Michelin Reports Mixed Full-Year 2016 Results; Fair Value Estimate Raised to EUR 87 from EUR 85
No-moat Michelin reported mixed full-year 2016 earnings per diluted share before special items of EUR 8.50 and operating income before special items of EUR 2.7 billion for an operating margin of 12.9%. The results were in line with our expectations. Getting a headwind from exchange rates, revenue and operating income would have been EUR 370 million and EUR 122 million higher excluding the unfavorable impact of currency translation. Owing to the time value of money component of our discounted cas...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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