Michelin : CMD postview: conviction further strengthened, still a Top Pick
>A convincing CMD and focus now on execution - We found the management’s answers convincing on the key themes of the equity story, namely the group’s competitiveness, its growth prospects, its technological leadership and the transformation of its profile, which has accelerated with the recent M&A deals. Therefore, after this event, we believe that the focus is now even more on execution rather than the strategic direction / positioning.In the short term, Micheli...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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