Michelin : Reassuring release, highly appreciated (and differentiating) discipline
>Release in line (ex FCF) and guidance seen as cautious, as usual - Michelin reported 2022 results broadly in line (EBIT of € 3.396bn vs consensus of € 3.371bn), with, as expected, weak volumes (but less so in Q4) but also, more positively, the group’s confirmed capacity to offset (high) inflation through prices and confirmation of the recovery in specialties (OM of 16.2% in H2 vs 13.5% in H1 and 11.3% in H2 2021). Looking beyond this and as we feared (particularly af...
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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