Free Trial

Stellantis FY: Strong Results But Concerns on Outlook

CONSUMER CYCLICALS
  • Potentially negative for spreads.
  • Revenue in line. Operating income came in +3% vs expectations, +1.4% YoY.
  • FCF of €12.86bn, +3% ahead of consensus.
  • €3bn share buyback planned in 2024.
  • The outlook is challenging with management expecting a “turbulent” year ahead. Guiding for “double digit” operating margin vs 11.2% 2023, down from 12.2% 2022. They expect “positive” FCF which is clearly vague. Credit investors may not be thrilled with the buyback given the outlook.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.