Solide mais un peu « sur-gonflé » à court terme - NEUTRE - OC 100€
Après un exercice 2014 sous pression sur les volumes en Europe et sur les marges qui ont décroché dans le segment des pneus de spécialités, Michelin devrait retrouver en 2015 un environnement plus favorable pour un rebond de son activité et de ses résultats. Après sa remontée en bourse depuis le T4 2014, les multiples sont remontés vers leurs niveaux relatifs moyens historiques et sont proches de la moyenne des comparables. Des annonces sur la reprise des volumes sont nécessaires pour la relance de la croissance du CA et des marges, même si les effets changes et l’impact matières premières vont avoir un effet favorable en 2015. Notre valorisation du titre ressort à 100€ par DCF et comparables. Nous initions le suivi de Michelin avec la recommandation 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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