Michelin: Bryan Garnier still a buyer; adjusts target price
(CercleFinance.com) - While trimming fair value for the share from 141 euros to 139 euros, to reflect the strength of the dollar, Bryan Garnier maintains a "buy" rating on Michelin after the group's publication of a record 2017 operating profit and EPS.
Volumes have been solid, as have the price effects, enabling the tyre maker to generate a significant free cash flow and boost its dividend (+9%), the broker points out.
Although 2018 earnings will again be affected by the strength of the dollar, Bryan Garnier thinks that Michelin should easily be able to easily report a 6% increase in its operating profit (excluding integration agreement with Sumitomo).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Volumes have been solid, as have the price effects, enabling the tyre maker to generate a significant free cash flow and boost its dividend (+9%), the broker points out.
Although 2018 earnings will again be affected by the strength of the dollar, Bryan Garnier thinks that Michelin should easily be able to easily report a 6% increase in its operating profit (excluding integration agreement with Sumitomo).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.