Stellantis: Oddo BHF still neutral after a roadshow

(CercleFinance.com) - A few days after CEO Carlos Tavares quit, and the announcement of a new corporate governance structure, Oddo BHF analysts organised an investor roadshow yesterday in the presence of Doug Ostermann, Stellantis' CFO.
Following this meeting, Oddo BHF confirms its Neutral recommendation on the share and leaves its price target unchanged at E12.

The CFO seemed perfectly aware of the challenges facing the car maker. He did not downplay the short-term operational difficulties, while expressing confidence in the group's prospects, from 2025 and beyond, and in the strategic choices made in recent years, the analyst says.

The analyst believes that the changes at the head of the group should enable the process of overhaul to be accelerated and intensified in the coming weeks, pending the appointment of the future CEO (in H1).

In the near term, the change in governance towards a smaller and therefore more agile executive committee (10 members instead of 30, including the CEO), already announced and which we were hoping for, is also a first positive signal, Oddo BHF explains.

In the short term, the CFO stressed the priority given to improving business in H2 - particularly in the US.

The CFO expressed confidence in the car maker's ability to rebound and improve its performance next year (guidance in February), with, in our opinion, seasonal factors favouring H2, which are partly linked to launches, Oddo BHF adds.


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