Les guidances 2017 deviennent très ambitieuses - VENTE vs NEUTRE - OC 110€
Michelin a publié des chiffres S1 2017 juste en ligne, marqués notamment par une érosion de la marge d’EBITA et un FCF négatif. Le groupe reste dans l’anticipation du rebond de ses marges au S2 17 suite aux hausses des prix de ventes fin T2. Les guidances 2017 et MT sont inchangées avec la promesse réitérée d’une croissance non chiffrée de l’EBITA au S2 17 et sur 2017, malgré le retard du S1 et la disparition des effets changes positifs. Après ajustement de nos estimations 2017/19 par secteurs, nos BNA ressortent inchangés. Notre valorisation est maintenue à 110€, sans potentiel de revalorisation à CT. Ceci nous incite à dégrader notre opinion à VENTE vs NEUTRE.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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