Contexte moins favorable au S2 mais objectifs réitérés - ACHAT - OC 112€ (vs 115€)
Avec un S1 16 en ligne, des guidances précisées sur un S2 16 qui s’annonce plus « challenging » et des objectifs maintenus à horizon 2020, Michelin semble en mesure de poursuivre la croissance de sa rentabilité d’exploitation et devrait trouver un relai avec le rebond de SR3 en 2017. Notre valorisation mise à jour ressort à 112€ (vs 115€ préc), représentant un potentiel de +24%. Nous réitérons notre opinion ACHAT.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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