STELLANTIS : Oddo BHF reiterates its opinion after a roadshow
December 06, 2024 at 06:03 am
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A few days after the departure of CEO Carlos Tavares and the announcement of a new corporate governance structure, Oddo BHF analysts organized an investor roadshow yesterday in the presence of Doug Ostermann, CFO of Stellantis. Following this meeting, Oddo BHF confirms its Neutral recommendation on the share and leaves its price target unchanged at 12 E.
' The CFO seemed perfectly aware of the challenges facing the manufacturer. He did not downplay the short-term operational difficulties, while expressing confidence in the Group's prospects, from 2025 and beyond, and in the strategic choices made in recent years', says the analyst.
The analyst believes that the changes at the head of the Group should enable the process of overhaul to be accelerated and intensified in the coming weeks, pending the appointment of the future CEO (in the first half of the year).
In the short term, the change in governance towards a smaller and therefore more agile executive committee (10 members instead of 30, including the CEO), already announced and which we were hoping for, is also a first positive signal", explains Oddo BHF.
In the short term, the CFO stressed the priority given to improving business in the 2nd half of the year, particularly in the USA.
'The CFO expressed confidence in the automaker's ability to rebound and improve its performance next year (guidance in February), with, in our opinion, a seasonality in favor of H2 partly linked to launches' adds Oddo BHF.
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Carlos Tavares is a Portuguese businessperson who has been at the head of 7 different companies and holds the position of Chief Executive Officer & Executive Director at Stellantis NV and Chairman at Peugeot Citroën Automobiles SA (a subsidiary of Stellantis NV). Mr. Tavares is also on the board of Airbus SE and Airbus Holding SA and Chairman at Fondation PSA Peugeot Citroën.
Mr. Tavares previously held the position of President of European Automobile Manufacturers Association, Chief Operating Officer of Renault SA, Director at Nissan Motor Co., Ltd. and Chairman & President for Nissan North America, Inc. (a subsidiary of Nissan Motor Co., Ltd.), General Manager-Micro Enterprise at Bed & Breakfast Association of Kentucky, Member-Managing Board at Renault-Nissan-Mitsubishi Alliance, Chairman-Supervisory Board at Opel Automobile GmbH and Chairman-Management Board at Peugeot SA.
Mr. Tavares received an undergraduate degree from École Centrale Paris.
Stellantis N.V. is one of the world's leading car manufacturers. The activity is essentially organized around 4 sectors:
- sales of passenger cars and light commercial vehicles: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys brands;
- sale of luxury vehicles: Maserati and DS Automobiles brands;
- sale of automotive equipment: interior systems, car seats, car exteriors, emission control systems, etc.;
- other: sales financing services (purchase, rental, leasing, etc.), after-sales services, etc.; - other: sales financing services (purchase, rental, leasing, etc.).
Net sales are distributed geographically as follows: the Netherlands (0.8%), North America (46.7%), France (9.5%), Brazil (7.3%), Italy (6.2%), Germany (5.5%), the United Kingdom (4.4%), China (0.6%) and other (19%).
STELLANTIS N.V. 
