Financials Michelin (CGDE) Deutsche Boerse AG

Equities

MCHA

FR001400AJ45

Tires & Rubber Products

Market Closed - Deutsche Boerse AG Other stock markets 15:32:09 02/07/2024 BST			5-day change	1st Jan Change
34.67 ^EUR	-3.69%		-6.85%	+6.84%

07-02	MICHELIN : Buy rating from Bernstein	ZD
07-02	MICHELIN : Deutsche Bank reiterates its Buy rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,485	18,717	25,735	18,556	23,208	25,009	-	-
Enterprise Value (EV) ¹	24,669	22,248	28,524	22,876	26,489	27,808	27,124	26,224
P/E ratio	11.2 x	29.9 x	14.1 x	9.31 x	11.8 x	10.6 x	9.84 x	9.02 x
Yield	3.53%	2.19%	3.12%	4.81%	4.16%	4.58%	4.93%	5.3%
Capitalization / Revenue	0.81 x	0.91 x	1.08 x	0.65 x	0.82 x	0.88 x	0.86 x	0.84 x
EV / Revenue	1.02 x	1.09 x	1.2 x	0.8 x	0.93 x	0.98 x	0.93 x	0.88 x
EV / EBITDA	5.18 x	6.13 x	6.07 x	4.35 x	4.83 x	5.03 x	4.72 x	4.15 x
EV / FCF	16.2 x	10.4 x	20 x	-208 x	11.3 x	15.8 x	13.3 x	11.6 x
FCF Yield	6.16%	9.61%	5%	-0.48%	8.85%	6.34%	7.51%	8.59%
Price to Book	1.47 x	1.48 x	1.72 x	1.08 x	1.29 x	1.3 x	1.22 x	1.13 x
Nbr of stocks (in thousands)	714,405	713,357	714,121	714,117	714,958	714,958	-	-
Reference price ²	27.28	26.24	36.04	25.98	32.46	34.98	34.98	34.98
Announcement Date	10/02/20	15/02/21	14/02/22	13/02/23	12/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,135	20,469	23,795	28,590	28,343	28,313	29,068	29,868
EBITDA ¹	4,763	3,631	4,700	5,262	5,489	5,525	5,750	6,324
EBIT ¹	3,009	1,878	2,966	3,396	3,572	3,574	3,767	4,010
Operating Margin	12.47%	9.17%	12.46%	11.88%	12.6%	12.62%	12.96%	13.42%
Earnings before Tax (EBT) ¹	2,236	979	2,471	2,656	2,490	3,112	3,301	3,556
Net income ¹	1,751	632	1,844	2,001	1,983	2,365	2,518	2,737
Net margin	7.26%	3.09%	7.75%	7%	7%	8.35%	8.66%	9.16%
EPS ²	2.430	0.8775	2.560	2.790	2.750	3.299	3.557	3.879
Free Cash Flow ¹	1,520	2,139	1,427	-110	2,343	1,762	2,037	2,252
FCF margin	6.3%	10.45%	6%	-0.38%	8.27%	6.22%	7.01%	7.54%
FCF Conversion (EBITDA)	31.91%	58.91%	30.36%	-	42.69%	31.9%	35.43%	35.62%
FCF Conversion (Net income)	86.81%	338.45%	77.39%	-	118.15%	74.51%	80.88%	82.3%
Dividend per Share ²	0.9625	0.5750	1.125	1.250	1.350	1.601	1.726	1.855
Announcement Date	10/02/20	15/02/21	14/02/22	13/02/23	12/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 S2
Net sales ¹	12,354	9,357	11,112	11,192	6,000	6,591	12,603	6,481	6,808	13,289	7,443	7,858	15,301	6,961	7,118	14,079	7,173	7,091	14,264	6,642	6,822	13,580	14,774
EBITDA	-	1,192	2,439	2,277	-	-	-	-	-	2,439	-	-	-	-	-	-	-	-	-	-	-	2,601	3,108
EBIT	1,571	310	1,568	1,421	-	-	1,545	-	-	1,530	-	-	1,866	-	-	1,704	-	-	1,868	-	-	1,709	1,939
Operating Margin	12.72%	3.31%	14.11%	12.7%	-	-	12.26%	-	-	11.51%	-	-	12.2%	-	-	12.1%	-	-	13.1%	-	-	12.58%	13.13%
Earnings before Tax (EBT)	1,116	-58	1,037	1,296	-	-	1,175	-	-	1,156	-	-	1,500	-	-	1,542	-	-	948	-	-	1,437	1,852
Net income	893	-134	766	1,032	-	-	-	-	-	843	-	-	1,158	-	-	1,220	-	-	763	-	-	1,078	1,389
Net margin	7.23%	-1.43%	6.89%	9.22%	-	-	-	-	-	6.34%	-	-	7.57%	-	-	8.67%	-	-	5.35%	-	-	7.94%	9.4%
EPS	1.242	-0.1875	1.065	1.435	-	-	1.125	-	-	1.180	-	-	1.610	-	-	1.700	-	-	1.050	-	-	1.525	1.840
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.350	-	-	-	-	-
Announcement Date	10/02/20	27/07/20	15/02/21	26/07/21	25/10/21	14/02/22	14/02/22	26/04/22	26/07/22	26/07/22	25/10/22	13/02/23	13/02/23	05/05/23	26/07/23	26/07/23	24/10/23	12/02/24	12/02/24	24/04/24	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,184	3,531	2,789	4,320	3,281	2,799	2,115	1,215
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.088 x	0.9725 x	0.5934 x	0.821 x	0.5977 x	0.5066 x	0.3679 x	0.1922 x
Free Cash Flow ¹	1,520	2,139	1,427	-110	2,343	1,762	2,037	2,252
ROE (net income / shareholders' equity)	13.1%	4.9%	12.3%	12.5%	11.3%	13.1%	13.3%	13.6%
ROA (Net income/ Total Assets)	5.67%	2%	5.56%	5.73%	5.62%	6.27%	6.47%	7.04%
Assets ¹	30,901	31,657	33,169	34,945	35,271	37,729	38,896	38,878
Book Value Per Share ²	18.50	17.70	21.00	24.00	25.10	26.80	28.60	30.90
Cash Flow per Share ²	4.610	4.700	4.050	2.690	7.350	5.660	6.180	6.430
Capex ¹	1,801	1,221	1,705	2,041	2,268	2,270	2,271	2,321
Capex / Sales	7.46%	5.97%	7.17%	7.14%	8%	8.02%	7.81%	7.77%
Announcement Date	10/02/20	15/02/21	14/02/22	13/02/23	12/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Michelin (CGDE)

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

34.98 EUR

Average target price

36.94 EUR

Spread / Average Target

+5.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Tires & Rubber Products

	1st Jan change	Capi.
BRIDGESTONE CORPORATION	+8.20%	26.67B
SAILUN GROUP CO., LTD.	+14.38%	6.13B
VIETNAM RUBBER INDUSTRY GROUP -	+63.21%	3.74B
THE YOKOHAMA RUBBER CO., LTD.	+10.36%	3.57B
DÄTWYLER HOLDING AG	-11.37%	3.25B
THE GOODYEAR TIRE & RUBBER COMPANY	-22.21%	3.15B
SUMITOMO RUBBER INDUSTRIES, LTD.	+5.45%	2.63B
KUMHO PETRO CHEMICAL CO.,LTD	+9.86%	2.62B
TOYO TIRE CORPORATION	+12.01%	2.47B

Other Tires & Rubber Products