Michelin : September trends still weak, but not more than expected
>Volumes weakness now well known and already included in our Q3/FY estimates - Overall, September volumes continued the trend of previous months, with global replacement volumes positive (mostly linked to EU Winter/all-season in PLT) and OE volumes (strongly) negative, both for light vehicles and trucks. These figures are in line with most tyre manufacturers' messages recently and back our cautious approach towards Q3 sales (€ 6.7bn, -4.7% incl. volumes at -5.6%e) as...
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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