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CONSUMER CYCLICALS: Stellantis (STLA Baa1/BBB+/BBB+[P]): 2Q24 Results

CONSUMER CYCLICALS

Small negative for spreads, FCF disappoints. Execution risk seems high for 2H.

  • Revenue missed by 5%, with both North America and Europe behind that. US market share fell 1.8% in 1H although it’s framed as having troughed, with gaps in the product range blamed ahead of new launches. Q324 US production will be reduced, targeting normalised inventory by early 2025. 1H EU30 market share fell 0.8%, with inventory normalised there.
  • 1H adj. operating income was 5% below consensus, with margins in-line at 10%.
  • 1H Industrial FCF was weak at -€400mn, +€1.78bn expected. Lower EBIT, WC increase and elevated capex were all factors here.
  • FY24 guidance maintained although the wording in the slide deck is slightly more downbeat.
  • Webcast 13.00 BST https://channel.royalcast.com/stellantis-en/#!/stellantis-en/20240725_1
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