(News Bulletin 247) – RBC Capital Markets renewed its ‘outperformance’ opinion on Stellantis on Tuesday, with a target price of 20 euros, believing that the recent appointment of Natalie Knight as chief financial officer could foreshadow increased attention to the North American market.
“Knight will be based in Auburn Hills, Michigan, and we believe his ability to target North American investors was a key consideration in his appointment,” RBC said.
According to the Canadian broker, the new executive could be willing to organize more meetings with the financial community in the United States, an element likely according to him to allow Stellantis to catch up in terms of valuation vis-Ã -vis of Ford and GM, which are used to regularly organizing meetings with investors in the region.
The broker points out that despite much higher operating margins, the Stellantis share is now traded on the basis of an enterprise value / EBITDA ratio of 1.4x, against 1.5x for GM and 2.0 x for Ford.
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