Michelin : A more marked V but a V nonetheless
>A more pronounced trough in 2020 but 2021 will still see a recovery - Following the release of tyre market figures for May and based on a more cautious scenario for the year as a whole, we have slashed our earnings/FCF expectations for 2020, as we anticipate a tougher H1 and a more gradual recovery in H2. That said, while the trough is likely to be more pronounced than we had expected in 2020, the rebound in 2021 will be that much more marked, as evidenced by our lar...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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