Michelin : Year-end still weak on volumes but profile remains compelling into 2023
>Volumes still weak in December, 2023 estimates lowered (FX) - Michelin yesterday evening reported tyre market volumes for December, which confirmed the relative weakness of the replacement segment and the negative impact of the disruptions in China. But these factors already look to be largely priced into our 2022 estimates as we forecast a volume decline on the year of 3.6% (consensus at -3.2%) and 6.8% for Q4. On this basis, our 2022 earnings estimates are unchange...
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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