Michelin : A solid and promising earnings release ahead of the CMD
>H2 2020 even better than expected and encouraging 2021 guidance - Although solid figures and a beat had been expected in the wake of peer publications (Nokian, Goodyear and Hankook), they ultimately came in well above guidance and doubtlessly the most optimistic expectations with, for H2 2020, adjusted EBIT 20% above estimations, FCF more than 40% higher as well as a nice surprise on the dividend. Beyond this, despite some caution (which should not surprise from Mich...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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