Michelin : Une prudence qui ne saurait occulter les atouts du groupe
>Des résultats 2019 solides mais une prudence accrue sur 2020 - Michelin a publié des résultats 2019 solides, notamment marqués par un EBIT en ligne et un FCF supérieur aux attentes. Pour autant, la guidance 2020 et le message relativement prudent du management (comme souvent) sont venus ternir cette publication et pourraient peser sur le cours aujourd’hui. Toutefois, la faiblesse des ajustements à venir du consensus (~3-4% max) nous rappelle la résilience de Michelin...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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