Report
Anthony Dick ...
  • Michael Foundoukidis

Michelin : Strengths confirmed and likely to remain highly valued in H2 (and in 2021)

>Solid H1 2020 results and cautious 2020 guidance, as is often the case - Michelin's H1 2020 earnings, reported yesterday evening, beat expectations (EBIT, FCF) but confirmed that the first half was tough. It was characterised by the lockdown period (volumes at -22% with -32% in Q2) but showed a considerable level of resilience, as evidenced by largely positive EBIT (€ 310m vs consensus at € 259m) and more limited cash burn. For the year, the guidance is not expected ...
Underlying
Compagnie Generale des Etablissements Michelin SCA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Anthony Dick

Michael Foundoukidis

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