2025-05-29-Bernstein-斯特兰蒂斯（STLA）_斯特兰蒂斯_伯恩斯坦投资者日会议要点_10页_189kb

Key Takeaways and Summary

Stellantis (STLA) can manage its net exposure to US tariffs between €1 billion and €1.5 billion, with potential fluctuations as policies evolve. The company is shifting its strategy to prioritize sustainable margins of 6-8% alongside top-line growth, market share expansion, and cash generation.

New CEO Antonio Filosa brings hands-on experience from senior roles across Europe, Latin America, and North America. His leadership has been marked by addressing inventory issues, adjusting pricing, and rebuilding dealer relationships in North America, with a focus on actionable results.

Tariff exposure: Stellantis generates over 50% of its income outside North America, distinguishing it from US-focused competitors. To reduce tariffs, the company is increasing sourcing from US-based suppliers for vehicles built in Mexico and Canada for the US market.

Product strategy: Stellantis employs four multi-energy platforms for flexible production of BEVs, mild hybrids, PHEVs, and ICE vehicles. The approach is region-specific: Europe emphasizes BEVs, North America focuses on hybrids and range-extenders, and South America prioritizes ICE vehicles with various fuel types. The “produce where we sell” strategy ensures over 80% of sales are sourced locally.

Technological advancements: Development of the STLA Brain centralized electrical architecture, expected in the first 2026 Stellantis vehicle. ADAS capabilities are advancing from L2 to L3, set to standardize in future models.

Valuation: Bernstein has a €10.48 FY2026 price target for STLAP FP, translating to a $11.70 price target for STLA US, based on a P/E multiple of 3.65x and an €1.12 USD/EUR exchange rate. The stock is rated as Market-Perform, with upside risks including lower inflation, stronger pricing, restructuring acceleration, or favorable tariff changes, while downside risks include underperforming core markets or higher investment needs.

Details include growth in the US and Europe, USMCA compliance, and the High Noon restructuring program.