STLA’s CMD in Detroit on Thursday. We commend the Stellantis team for a very well henning.cosman@barclays.com

delivered event, with tangible renewed enthusiasm from all brands and regions. We view some Barclays, UK

of the upcoming product as very competitive (especially entry-level all-new Chrysler small SUVs, Erwann Dagorne

all-new RAM small trucks and large SUV, all new Fiat small SUVs and all-new Citroen retro small +33 (0)1 4458 3664

BEV). We think the team is right to set highly ambitious targets, and the absolute level of AOI erwann.dagorne@barclays.com

and FCF margin ambitions is not inconsistent vs. EU and US OEM peers (as we had also BBI, Paris

anticipated in our CMD preview). Nominally, the targets are well above consensus on AOI margin Dan Levy

and FCF, although on relatively few estimates for the outer years. But the sheer magnitude of +1 212 526 3212

improvement required for STLA and the seemingly incompatible (or at least very hard-to- dan.levy@barclays.com