Morningstar: aandeel in de kijker is Fiat Group SpA (24/5/2014)

FCA Refuses to Stay Down for the Count; Detailed Thoughts post-Conference

In our view, the market has unfairly discounted the intrinsic value of Fiat S.p.A. 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 investors who are willing to accept the risks of a highly leveraged turnaround situation in an extremely competitive, capital-intensive, cyclical industry should consider investing

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