Stellantis: Oddo BHF still says buy
(CercleFinance.com) - The group inaugurated its first gigafactory in France, just three years after the creation of the joint venture ACC (Automotive Cells Company) by Stellantis and TotalEnergies, joined by Mercedes-Benz in 2021.
Following this inauguration, Oddo BHF confirms its Outperform rating on the stock and its target price of E22.
The plant, for which construction began in early 2022, is due to come on stream by the end of the summer, with an initial production line of 15 GWh (at an estimated cost of E800m) operated by 300 employees (80% of whom will come from the neighbouring Stellantis plant). Two further lines will be installed over the next few years, bringing the site's total capacity to 40 GWh, mainly for Stellantis' French sites, Oddo BHF says.
At full capacity, the ACC plant will be able to supply the batteries needed for 300,000 BEVs p.a. in the first two years, rising to over 800,000 over the longer term, the broker adds.
Finally, two other plants are planned for ACC in Europe between now and 2026 (in Germany and Italy).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Following this inauguration, Oddo BHF confirms its Outperform rating on the stock and its target price of E22.
The plant, for which construction began in early 2022, is due to come on stream by the end of the summer, with an initial production line of 15 GWh (at an estimated cost of E800m) operated by 300 employees (80% of whom will come from the neighbouring Stellantis plant). Two further lines will be installed over the next few years, bringing the site's total capacity to 40 GWh, mainly for Stellantis' French sites, Oddo BHF says.
At full capacity, the ACC plant will be able to supply the batteries needed for 300,000 BEVs p.a. in the first two years, rising to over 800,000 over the longer term, the broker adds.
Finally, two other plants are planned for ACC in Europe between now and 2026 (in Germany and Italy).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.