Michelin : Profile remains attractive in the current macroeconomic context
>Weak October as expected but we are more cautious on 2023 volumes - Michelin yesterday reported October market data that confirms the weakness suggested by the management (mainly in passenger car tyres) for the year-end in the Q3 call (and since confirmed by its peers). As a reminder, we expect volumes to be down 3.0% this year (vs the consensus at -2.6%), suggesting a fall of ~5% in Q4. While volumes in the month are in line, we nonetheless take advantage of this up...
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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