Michelin B

Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.
  • TickerML
  • ISINFR0000121261
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance

Analysts

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Xavier Caroen

Michelin: A performance in line with expectations despite strong FX headwind

Michelin: (BUY , Fair Value EUR146 (+35%)) Michelin: A performance in line with expectations despite strong FX headwind Yesterday after market Michelin posted a perf. in line with market expectations, despite strong FX headwind. As anticipated, LfL sales and EBIT growth came from Price/Mix effect and from Specialties business. 2018 targets were reiterated implying strong growth to expect in H2 on EBIT and earnings. We reiterate our Buy rating on Michelin with a FV of EUR146/sh. Risk/reward looks to us quite attractive at current share price.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 25/10/2019 - Bharti Airtel

Bharti Airtel (Vente vs Conserver) : Décision défavorable de la cour suprême indienne RBS (Vente) - T3-19 : Perte nette de -£315m, provision de £900m liée au PPI Michelin (Achat) - 9M-19 :CA de €17,9mds (+10,4%), objectifs 2019 confirmés Renault (Conserver versus Achat) -T3-19 : CA de €11,3 mds (-1,6%, -1,4% en organique) AB Inbev (Achat) : Une croissance faible attendue de l’EBITDA sur l’exercice 2019 compte tenu des difficultés rencontrées au T3-19 International Game Technology (Achat) : Remporte l'appel d’offre pour gérer la loterie brésilienne ...

Michael Foundoukidis

Michelin : Not as bad as feared

>Publication beat expectations which should be reassuring at last - Keenly awaited after September’s market data and the warning issued by Nokian Tyres on weak volumes, Michelin’s Q3 sales publication which beat expectations (+2.5%) should reassure. The group is maintaining its FY targets despite headwinds on volumes and thanks to the very solid and much stronger than expected price mix. Better yet, the consensus should make a slight upward adjustment to forecasts aft...

Michael Foundoukidis

Michelin : Plus de peur que de mal

>Une publication supérieure aux attentes qui devrait enfin rassurer - Très attendue après les marchés de septembre et l’avertissement de Nokian Tyres qui ont mis en évidence une nouvelle dégradation des volumes, la publication du CA T3 de Michelin, supérieure aux attentes (+2.5%), devrait rassurer. En effet, le groupe maintient ses objectifs annuels malgré les vents contraires des volumes et grâce à un prix-mix très solide. Mieux, le consensus devrait modestement prog...

Alain William ...
  • Azza Khalfallah
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/22/2019

A return to top-line growth at the fixed and mobile activities, normalisation of net-adds, value-creating infrastructure deals, Iliad has gone to great pains to reinvent itself, enabling the group to restore an intrinsic value (target price € 180) that far outstrips its current share price. - ...

Alain William ...
  • Azza Khalfallah
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/10/2019

Retour à la croissance topline fixe et mobiles, normalisation des net adds, transaction infrastructures créatrices de valeur, Iliad s’est réinventé dans la douleur, de quoi renouer avec une valeur intrinsèque (OC 180 €) plus riche que le cours actuel. - ...

Michael Foundoukidis

ODDO : Q3 2019 Tyres Preview : weak volumes are still the main challenge

>More uncertainty in the tyre sector this quarter - Paradoxically and despite the environment being more resilient than in other automotive segments (carmakers and auto suppliers), tyremakers’ Q3 2019 releases are, probably, those for which uncertainty is the greatest within the sector. Indeed, in the face of less favourable momentum on volumes, a number of FY targets are under pressure. In this context, we remain cautiously optimistic regarding Michelin’s capaci...

1 director bought

A director at Michelin(Cie Gle Des Etabl.) bought 1,800 shares at 110.643EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/10/2019

...

Jean-Louis Sempé

INVEST SECURITIES - MICHELIN (NEUTRE, OC 106€ vs 108€) : Marchés faibles mais T3 19 correct, objectifs tenus

Aurelien Sivignon ...
  • Azza Khalfallah
  • Hana Maalej
  • Jerôme Bodin
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2019

Factoring in management’s new roadmap (further buoyant growth in SOI wafers, ambitions to expand the substrate portfolio, major challenges around 5G, etc.), we are sticking to our Buy recommendation on the stock and raising our target price to € 120. - - ...

Aurelien Sivignon ...
  • Azza Khalfallah
  • Hana Maalej
  • Jerôme Bodin
  • Martial Descoutures
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2019

Saluant la nouvelle feuille de route des dirigeants (poursuite d’une croissance soutenue du SOI, ambitions affichées pour d’autres substrats, importants enjeux avec la 5G…), nous réitérons notre recommandation Achat (objectif relevé à 120 €). - - ...

Despite a better risk assessment and improving to Neutral, MICHELIN remains under pressure

MICHELIN (FR), a company active in the Tires industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date August 23, 2019, the closing price was EUR 91.72 and its target price was estimated at EUR 85.70.

Ng Adrian
Ng Adrian
Ng Adrian
Ng Adrian
MarketLine Department

Titan International Inc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Titan International Inc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Titan International Inc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Titan International Inc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic ...

Charles Pinel

Michelin - Assemblée générale des actionnaires du 17 mai 2019

GOUVERNANCEDepuis le 18 mai 2018, Michelin compte trois Associés Commandités : Jean-Dominique Senard, Président de la Gérance, dont le mandat a été renouvelé le 31 octobre 2014 pour une durée de quatre ans, Florent Menegaux, nommé lors de l’Assemblée générale des actionnaires du 18 mai 2018, et la Société Auxiliaire de Gestion (SAGES), non Gérant. Par ailleurs, l’Assemblée générale des actionnaires du 18 mai 2018 a nommé Yves Chapot Gérant non Commandité. Florent Menegaux sera appelé à succéder à Jean-Dominique Senard en qualité de Président de la Gérance au terme de la présente Assemblée géné...

Expert Corporate Governance Service (ECGS)

Michelin - AGM 17 May 2019

GOVERNANCE Since 18 May 2018, Michelin has had three General Partners: Jean-Dominique Senard, Managing Chairman, whose term of office was renewed on 31 October 2014 for a four-year term, Florent Menegaux, appointed at the General Shareholders' Meeting of 18 May 2018, and the company Société Auxiliaire de Gestion (SAGES), non-manager. In addition, the General Shareholders' Meeting of 18 May 2018 appointed Yves Chapot as General Manager. Florent Menegaux will succeed Jean-Dominique Senard as Managing Chairman at the end of this General Meeting.  REMUNERATION As in the previous financial year,...

Michelin – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 18/05/2018

The present general meeting proposes a non-binding advisory vote on compensation of the managing general partner, Jean-Dominique Senard. Shareholders should note that given its status as a partnership limited by shares (Société en commandite par actions, SCA), Michelin is not required to submit to shareholders a binding resolutions on ex-post pay 2017 and ex-ante pay 2018 (remuneration policy). Group performance over the year was satisfactory; the overall level of remuneration is acceptable for a CEO of Company belonging to the CAC40 index. Last year the Company integrated environmental and so...

Proxy Report - 18/05/2018

Jean-Dominique Senard a annoncé son départ à la retraite et ne sera donc pas renouvelé lors de l’assemblée générale qui aura lieu en 2019. Il sera remplacé par Florent Ménégaux comme Gérant associé commandité et par Yves Chapot comme Gérant non associé commandité, deux dirigeants du groupe depuis respectivement 21 et 26 ans. Ils ne semblent pas liés à la famille Michelin, ce qui nous permettra de recommander l’approbation à la résolution relative à leur nomination (résolutions 12 et 13) et qui permettra un processus de succession mené en douceur. La société ne soumet pas au vote une politique...

Matthieu DRIOL

Analyse court terme - MICHELIN : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 86,91 €. La tendance de fond serait remise en cause en cas de franchissement de 112,30 €.

Matthieu DRIOL

Short term view - MICHELIN : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €86.91. The background trend would be questioned should prices rise above €112.30.

Matthieu DRIOL

Analyse court terme - MICHELIN : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 86,91 €, puis 84,81 €. Le franchissement de 112,30 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - MICHELIN : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €86.91, then €84.81. Passing €112.30 would question the continuation of the fall.

Matthieu DRIOL

Medium term view - MICHELIN : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €76.73, then €71.01. Passing €112.30 would question the continuation of the fall.

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