Financials Michelin (CGDE)

Equities

ML

FR001400AJ45

Tires & Rubber Products

Real-time Euronext Paris Other stock markets 10:47:32 2024-06-14 am EDT			5-day change	1st Jan Change
36.95 ^EUR	-3.37%		-1.83%	+13.83%

Jun. 13	Renault inaugurates Alpine family to capitalize on demand for premium electric cars	RE
Jun. 13	Crédit Agricole: creation of Biotech Open Platform	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,485	18,717	25,735	18,556	23,208	27,340	-	-
Enterprise Value (EV) ¹	24,669	22,248	28,524	22,876	26,489	29,988	29,271	28,306
P/E ratio	11.2 x	29.9 x	14.1 x	9.31 x	11.8 x	11.6 x	10.6 x	9.72 x
Yield	3.53%	2.19%	3.12%	4.81%	4.16%	4.21%	4.55%	4.87%
Capitalization / Revenue	0.81 x	0.91 x	1.08 x	0.65 x	0.82 x	0.96 x	0.94 x	0.91 x
EV / Revenue	1.02 x	1.09 x	1.2 x	0.8 x	0.93 x	1.06 x	1 x	0.94 x
EV / EBITDA	5.18 x	6.13 x	6.07 x	4.35 x	4.83 x	5.4 x	5.07 x	4.47 x
EV / FCF	16.2 x	10.4 x	20 x	-208 x	11.3 x	16.5 x	14.2 x	12.5 x
FCF Yield	6.16%	9.61%	5%	-0.48%	8.85%	6.05%	7.04%	8.03%
Price to Book	1.47 x	1.48 x	1.72 x	1.08 x	1.29 x	1.42 x	1.34 x	1.25 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	38.24	38.24	38.24
Announcement Date	2/10/20	2/15/21	2/14/22	2/13/23	2/12/24	-	-	-

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	28,413	29,198	29,984
EBITDA ¹	4,763	3,631	4,700	5,262	5,489	5,551	5,773	6,337
EBIT ¹	3,009	1,878	2,966	3,396	3,572	3,601	3,790	4,021
Operating Margin	12.47%	9.17%	12.46%	11.88%	12.6%	12.67%	12.98%	13.41%
Earnings before Tax (EBT) ¹	2,236	979	2,471	2,656	2,490	3,114	3,323	3,577
Net income ¹	1,751	632	1,844	2,001	1,983	2,377	2,551	2,791
Net margin	7.26%	3.09%	7.75%	7%	7%	8.37%	8.74%	9.31%
EPS ²	2.430	0.8775	2.560	2.790	2.750	3.302	3.592	3.935
Free Cash Flow ¹	1,520	2,139	1,427	-110	2,343	1,814	2,061	2,273
FCF margin	6.3%	10.45%	6%	-0.38%	8.27%	6.38%	7.06%	7.58%
FCF Conversion (EBITDA)	31.91%	58.91%	30.36%	-	42.69%	32.67%	35.69%	35.87%
FCF Conversion (Net income)	86.81%	338.45%	77.39%	-	118.15%	76.29%	80.77%	81.44%
Dividend per Share ²	0.9625	0.5750	1.125	1.250	1.350	1.611	1.740	1.864
Announcement Date	2/10/20	2/15/21	2/14/22	2/13/23	2/12/24	-	-	-

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 Q3	2024 Q4	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	-	13,608	-	-	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	-	-	1,711	-	-	2,008
Operating Margin	12.72%	3.31%	14.11%	12.7%	-	-	12.26%	-	-	11.51%	-	-	12.2%	-	-	12.1%	-	-	13.1%	-	-	12.57%	-	-	13.59%
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%	-	-	7.92%	-	-	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	2/10/20	7/27/20	2/15/21	7/26/21	10/25/21	2/14/22	2/14/22	4/26/22	7/26/22	7/26/22	10/25/22	2/13/23	2/13/23	5/5/23	7/26/23	7/26/23	10/24/23	2/12/24	2/12/24	4/24/24	-	-	-	-	-

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	2,648	1,931	966
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.088 x	0.9725 x	0.5934 x	0.821 x	0.5977 x	0.4771 x	0.3345 x	0.1524 x
Free Cash Flow ¹	1,520	2,139	1,427	-110	2,343	1,814	2,061	2,273
ROE (net income / shareholders' equity)	13.1%	4.9%	12.3%	12.5%	11.3%	13.1%	13.4%	13.7%
ROA (Net income/ Total Assets)	5.67%	2%	5.56%	5.73%	5.62%	6.33%	6.52%	7.15%
Assets ¹	30,901	31,657	33,169	34,945	35,271	37,540	39,101	39,034
Book Value Per Share ²	18.50	17.70	21.00	24.00	25.10	26.90	28.50	30.70
Cash Flow per Share ²	4.610	4.700	4.050	2.690	7.350	5.650	6.200	6.450
Capex ¹	1,801	1,221	1,705	2,041	2,268	2,295	2,267	2,316
Capex / Sales	7.46%	5.97%	7.17%	7.14%	8%	8.08%	7.76%	7.72%
Announcement Date	2/10/20	2/15/21	2/14/22	2/13/23	2/12/24	-	-	-

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

38.24 EUR

Average target price

36.56 EUR

Spread / Average Target

-4.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Tires & Rubber Products

	1st Jan change	Capi.
MICHELIN (CGDE)	+13.83%	29.43B
BRIDGESTONE CORPORATION	+13.00%	28.8B
SAILUN GROUP CO., LTD.	+21.45%	6.21B
VIETNAM RUBBER INDUSTRY GROUP -	+66.75%	3.86B
THE YOKOHAMA RUBBER CO., LTD.	+13.95%	3.74B
DÄTWYLER HOLDING AG	-5.33%	3.61B
THE GOODYEAR TIRE & RUBBER COMPANY	-20.18%	3.36B
SUMITOMO RUBBER INDUSTRIES, LTD.	+8.49%	2.76B
KUMHO PETRO CHEMICAL CO.,LTD	+11.14%	2.65B
TOYO TIRE CORPORATION	+11.19%	2.58B

Other Tires & Rubber Products