Raising Michelin FVE to EUR 90 from EUR 87 on Effective Tax Rate Change
We have raised our fair value estimate on the shares of no-moat-rated Michelin by EUR 3, to EUR 90. Morningstar now believes that tax reform under the Trump administration is more likely than not. We assumed a 25% statutory corporate tax rate on Michelin’s U.S. pretax income, down from the current tax rate of 35%. Since 2012, Michelin’s North American revenue averaged 36% of consolidated total while noncurrent assets were 22%. Analyzing capacity, the U.S. accounts for 80% of the North American t...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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