Des ambitions solides et une visibilité encore améliorée - ACHAT - OC 115€
Au long de cette journée Investisseurs sur le site de Ladoux (Clermont Ferrand), le management a eu à cœur d’illustrer sa stratégie et ses perspectives avec une impressionnante et convaincante abondance d’explications sur les métiers, les produits, le marketing et l’innovation. Le potentiel de croissance du CA, le pilotage financier de la montée des marges et la génération de FCF sont réaffirmés. Ceci conforte nos estimations même si les guidances 2020 ressortent selon nous très prudentes. Nous maintenons nos estimations 2016-18 inchangées. Notre valorisation ressort également inchangée à 115€, représentant un potentiel de +24%. Nous réitérons notre opinion ACHAT sur Michelin qui figure dans notre Sélection Invest Securities depuis janvier 2016.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.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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