Ca T3 juste en ligne, objectifs 2017 réitérés - VENTE - OC 119€ (vs 110€)
Le groupe a publié un CA T3 2017 de 5 335m€ (+3%), marqués notamment par un fort effet mix-prix sur des volumes toujours positifs sur ce trimestre. Mais le poids des effets changes est et sera plus marqué que prévu. Le groupe réaffirme ses guidances 2017 et MT avec notamment une croissance (non chiffrée) de l’EBITA en 2017. Après ajustement des composantes de notre EBITA 2017 et de nos estimations 2017/19 par secteurs, nos BNA 2017/19e ressortent inchangés. Notre valorisation remonte à 119€ (vs 110€ préc.) du fait des paramètres de marché plus favorables mais sans potentiel de revalorisation à CT. Ceci nous incite à réitérer notre opinion VENTE.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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