Stellantis: Gearing Up for Second-Half Improvement; Management Maintains 2024 Guidance

No-moat-rated Stellantis held its investor day on June 13 where management highlighted the company’s positioning in the global vehicle market, with a particular focus on its progress in the electric vehicle market. The event did not produce any incremental news that is material to our valuation, but it did provide clarity on some of the automakers’ key initiatives. We maintain our fair value estimate of EUR 36, with shares trading at a 44% discount to our fair value.