Michelin FY2017 Margins Contract Despite Price Increase; Maintaining EUR 90 FVE
No-moat-rated Michelin reported full-year 2017 diluted earnings per share of EUR 9.34, EUR 0.14 better than the market consensus EPS estimate of EUR 9.20 and EUR 0.31 ahead of the EUR 9.03 EPS reported in 2016. Being a French-domiciled company, Michelin only reports full financial statements every six months. Currently trading at nearly a 40% premium to our EUR 90 fair value estimate, we view 2-star rated Michelin stock as over-valued relative to our estimate of future cash flows and returns on ...
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