(News Bulletin 247) – Following the announcement of the 2022 results, Oddo is revising its estimates upwards by 9% for 2023 and is now nearly 20% above the pre-publication consensus.
The analyst confirms his Outperformance opinion and raises his target price to 22 E (against 20 E).
‘ The publication of Stellantis has, once again, confirmed the manufacturer’s best-in-class status with a still very robust operational performance in H2 2022 (MOP of 12.0%) despite the numerous difficulties in terms of supply and logistics ‘ indicates Oddo.
Oddo estimates that the manufacturer is capable of exceeding the current consensus expectations which stand at 10.5% for the MOP and 9.5 MdE on the FCF, which was confirmed by the CFO during the conference call.
‘Thus, we have revised upwards our estimates which were already higher (MOP of 12.5% ​​vs. 11.5%, FCF of 11.0 MdE vs. 9.5 MdE) and estimate likely double-digit revisions to expectations’ adds the analysis office.
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