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.
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.
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