Relèvement des « guidances » et de nos estimations - ACHAT vs NEUTRE - OC 123€ (vs 120€)
La publication du T1 2015 constitue une réelle bonne surprise. La croissance de +5,6% reflète des effets changes très favorables, mais surtout un effet volume positif dans le segment des pneumatiques pour véhicules légers dans lequel Michelin a nettement surperformé le marché. Le groupe annonce qu’il relève ses objectifs 2015 avec un effet change sur l’EBITA attendu de +350m€ (vs +150m€ préc.) et un impact prix-mix-matières premières qui est annoncé positif sur l’ensemble de l’exercice, incluant un effet matières premières relevé de 450m€ à 600m€. Enfin, le groupe annonce un programme de rachat d’actions de 750m€. En conséquence, nous relevons sensiblement nos estimations 201516-17 (+11,7%/+17,3%/+15,5% sur les BNA), ainsi que notre objectif de cours à 123€ vs (100€ prec.). Au regard d’un potentiel conséquent (+28%) et d’une amélioration plus rapide et plus forte qu’escompté du momentum, nous relevons notre opinion à ACHAT vs NEUTRE précédemment.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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