Profil de croissance attractif mais bien valorisé - NEUTRE - OC 106€
Le déjeuner Invest Securities animé par la responsable IR du groupe était un rappel utile des fondamentaux du groupe et s’est beaucoup focalisé sur les impacts des nouvelles technologies dans l’industrie du pneu et les nouveaux modes de commercialisation des produits et services. Si nous ne revenons pas ici sur ces sujets, nous relevons que les guidances 2020 ont été rappelées avec la perspective de voir celles-ci actualisées lors de la présentation des résultats 2016. Pour rappel, nous avons ajusté nos estimations 201618e lors de la publication T3 (révision de nos BNA de l’ordre de -5,5%) induisant notre changement d’opinion. Notre valorisation ce jour ressort inchangée à 106€ représentant un potentiel de +2%. Notre opinion est maintenue à 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.
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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