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Stellantis (Baa1/BBB+/BBB+[P]): Returning Cash to Shareholders

CONSUMER CYCLICALS

Marginal negative for spreads with Stellantis moving to more shareholder friendly policies


  • Stellantis will hold its Investor Day at 13.00 BST https://stellantis-ir-day-june-13-2024.open-exchange.net/registration with some details pre-released.
  • Margin and FCF outlooks are in line with consensus.
  • Targeting liquidity of 25-30% of revenues. This appears to be a reduction; ratio was 33% in 2023 and 35% in 2022. 3% of 2024 revenues (i.e. the lower end of the change) should be ~€5.5bn. Industrial net cash was €29.5bn at FY23.
  • 2025 upper range of its 25-30% dividend payout policy vs. 25% in recent years. Impact is around €770mn.
  • For context FY24 EBITDA is expected at €27.6bn.
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