Perspectives 2015 réitérées après un S1 contrasté - ACHAT - OC 112€ (vs 123€)
La publication du S1 15 intervient dans un contexte boursier chahuté pour le secteur. Entre les «plus» (croissance des volumes élevée en SR1, marges en net rebond en SR2, marges «résistantes» à niveau élevé en SR3…) et les déceptions sur la composante effet mix/prix toujours négative, assortie d’une guidance ajustée à la baisse pour 2015, le groupe confirme ses objectifs 2015. Pour notre part, alors que notre thème d‘investissement demeure identique, nous avons ajusté nos estimations par secteur mais nos estimations d’EBITA et de BNA 2015-2017 sont inchangées. Néanmoins, nous abaissons notre objectif de cours à 112€ (vs123€), reflet des comparables dont les multiples ont baissé et de la remontée du WACC de notre DCF. 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.
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