Free Trial
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.
CONSUMER CYCLICALS
- Stellantis reports 1H24 results on Thursday.
- Quarterly releases are sales figures only, so 1Q was light on detail. Revenue missed by 5% but FY24 guidance was confirmed, with destocking ahead of new launches cited as a non-recurring drag. Inventory reduction was a positive at least given concerns on buildup there.
- FY24 operating profit consensus was fallen around 7% since. Hopes of a H2 recovery in Europe have been questioned; Stellantis generates 35% of its revenue there.
- Spreads have underperformed the sector over 3 months, largely due tight starting valuations. Management also announced it will return some of the Covid cash buffer to shareholders at the investor day in June.
- Margin outlook is the key metric to watch; risks could arise from the need to destock inventory further and questions over a 2H recovery.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok