Nouvelle accélération des volumes au T3 - ACHAT - OC 112€
La publication de CA T3 est en ligne avec les attentes et nos anticipations. Les précisions apportées sur plusieurs points (effets changes qui vont s’atténuer, effet mix/prix moins favorable qu’anticipé) ne remettent pas en question les objectifs 2015 de MICHELIN, ni nos estimations que nous maintenons. Le point positif de cette publication réside dans l’accélération des volumes en SR1 depuis le T1 2015, alors que les activités SR2 affichent une croissance nulle (hors effets changes) et que les activités de spécialités ne donnent toujours pas de signe de reprise. Nos modèles de valorisation par DCF et comparables n’ont que peu évolué depuis fin juillet. Ceci nous conduit à maintenir notre objectif de cours à 112€. Opinion ACHAT réitérée.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.