Michelin: Invest Securities raises target price

(CercleFinance.com) - Invest Securities maintains its "neutral" rating on Michelin shares, while increasing its target price for them from 24 euros to 30 euros (cp: 29 euros, -0.
4%), despite, on its annual results, the group confirming inflationary impacts on working capital, with a negative FCF of 180 million euros in 2022.

This is the only negative (and probably temporary) point of this publication, which came out in line with, and sometimes above (dividend of E1.25, +11%), expectations after a stronger Q4, particularly in the SR3 segment, the broker said.

The guidance given may seem cautious, although it lacks visibility over 2023, given the context, which remains unstable, it continues, leaving its 2022/23/24 NAVs virtually unchanged, while judging its multiples "still reasonable".


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