Michelin: Invest Securities raises target price
(CercleFinance.com) - Invest Securities maintains its "neutral" opinion on the Michelin share, pending the group's CMD in early April, although has increased its corresponding target price from 101 euros to 126 euros, which, given the share's rise YTD (+12.
1%), represents upside potential of +7%.
The broker has once again raised its 2020-22 EPS estimates by 17%, 31% and 10% respectively, stressing that, pretty similar to the third quarter of 2020, its estimates for Q4 and therefore for FY 2020 have been largely exceeded.
The analyst adds that even the consensus - which is above the broker's own expectations - has been beaten - especially in terms of FCF generation and its 2020 dividend, which has been increased to 2.3 euros (meaning a pay-out of 63%), a sign of the group's confidence in its 2021 guidance, which includes a significant rebound.
Copyright (c) 2021 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.
1%), represents upside potential of +7%.
The broker has once again raised its 2020-22 EPS estimates by 17%, 31% and 10% respectively, stressing that, pretty similar to the third quarter of 2020, its estimates for Q4 and therefore for FY 2020 have been largely exceeded.
The analyst adds that even the consensus - which is above the broker's own expectations - has been beaten - especially in terms of FCF generation and its 2020 dividend, which has been increased to 2.3 euros (meaning a pay-out of 63%), a sign of the group's confidence in its 2021 guidance, which includes a significant rebound.
Copyright (c) 2021 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.