stellantis he scored best semester ever despite the supply crisis (shortage of chips), the difficulties of the logistics chains, the higher cost of raw materials (3 billion euros in the semester) and the turbulence of the financial markets. Analysts have followed the accounts of Stellantis with the attention paid to the masters, illustrated without emphasis by Carlos Tavares, the great protagonist of the leap forward. All in all, the secret is simple: don't run after turnover, down by 7%, if anything focus on high-end models and make good use of the treasure of the models inherited in the USA from the old FCA, also thanks to the advantages offered by the weak euro. The parity between the single currency and the dollar only partially explains the boom in operating margins in North America, which rose to 18,1%, or other stellar results, such as the industrial cash flow of 5,3 billion, achieved also thanks to €3,1 billion in synergies, or available industrial liquidity, which stands at €59,7 billion.
Stellantis will become a sustainable mobility company
In this way, Tavares has been able to ride a stormy sea, where the giant Volkswagen struggles, as demonstrated by the recent resignation of Diess. Without however forgetting the most ambitious goal: to transform the fourth car group on the planet into a sustainable mobility company, which in this guise aims to double its turnover by 2030. Thanks also to the thrust of electric motors: (which he doesn't like): "In Europe - notes the CFO Richard Palmer - we are one step away from Tesla's numbers, second only to Volkswagen".
The secrets of Tavares
The important thing is not to be betrayed by the mania for numbers: in the second half of the year, Stellantis put a slowdown in sales (-12% in Europe, -8 in America), without getting too many illusions about the increase in chip supplies. But the important thing is that the premium brands of the group continue to sell at prices above inflation, as has been the case up to now.
The secret of Tavares' successes lies in the interpretation of a rapidly evolving market, where volumes take a back seat to the need to focus on models (28 new electric proposals on the way) capable of offloading the higher costs linked to inflation on the end user.
Tavares spared no words on Tonale or the forthcoming launch of the new "amazing" Maserati, but said he was cold on the prospect of initiatives on the stock. In any case, the worst could be behind us for now, and not just for Stellantis (+3% after the data).
"We expect to see improvements in consensus on EBIT close to double digits after these higher than expected results," underlined Citi, which has a target price of 25 euros on the stock and a "buy" rating.
Other automotive titles
But Stellantis is not alone. The manufacturing sector explodes today on the Milanese price list. Iveco, another arrow in Exor's bow, determined to leave behind a difficult semester, gained 4,45%. But the most brilliant performance in the automotive world concerns Brembo (+5,04%), which, defying the atmosphere of recession, is preparing to double its presence in China, the reference shareholder of the courted Pirelli (+2,3%). And, outside the automotive, they run Moncler (+ 5%) and stm (+ 2,5%).
Business Square (+1%) is once again the best in the Old Continent, but the spread is rising again (to 243 points). Industry is not everything.
