STLAM: Takeaways from Stellantis' 2026 Investor Day

研报英文原文证据摘录

STLAM: Takeaways from Stellantis' 2026 Investor Day

RBC Capital Markets, LLC

Tom Narayan (Analyst)

(212) 428-2364, tom.narayan@rbccm.com

Thomas Ito, CFA (Senior Associate)

(212) 301-1402, thomas.ito@rbccm.com

May 22, 2026 Sector Perform

MILAN: STLAM; EUR 6.31 Stellantis NV Price Target EUR 7.00RESEARCH Takeaways from Stellantis' 2026 Investor Day Scenario Analysis*

Our view: We attended Stellantis' '26 Investor event at its Michigan HQ. Downside Current Price Upside

Management should be applauded for issuing an ambitious plan through Scenario Price Target Scenario

2030. North America accounts for ~60% of the incremental EBIT and is 3.00 6.31 7.00 11.00

coming largely from higher Ram volumes. Europe meanwhile is focusing 42% 22% 85%

on its national champions while at the same time reducing plant capacity *Implied Total Returns

through its China JVs. Finally, its EBIT bridge to 2028 is largely driven by Key Statistics

cost-cutting. We expect investors will want proof points on all of these Shares O/S (MM): 2,911.9 Market Cap (MM): 18,365EQUITY Dividend: 0.68 Yield: 10.8% aspirations before getting constructive. Avg. Daily Volume: 30,782,460

Key points: RBC Estimates

North America to drive company EBIT improvement. Stellantis is FY Dec 2025A 2026E 2027E

forecasting NA top line growing by 25% from 2025 to 2030 and margins Revenue 153,508.0 158,965.4 162,422.4

increasing from -3.1% to +9% (midpt of guidance range). This implies + Prev. 160,344.2 163,734.8

EBITDA, Adj 6,076.0 10,538.3 12,951.5 €8.8B in incremental EBIT over this period and would be 62% of the Prev. 10,884.5 13,201.5

total company’s EBIT improvement. Across its brands, management plans EPS, Adj Diluted (0.42) 0.71 1.70

to grow Chrysler volumes by 60% (225K from 143K). This includes 3 Prev. 0.89 1.76