The profit almost tripled in 2021, 3.3 billion euros to be allocated to the dividend and the reassurances on Russia catapult Stellantis above the threshold of 17 euros in Piazza Affari. The stock is currently gaining 4.51% at € 17.084, but hit an intraday high of € 17.23 after the group, born from the merger between FCA and PSA, announced that it closed 2021 with a profit of € 13.4 billion, above the consensus expectations of € 11.2 billion, and net revenues of € 152 billion (the consensus estimate of 149 billion), up 14%, mainly driven by a better performance than nafta area (margins equal to 16.3%) and Latin America, followed by the EMEA area. In addition, adjusted operating income nearly doubled to $ 18 billion with a margin of 11.8%, over and above the
Another positive figure was the available industrial cash flow, amounting to 6.1 billion, mainly driven by strong cash and profitability synergies, while the “strong execution” of the synergies plan brought net cash benefits of approximately 3.2 billion. , Stellantis explained. As for the industrial liquidity available, it is equal to 62.7 billion and, in fact, the resources allocated to the ordinary dividend, equal to 1.05 euro per share, in addition to the expected consent of 0.95 euro, amount to 3.3 billion. to pay, subject, of course, to the approval of the shareholders.
“Today’s record results show that Stellantis is well positioned to deliver strong performance, even in the most uncertain market contexts”, commented CEO, Carlos Tavares, thanking all Stellantis employees from all brands and departments. ” for helping to build our new society with the diversity that feeds us. ”
An award-winning contribution given that the 2021 results allow the company a redistribution to employees of 1.9 billion, 770 million more than the cumulative amount redistributed last year by each of the previous companies, equal to a 70% increase. In practice, “Italian workers will receive 450 euros in addition to the annual contractual premium in April, which as known in 2022 was equal to 1,400 euros on average”, explained Gianluca Ficco, Uilm national secretary in charge of the auto sector, after the meeting. with the vertices of Stellantis.
Tavares took this opportunity to also thank the management team “for their relentless commitment to tackling and overcoming highly adverse situations. Together, we are focused on implementing our programs as we continue on our journey to become a mobility technology company. sustainable”.
Last year Stellantis launched more than 10 new models, including Citroen C4, Fiat Pulse, DS 4, Jeep Grand Cherokee, Wagoneer, Maserati MC20, Opel Mokka, Opel Rocks-e and Peugeot 308, accelerated its commercial momentum in the Low Emission Vehicles (LEVs), leveraging the portfolio of 34 LEV models currently on the market, including medium hydrogen fuel cell vans. So much so that LEV’s global sales reached 388,000 units, up 160% year-on-year, with the number one position in battery electric van sales in EU30.
At the same time, it confirmed its strong position in the global commercial vehicle market with leadership in both the EU30 and South America markets and achieved its all-time record in world pickup sales with approximately one million vehicles sold. In North America, the Jeep Wrangler 4xe was the best-selling plug-in hybrid electric vehicle on the US retail market last year. In South America, Stellantis was the market leader with a 22.9% share and the leader in commercial vehicles with a 30.9% share.
While in enlarged Europe, Stellantis was the leader in the EU30 perimeter for commercial vehicles, with a market share of 33.7%. And while consolidated deliveries rose 6% in the Middle East and Africa, while market share grew year-over-year in most major markets, India and Asia Pacific, the company is preparing to launch the new Citroen. C3, developed and manufactured in India. Finally, in China Dongfeng Peugeot Citroen Automobile more than doubled its annual sales volume in 2020 with 100,000 units sold and Stellantis became the fourth largest distributor of spare parts in the Chinese independent aftermarket, with sales growth of around 30%.
Based on these record numbers, Stellantis expects to reach double-digit margin again this year and positive free cash flow. The group’s CFO, Richard Palmer, admitted, however, that commodity inflation will remain a problem for the entire sector this year, while the problems related to the shortage of semiconductors, which have cost the group about 20% of the production scheduled for 2021, peaked in the third quarter of last year. Palmer also pointed out that Stellantis is not significantly exposed in Russia, grappling with international economic sanctions due to tensions with Ukraine. “We are confident that we can handle the Russian crisis,” he said. In March Tavares will present the new industrial plan of the group,
While waiting this morning, as reported by the Mf-DowJones agency, Kepler Cheuvreux confirmed the buy recommendation and the target price of 30 euros on Stellantis. “The 2021 data was better than expected”, Kepler Cheuvreux underlined, highlighting that at the level of adjusted ebit the numbers beat the estimates by 13%. Geographically, Kepler Cheuvreux continued, “all areas produced higher margins than expected”. Stellantis remains one of Kepler Cheuvreux’s favorite titles in the automotive sector. Equita Sim also recommends the purchase of the share (buy) with a target price of 22 euros, judging the 2021 results “clearly higher” than expected thanks to the “good performance of all geographical areas”. As for the synergies, the Sim believes ”
For Intesa Sanpaolo, Stellantis’ results substantially exceeded its expectations and those of the consensus (Factset and Bloomberg) “which implies strong operating performance in the second half of the year despite the current difficult context at the supply chain level”. As for the 2022 guidance, added Intesa Sanpaolo, “it is based on a rather cautious market outlook that foresees an increase in the Nafta, Emea and Latin America markets by just 3%. While the current context remains difficult and a further significant jump in fundamentals of the group in 2022 seems more challenging given the starting point, we believe that the company can continue to exploit the execution of its strong synergies. The catalyst for the title remains the presentation of the business plan in March,
Citi agrees (buy and target price at 23 euros): “Stellantis reported a solid set of 2021 results that exceeded expectations in each of its regions. Revenues of 152 billion euros beat expectations by 2% and also the Free cash flow was strong at € 6.1 billion in 2021, slightly above our € 5.9 billion estimate. We believe the outlook is broadly in line with expectations with the company expecting a double-digit EBIT margin, we see it at 10.9% and the consensus at 10.4%, and a positive free cash flow: we see it at 7.9 billion and the consensus at 8.7 billion. reached 3.2 billion in 2021, compared to the goal of 5 billion by 2025, which should be reached in advance “. (All rights reserved)
