Michelin First-Half 2017 Margin Weaker Despite Price Increase; Maintain EUR 90 FVE
No-moat-rated Michelin reported first-half 2017 diluted earnings per share of EUR 4.73, EUR 0.23 better than the market consensus EPS estimate of EUR 4.50 and well ahead of the EUR 4.17 reported in the same period a year ago. As a French-domiciled company, Michelin only reports full financial statements every six months. Currently trading at nearly a 30% premium to our EUR 90 fair value estimate, we view 2-star-rated Michelin stock as overvalued relative to our estimate of future cash flows and ...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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