Michelin : Une sanction injustifiée alors que la guidance ne semble pas menacée
>Un EBIT ajusté revu en baisse de seulement 1% malgré les volumes - Nous mettons à jour nos estimations en amont de la publication du CA T3 (24/10) afin de refléter les dernières tendances (volumes, prix, devises) ainsi que les récentes annonces du groupe (restructurations en Allemagne). Au global, si nos prévisions de BPA 2019 sont revues en baisse de 7% suite à l’intégration de ces éléments exceptionnels (167 M€), nos estimations d’EBIT ajusté ne sont, elles, rédui...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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