Michelin First-Half 2016 Margin Up on Lower Raw Material Costs; Maintain EUR 85 Fair Value Estimate
No-moat rated Michelin reported first-half 2016 diluted earnings per share of EUR 4.17, EUR 0.17 better than the market consensus EPS estimate of EUR 4.00 and well ahead of the EUR 3.72 reported in the same period a year ago. Being a French domiciled company, Michelin only reports full financial statements every six months. We view this 3-star rated stock as reasonably priced relative to our estimate of future cash flows that result in our EUR 85 fair value.Owing to unfavorable pricing and curr...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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