Stellantis Second-Half Results Impress, Issues 2023 Guidance; FVE Increased to EUR 38

No-moat-rated Stellantis reported second-half revenue of EUR 91.6 billion, up 19% from EUR 76.8 billion reported in the prior year. The top line was 2% above the FactSet consensus. Excluding favorable currency, revenue rose 12%. The increase was substantially better than the 4% rise in unit volume to 3.0 million from 2.9 million last year. The chip shortage and logistics disruptions as well as unfavorable geographic mix contributed negative 1 percentage point to the revenue increase, more than offset by vehicle pricing, content, and mix that added 10 percentage points while average revenue per unit rose 25%. The automaker (French domiciled for accounting purposes) discloses only revenue in the first and third quarters but full financials for the first half and full year.