Analyse aandeel Fiat Chrysler Automobiles - Aanbevolen Aandeel

Fiat kan nog aanzienlijke schaalvoordelen halen uit zijn overname van Chrysler. De markt schat de combinatie Fiat-Chrysler niet op waarde. (Engelstalig rapport)

Richard Hilgert 05 december, 2014 | 16:12
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INVESTMENT THESIS

In our view, the market has unfairly discounted the intrinsic value of Fiat Chrysler Automobiles. We believe there are substantial benefits to be derived from the Fiat and Chrysler combination. Greater scale can be achieved in components, platforms, and capacity. An array of brands reduces reliance on any one vehicle category. Greater scale across more geographic regions lowers the company's costs and reduces Fiat's dependence on domestic (Italian) volume. Nonetheless, we think that only those willing to accept the risks of a highly leveraged turnaround situation in a competitive, capital-intensive, highly cyclical industry should consider investing.

The combined entity has eight brands that cater to nearly all customers (passenger and light commercial). The downside to more brands is higher marketing and distribution costs. Poor product execution results in look-alike vehicles with only a grille badge to differentiate the brands. On the upside, a diversified portfolio of well-differentiated brands reduces exposure to any single vehicle segment and substantially increases economies of scale. The scale of the combined entity is around 6 million vehicles, the sixth-largest car company in the world.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
General Motors Co52,23 USD0,60Rating
Stellantis NV16,79 EUR0,12Rating

Over de auteur

Richard Hilgert  Richard Hilgert is a securities analyst on the Industrials Team.

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