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#turnaround

04Reports
·汽车制造 ·内部研究

Stellantis: Deep Discount, Real Net Cash, and a Turnaround Still on Trial

Stellantis is a global multi-brand automaker (Jeep, Ram, Peugeot, Fiat and more) whose economics hinge on North America, entering 2026 after a 22.3 billion EUR net loss in the 2025 reset year. Industrial net cash of 9.5 billion EUR and Q1 2026's return to growth (revenue up 6%, adjusted operating margin 2.5%) buy the turnaround time, yet at 5.81 USD the shares sit between the ideal-buy zone and fair value while warranty scars and tariffs keep normalized earning power suspect. Rating Watch: deep discount and net cash create upside, but the turnaround still needs proof in North America, warranty costs, and cash generation.

STLA.US Stellantis N.V. #automotive#turnaround#North America#tariffs#FaSTLAne 2030#warranty provisions
Watch
BIO.US logo
·生命科学工具 ·内部研究

Bio-Rad Laboratories: A Company in Transition, Priced Without a Margin of Safety

Bio-Rad is a diversified life-science tools and clinical-diagnostics supplier whose core operations generated 2.58 billion USD of 2025 sales, complicated by an unusually large Sartorius AG stake that dominates its GAAP earnings. Q1 2026 brought a 527.1 million USD net loss driven by a 727.7 million USD fair-value drop on the Sartorius stake, even as the operating business still produced 108.1 million USD of operating cash flow, and management cut full-year currency-neutral revenue guidance to a range of -3.0% to +0.5%. Rating Hold: durable niche assets and real asset backing, but at 297.09 USD the price already assumes the 2026 slowdown is manageable and leaves no margin of safety.

BIO.US Bio-Rad Laboratories, Inc. #Life Science Tools#Clinical Diagnostics#ddPCR#Sartorius Stake#Sum-of-the-Parts#Turnaround
Hold
SHA.XETRA logo
·汽车零部件 ·内部研究

Schaeffler: More Interesting Than Its Multiple, but Not Yet Safer Than It Implies

Schaeffler is a German motion-technology supplier (bearings, automotive aftermarket, and electrification systems), reshaped into a four-division group after the 2024 Vitesco merger, with 2025 revenue of EUR 23.5 billion. The legacy bearings and aftermarket businesses are better than the stock's distressed-supplier multiple implies, but E-Mobility still ran a -16% adjusted EBIT margin in 2025 and EUR 4.9 billion of net debt keeps the group below investment grade, so the cheap multiple reflects real transition risk rather than hidden value. Rating Watch: buy only at a larger discount (ideal entry EUR 6.2-6.9) or after clearer proof that E-Mobility losses and leverage are turning.

SHA.XETRA Schaeffler AG #auto components#Vitesco merger#E-Mobility#bearings#turnaround#valuation
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