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

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.

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.

Xavier Caroen

MICHELIN Good Q3 sales perf. yet volumes should decline in Q4

Good Q3 sales perf. yet volumes should decline in Q4 Good Q3 sales performance after all Lower market growth 2018 assumptions on all three markets We were too high on 2018 EBIT expectations FV revised down from EUR143 to EUR135, LT story unchanged

Jean-Louis Sempé

INVEST SECURITIES - Michelin : Nette dégradation des perspectives au T4 2018 - NEUTRE ; OC : 95€ vs 114€

Après cette publication anticipée du CA T3 2018 pour cause de révision en baisse des perspectives de marché au T4 2018, Michelin entre dans une période de fin d'année qui risque fort d'être difficile, confirmant que le CA T3 2018, pourtant au-dessus des attentes est la dernière publication favorable pour quelques mois. Sur la base des guidances de marché abaissées par le groupe au T4 2018 et de ses indications sur l'évolution de l'EBITA 2018 nous ajustons en baisse nos estimations de BNA 2018/20e de respectivement -2,4%/-8,4%/-5%. De fait notre OC est abaissé de -17% à 95€ vs 114€ préc. Nous m...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2018

Lowering breakeven is imperative given the industrialisation of the sector. A cost-income ratio below 65% (74% in H1 2018) assumes radical decisions on costs, the US, and structural weaknesses. Target price of € 23.9 based on forecasts below the consensus. Neutral recommendation pending rapid inflections. - Cf. Equity report published last evening. - ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/10/2018

La baisse du point mort est impérative face à l’industrialisation du secteur. Un Cost/Income inférieur à 65% (S1 2018 = 74%) suppose des décisions radicales sur les coûts, les Etats-Unis et les faiblesses structurelles. OC de 23.9 € sur la base de prévisions inférieures au consensus. Recommandation Neutre dans l’attente d’inflexions rapides. Cf. étude publiée hier soir. - ...

Michael Foundoukidis

Michelin : Hit but not down

>A difficult environment, even for tyres and Michelin - Tyres, and Michelin cannot, in the end, totally escape the prevailing gloom in the automotive sector. Despite a better-than-expected Q3 (+2.5% vs consensus), Michelin resolved yesterday (a few days ahead of schedule) to lower consensus expectations on EBIT (~5%) for 2018, mainly due to lower-than-expected momentum for volumes at year-end. Following the first management indications for 2019, we are also adopt...

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. ...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Pierre Tegner
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2018

Although each passing week sees fresh risks of escalation in the trade war, the market is still surprisingly resilient and the safe havens habitually turned to during periods of mounting risk aversion are not moving in the expected direction. With the exception of the good showing from healthcare and agri-food, the hierarchy of sector performances sends out a similar message. Is this a sign of complacency? It is hard to tell, but it is probably another good reason to give our allocati...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Pierre Tegner
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2018

Alors que chaque semaine apporte de nouveaux risques d’escalade de la guerre commerciale, le marché reste étonnamment résilient et les « refuges » habituels en période de remontée de l’aversion au risque n’évoluent pas dans le sens attendu. La hiérarchie des performances sectorielles relatives envoie, à l’exception de la bonne tenue de la Santé et de l’Agroalimentaire, un message comparable. Trop de complaisance ? Difficile à dire, mais sans doute une bonne raison de plus de colorer d...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Bruno Hareng
  • Delphine Brault
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Vincent Maulay
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2018

The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Bruno Hareng
  • Delphine Brault
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Vincent Maulay
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2018

The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...

Ahmed Ben Salem ...
  • Bruno Hareng
  • François Maury
  • Jerôme Bodin
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Pierre Corby
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/13/2018

...

Ng Adrian

Michelin

Ng Adrian

Michelin

Ng Adrian

Michelin

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MICHELIN sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of MICHELIN (FR), a company active in the Tires industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 21, 2018, the closing price was EUR 107.40 and its potential was estimated at EUR 114.93.

Ng Adrian

Michelin

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Anaïs Dudout

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...

Anaïs Dudout

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...

Etude de l'AG du 19/05/2017

La société ne soumet pas au vote une politique de rémunération pour l’exercice 2017 (en ligne avec la Loi Sapin II) car elle est une société en commandite par actions et la loi ne s’applique donc pas à elle. Cependant, la présente assemblée propose un vote consultatif sur la rémunération du Président de la Gérance, Jean-Dominique Senard.La performance de l’exercice est bonne, la rémunération d’un niveau acceptable pour un président du CAC 40 et la société continue de progresser en matière de transparence et d’évolution des critères de performance. L’intégration d’indicateurs mesurant la perfor...

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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