Michelin : Unfair punishment as the guidance does not look under threat
>Adjusted EBIT revised downwards by just 1% despite the volume effect - We are updating our estimates ahead of the Q3 2019 sales release (24 October) to reflect the latest trends (volumes, pricing, FX) and the group’s recent announcements (restructuring in Germany). All told, although our 2019 EPS estimates are reduced by 7% after factoring in these exceptional items (€ 167m), we have revised our adjusted EBIT forecast down by only 1%, which puts us in line with the ...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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