Oddo BHF - Stellantis N.V. (STLA) Stellantis : CMD 21 mai : un reset ne fait pas un redressement

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Oddo BHF

Anthony Dick ...

Michael Foundoukidis

Stellantis : CMD 21 mai : un reset ne fait pas un redressement

À l’approche du CMD du 21 mai, l’enjeu n’est plus de valider le « reset » déjà engagé, mais d’en mesurer la portée réelle sur le profil opérationnel et financier du groupe. Après un début de redressement commercial, notamment en Amérique du Nord, Stellantis doit désormais préciser ses priorités, objectiver ses choix industriels et technologiques, et surtout crédibiliser une trajectoire de cash et de retour à l’actionnaire. Nous restons prudents avec une opinion Neutre et un OC de 8 € (valorisation 2026/27e) car la visibilité nous paraît encore trop réduite et le risque d’exécution trop élevé pour justifier un rerating plus fort.

15/04/2026 1 FR

Underlying

Stellantis N.V.

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NL00150001Q9 United Kingdom

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Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Anthony Dick

Michael Foundoukidis

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Stellantis : CMD 21 mai : un reset ne fait pas un redressement

Stellantis : CMD on 21 May: a reset does not equal a turnaround

Stellantis Reports Q1 2026 Estimated Consolidated Shipments of 1.4 Million Units, +12% y-o-y

Forum Sustainability 2026 : les questions qui comptent pour les investisseurs

Sustainability Forum 2026: the issues that matter to investors

Stellantis : CMD on 21 May: a reset does not equal a turnaround

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