Michelin: Invest Securities ups target price
(CercleFinance.com) - Analyst Invest Securities announced today that it has raised its target price for the Michelin share from 106 to 114 euros, the day after the group published its half-yearly results.
The analyst's opinion, raised to Neutral two weeks ago, has for its part remained unchanged.
“SR3 business is the surprise in this publication with its confirmed acceleration and EBITA margin compensating SR1 and SR2 erosion”, maintains Invest Securities.
“The acquisitions of Fenner PLC and Camso will increase this leverage from the second half of 2018 and on a full-year basis for 2019. We up our estimates for 2018/19/20 with a target group EBITA horizon 2020 of 3,765 million euros, above guidance maintained at 3,500 million euros despite the increase in Free Cash Flow (FCF) objectives to 1,600 million euros compared to 1,400 million euros”.
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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.
The analyst's opinion, raised to Neutral two weeks ago, has for its part remained unchanged.
“SR3 business is the surprise in this publication with its confirmed acceleration and EBITA margin compensating SR1 and SR2 erosion”, maintains Invest Securities.
“The acquisitions of Fenner PLC and Camso will increase this leverage from the second half of 2018 and on a full-year basis for 2019. We up our estimates for 2018/19/20 with a target group EBITA horizon 2020 of 3,765 million euros, above guidance maintained at 3,500 million euros despite the increase in Free Cash Flow (FCF) objectives to 1,600 million euros compared to 1,400 million euros”.
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.