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Michelin shares motor higher after tyre maker vows higher profits

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02/12/2019 | 04:35am EST
 The logo of Michelin Group is seen ahead of a news conference to present the company's 2018 annual results in Paris

PARIS (Reuters) - Michelin's shares surged on Tuesday after the French tyre maker pledged further gains in operating profit this year despite challenging conditions in its main markets.

Shares in Michelin, which also reported better-than-expected results for 2018 late on Monday, were up 11.6 percent in early trading. The stock was the best performer on France's benchmark CAC-40 index.

This put it on track for its best single day percentage performance since April 2009, and the gains added roughly 1.7 billion euros (£1.5 billion) to Michelin's market capitalisation, which stands around 17.7 billion euros.

"Michelin is able to sustain premium price points, while concurrently gaining market share – this is the perfect recipe for earnings growth," analysts at Citigroup wrote in a note, keeping a "buy" rating on Michelin shares.

Shares in Michelin's rivals also rose.

Pirelli climbed around 3.5 percent, Continental advanced by 3 percent while Nokian Tyres progressed by 1 percent.

Michelin's performance also contrasted with relatively weak results from Goodyear in February.

Michelin said buoyant sales of speciality tyres for mining and agriculture had driven a 0.3 percent increase in full-year group revenue to 22.03 billion euros.

Recurring operating profit for 2018 also rose 1.2 percent to 2.78 billion euros. Analysts polled by Infront Data for Reuters had expected on average operating profit of 2.68 billion euros on revenue of 21.74 billion.

Brokerage Jefferies also kept a "buy" rating on Michelin.

"Comparing ML's performance versus peers, especially GoodYear, we are inclined to conclude that the Michelin brand commands an enviously superior pricing power in mature markets and much improved execution," Jefferies analysts wrote.

(Additional reporting by Bruno Dubrulle and Thyagaraju Adinarayan; Editing by Louise Heavens and Emelia Sithole-Matarise)

By Sudip Kar-Gupta

Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL 3.70% 138.65 Delayed Quote.14.82%
GOODYEAR TIRE & RUBBER COMPANY (THE) 1.79% 18.79 Delayed Quote.-9.55%
MICHELIN 0.50% 101.4 Real-time Quote.16.96%
NOKIAN RENKAAT OYJ 0.03% 30.12 Delayed Quote.12.30%
PIRELLI & CO. 1.50% 6.074 End-of-day quote.8.27%
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Financials (€)
Sales 2018 44 512 M
EBIT 2018 4 036 M
Net income 2018 2 807 M
Debt 2018 2 508 M
Yield 2018 3,25%
P/E ratio 2018 9,82
P/E ratio 2019 10,41
EV / Sales 2018 0,68x
EV / Sales 2019 0,64x
Capitalization 27 731 M
Duration : Period :
Continental Technical Analysis Chart | MarketScreener
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Technical analysis trends CONTINENTAL
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 29
Average target price 157 €
Spread / Average Target 13%
EPS Revisions
Elmar Degenhart Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance, Controlling, Compliance, Law & IT
Michael Iglhaut Member-Supervisory Board
Dirk Nordmann Member-Supervisory Board
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