Michelin : Magnitude of June volumes weakness not worse than anticipated
>H1 & FY expectations already adjusted ahead of earnings release (24 July) - Overall, June volumes were down but this should not surprise anyone after recent cautious messages on volumes from tyre makers, notably Michelin, with the magnitude not looking to us worse than anticipated. Indeed, it seems to fit with our -5.5% expectation for Michelin Q2 volumes (-4.8%e over H1) and should notably be offset by robust price/mix (+2.3%e). As a reminder, we expect revenue down...
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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