Despite the 59% rise in Stellantis last year, 54% of the 2023 ABR (ie. research note from 23/03/2024), PEUG’s discount is 60%, an all-time record reached in 2012/2013 when Stellantis did not exist. Is this a return to square one?
Traditionally, PEUG’s performance has been correlated with that of the car manufacturer, but this was not at all the case last year. In addition, PEUG suffered the resounding bankruptcy of Orpea, followed by that of Signa (unlisted property), which was fully written down in 2023 (€434m). In our view, these setbacks cost Chief Executive Bertrand Finet his job and probably cast a pall over the Group’s management in the minds of investors.