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

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.

Jean-Christophe Dourret

Michelin : Michelin - 29 Avr 2019

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Jean-Christophe Dourret

Michelin : Michelin - 29 avr 2019

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Jean-Louis Sempé

INVEST SECURITIES - MICHELIN : Un trimestre en ligne et des objectifs inchangés - NEUTRE, OC 111€ (vs 108€)

Michael Foundoukidis

Michelin : A solid start to the year, strengths clearly in view

>Q1 better than expected thanks to M&A and solid price-mix - Michelin has reported Q1 2019 sales up 11% at € 5.8bn, 2% above expectations, offsetting weak volumes with a better-than-expected price-mix effect and stronger M&A impact than expected (+7.8% vs +5.7%). Other than that, and not surprisingly only a few weeks after the CMD, the group has confirmed its full-year guidance. The consensus could continue increase to slightly following this release (we are 2% highe...

François Maury ...
  • Georges Dieng
  • Michael Foundoukidis

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/05/2019

We are downgrading our recommendation to Neutral. The economic slowdown under way is unlikely to facilitate the consensus revising up its estimates, as it has done since the start of 2017 (+11% on 2019 EPS). China and discrete automation (23% of sales), accounted for 45% of the group's organic growth in 2018, on our calculations, which represents a risk for 2019-2020. Lastly, the share price’s recent performance takes it to a level close to our target price of € 74. - Cf. equity report ...

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. ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2019

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Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Fehmi Ben Naamane ...
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2019

The major upheavals in the Chinese cement sector could still change the face of a moribund sector, by pushing prices upwards. A trio of Chinese cement manufacturers are serious candidates for acquiring the vestiges of the fallen cement empire, in our view. Partnership projects between Chinese and European groups could lead to cross-shareholdings. We are revising up our cement price forecasts for southeast Asia. HeidelbergCement looks like the big winner from these changes and harbours...

For MICHELIN, the environment deterioration entails a downgrade to Neutral

MICHELIN (FR), a company active in the Tires industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date May 10, 2019, the closing price was EUR 109.95 and its expected value was estimated at EUR 111.13.

Ng Adrian

Michelin

Ng Adrian

Michelin

Ng Adrian

Michelin

Ng Adrian

Michelin

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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