Michelin B

Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.
  • TickerML
  • ISINFR0000121261
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance

Analysts

Xavier Caroen

Michelin: A performance in line with expectations despite strong FX headwind

Michelin: (BUY , Fair Value EUR146 (+35%)) Michelin: A performance in line with expectations despite strong FX headwind Yesterday after market Michelin posted a perf. in line with market expectations, despite strong FX headwind. As anticipated, LfL sales and EBIT growth came from Price/Mix effect and from Specialties business. 2018 targets were reiterated implying strong growth to expect in H2 on EBIT and earnings. We reiterate our Buy rating on Michelin with a FV of EUR146/sh. Risk/reward looks to us quite attractive at current share price.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 25/10/2019 - Bharti Airtel

Bharti Airtel (Vente vs Conserver) : Décision défavorable de la cour suprême indienne RBS (Vente) - T3-19 : Perte nette de -£315m, provision de £900m liée au PPI Michelin (Achat) - 9M-19 :CA de €17,9mds (+10,4%), objectifs 2019 confirmés Renault (Conserver versus Achat) -T3-19 : CA de €11,3 mds (-1,6%, -1,4% en organique) AB Inbev (Achat) : Une croissance faible attendue de l’EBITDA sur l’exercice 2019 compte tenu des difficultés rencontrées au T3-19 International Game Technology (Achat) : Remporte l'appel d’offre pour gérer la loterie brésilienne ...

Michael Foundoukidis

ODDO : Pneus : des arguments solides pour un retour en grâce en 2020

Après avoir été pénalisés par la rotation vers les cycliques au S2, les pneumaticiens pourraient revenir en grâce en 2020 et profiter de leurs atouts (moindre sensibilité volumes, prix-mix, investissements maîtrisés, FCF…) et d’une valorisation attractive, malgré notre prudence sur les volumes (estim. -3%en moy.). Il faudra cependant rester sélectif. Nous jouons Michelin vs Continental (Large Caps) et Pirelli vs Nokian (Midcaps). - >Des volumes encore sous pression en 2020...

Michael Foundoukidis

ODDO : Tyres have solid arguments for a return to favour in 2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - >Pressure on volumes set to persist in 2020 - 2019 proved v...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior