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

MICHELIN with less fundamental stars is reduced to Neutral

MICHELIN (FR), a company active in the Tires industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date September 15, 2020, the closing price was EUR 95.10 and its expected value was estimated at EUR 94.48.

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra is the world leader in cutting equipment and software (CAD/CAM, PLM) for the fashion, automotive and furniture markets. The current environment offers little visibility and calls for caution on the order intake in the coming quarters. Nevertheless, Lectra will make it through 2020, maintaining strong intrinsic qualities for its sector, namely high revenue recurrence (>60%), solid FCF generation (2021 yield estimated at 5.5%) and a debt-free balance sheet. At the same time, the ...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2020

...

Matthieu DRIOL

Analyse court terme - MICHELIN : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 86,91 €. La tendance de fond serait remise en cause en cas de franchissement de 112,30 €.

Matthieu DRIOL

Short term view - MICHELIN : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €86.91. The background trend would be questioned should prices rise above €112.30.

Matthieu DRIOL

Analyse court terme - MICHELIN : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 86,91 €, puis 84,81 €. Le franchissement de 112,30 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - MICHELIN : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €86.91, then €84.81. Passing €112.30 would question the continuation of the fall.

Matthieu DRIOL

Medium term view - MICHELIN : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €76.73, then €71.01. Passing €112.30 would question the continuation of the fall.

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.

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : With a € 7bn plan, France is scaling up its hydrogen industry

>€ 7bn to develop a green hydrogen industry in France - On Tuesday 8 September, the French government presented the details of its hydrogen plan with a total budget of over € 7bn. This is a clear increase compared to the € 200m initially anticipated in the 2018 plan, for the development of the industry until 2030. More specifically, € 3.4bn total investment is expected by 2023 to finance this strategy, and up to € 7.2bn by 2030. € 2bn is earmarked in the stimulus plan...

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : Avec un plan de 7 Md€, la filière hydrogène française change de dimension

>7 Md€ pour développer une « filière d’hydrogène vert en France » - - Le gouvernement français a présenté mardi 8 septembre les détails de son plan hydrogène, dont l’enveloppe totale s’élève à plus de 7 Md€. Une augmentation nette par rapport au 200 M€ initialement prévu en 2018 pour le développement de la filière jusqu’à l’horizon 2030. Plus précisément, un investissement global de 3.4 Md€ est prévu pour le financement de cette stratégie d’ici 2023, et jusqu’à 7.2 Md€...

Jean-Louis Sempé

INVEST SECURITIES - MICHELIN : Résilience mais volatilité et fragilité perdurent - NEUTRE, OC 85€ (vs 94€)

Anthony Dick ...
  • Michael Foundoukidis

Michelin : Strengths confirmed and likely to remain highly valued in H2 (and in 2021)

>Solid H1 2020 results and cautious 2020 guidance, as is often the case - Michelin's H1 2020 earnings, reported yesterday evening, beat expectations (EBIT, FCF) but confirmed that the first half was tough. It was characterised by the lockdown period (volumes at -22% with -32% in Q2) but showed a considerable level of resilience, as evidenced by largely positive EBIT (€ 310m vs consensus at € 259m) and more limited cash burn. For the year, the guidance is not expected ...

Anthony Dick ...
  • Michael Foundoukidis

Michelin : Des atouts confortés et qui resteront très appréciables au S2 (et en 2021)

>Résultats S1 solides et guidance 2020 prudente… …comme souvent - Michelin a publié, hier soir, des résultats S1 20 supérieurs aux attentes (EBIT, FCF) bien que confirmant un semestre difficile. Celui-ci a été marqué par la période de confinement (vols à -22% dont -32% au T2) mais avec toutefois une résilience appréciable comme en témoignent l’EBIT largement positif (310 M€ vs cons. à 259 M€) et le cash burn plus limité. Sur l’année, la guidance ne devrait pas entraî...

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 ...

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra is the world leader in cutting equipment and software (CAD/CAM, PLM) for the fashion, automotive and furniture markets. The current environment offers little visibility and calls for caution on the order intake in the coming quarters. Nevertheless, Lectra will make it through 2020, maintaining strong intrinsic qualities for its sector, namely high revenue recurrence (>60%), solid FCF generation (2021 yield estimated at 5.5%) and a debt-free balance sheet. At the same time, the ...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2020

...

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra est leader mondial dans les équipements de découpe et logiciels (CFAO, PLM), destinés aux marchés de la mode, de l’automobile et de l’ameublement. Le contexte actuel offre peu de visibilité et incite à la prudence au regard des prises de commandes des prochains trimestres. Néanmoins, Lectra traversera 2020 en conservant des qualités intrinsèques fortes pour son secteur, à savoir : récurrence élevée du CA (>60%), solide génération de FCF (yield 21e 5.5%), structure bilancielle s...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2020

...

MICHELIN with less fundamental stars is reduced to Neutral

MICHELIN (FR), a company active in the Tires industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date September 15, 2020, the closing price was EUR 95.10 and its expected value was estimated at EUR 94.48.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Michelin - AGM 23 June 2020

 GOVERNANCESince 17 May 2019, Florent Menegaud has been Managing Chairman, replacing Jean-Dominique Senard.The Supervisory Board is composed by a majority of independent members. However, Barbara Dalibard, the Board's lead member, has been a member for 12 years and is therefore not independent according to ECGS criteria. The proposed election and re-elections will be approved (resolutions 13 to 15). REMUNERATION (resolutions 6 to 12)The company's disclosure is satisfactory. The variable components seem to be well aligned with performance. Finally, the amounts are reasonable, especially annual ...

Charles Pinel

Compagnie Générale des Etablissements Michelin - Assemblée Générale des actionnaires du 23 Juin 2020

GOUVERNANCEDepuis le 17 mai 2019, Florent Menegaud, Gérant associé commandité, est le Président de la Gérance en remplacement de Jean-Dominique Senard.Le Conseil de surveillance est composé d’une majorité de membres libres de conflits d’intérêts potentiels. Barbara Dalibard, membre référent du Conseil, y siège depuis 12 ans et devient ainsi non indépendante selon les critères de Proxinvest. La société devrait donc modifier le titulaire de cette fonction. Les nomination et renouvellements proposés seront soutenus (résolutions 13 à 15). REMUNERATION (résolutions 6 à 12)La communication de la so...

Michelin - Assemblée générale des actionnaires du 17 mai 2019

GOUVERNANCEDepuis le 18 mai 2018, Michelin compte trois Associés Commandités : Jean-Dominique Senard, Président de la Gérance, dont le mandat a été renouvelé le 31 octobre 2014 pour une durée de quatre ans, Florent Menegaux, nommé lors de l’Assemblée générale des actionnaires du 18 mai 2018, et la Société Auxiliaire de Gestion (SAGES), non Gérant. Par ailleurs, l’Assemblée générale des actionnaires du 18 mai 2018 a nommé Yves Chapot Gérant non Commandité. Florent Menegaux sera appelé à succéder à Jean-Dominique Senard en qualité de Président de la Gérance au terme de la présente Assemblée géné...

Expert Corporate Governance Service (ECGS)

Michelin - AGM 17 May 2019

GOVERNANCE Since 18 May 2018, Michelin has had three General Partners: Jean-Dominique Senard, Managing Chairman, whose term of office was renewed on 31 October 2014 for a four-year term, Florent Menegaux, appointed at the General Shareholders' Meeting of 18 May 2018, and the company Société Auxiliaire de Gestion (SAGES), non-manager. In addition, the General Shareholders' Meeting of 18 May 2018 appointed Yves Chapot as General Manager. Florent Menegaux will succeed Jean-Dominique Senard as Managing Chairman at the end of this General Meeting.  REMUNERATION As in the previous financial year,...

Michelin – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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