Fort CA T1 sans incidence sur les guidances 2017 - NEUTRE - OC 110€ (vs 106€)
Michelin a publié un CA T1 au-dessus des attentes. Mais la forte croissance, liée à l'anticipation des hausses de prix, est temporaire et ne devrait pas permettre une amélioration des marges au delà des objectifs déjà annoncés en février 2016. Le profil 2017 se confirme : forte croissance du CA S1 puis rattrapage des marges au S2. Les guidances 2017 sont inchangées et nous relevons marginalement notre CA 2017 sans impact sur les résultats. Notre valorisation est ajustée à 110€ vs 106€ préc. Opinion Neutre maintenue.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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