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Stellantis (Baa1/BBB+): 1Q24 Revenue Preview{STLA US Equity}

CONSUMER CYCLICALS

Stellantis reports Q1 sales and revenue tomorrow pre-US open.


• Consensus sees €4.39bn revenue, 7% lower YoY and at the low end of peers although on tough 2023 comps.

• Q423 results produced a small beat but came with a challenging outlook. Management described 2024 as “turbulent”, guiding for lower operating margins (double digit) and vaguely “positive” FCF. Nonetheless a $3bn share buyback was maintained.

• Spreads have been broadly flat vs peers since Q4 results.

• Updates to margin guidance will be keenly watched.

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