(Boursier.com) — Stellantis rises 1.8% to 17.50 euros on Friday, and increases its lead to almost 6% over the week, while the group will launch a share buyback program worth up to 1.5 billion euros after unveiling record 2022 results… The automotive group recorded a net profit of 16.8 billion euros last year, up 26%, for a net turnover of 179, €6 billion, up 18%, the result of solid net price momentum, a favorable vehicle mix and positive currency effects.
Current operating income came to 23.3 billion euros, up 29%, materializing a margin of 13.0%, which exceeds the target of 12% forecast for 2030. Figures above analysts’ expectations. All segments contribute to the growth in turnover and results, specifies the car manufacturer, whose industrial free cash-flow jumped 78% to 10.8 billion euros.
Sales of electric vehicles up 41%
Stellantis accelerated its electrification strategy with global electric vehicle (BEV) sales up 41% year-on-year to reach 288,000 vehicles in 2022.
Regarding the ordinary dividend of 4.2 billion euros corresponding to an amount to be paid of 1.34 euros per share, subject to shareholder approval, the expected timetable for the NYSE, Euronext Milan and Euronext Paris will be as follows : date of detachment on April 24, date of registration on April 25 and date of payment on May 4.
Brokers redesign their accounts
Among the latest brokers’ opinions, Berenberg is buying with an adjusted target of 18 to 21 euros and RBC has moved from ‘market performance’ to ‘outperformance’ with an unchanged target of 19 euros. Jefferies had previously revalued the file to 21 euros with a notice to purchase. The analyst (‘buy’) speaks of a second half “more resilient than expected”. The broker also highlighted the good surprise on the side of the FCF given the concerns about the logistical problems at the end of the year, and the purchase of securities of 1.5 billion euros.
For Oddo BHF (‘outperforming’), Stellantis results once again came in above expectations with an EBIT margin of 13% (vs. consensus 12.9%), supported by strong performance in key markets, but above all an FCF of 10.8 billion euros, well above expectations (9 billion euros), once again highlighting the best execution in a very difficult context (procurement, logistics).
Invest Securities had for its part raised its price target from 25 to 30 euros on the car manufacturer.