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MarketScreener Homepage  >  Equities  >  Xetra  >  Continental       DE0005439004

CONTINENTAL

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Michelin shares motor higher after tyre maker vows higher profits

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02/12/2019 | 04:35am EDT
 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.
GOODYEAR TIRE & RUBBER COMPANY (THE) 0.44% 20.51 Delayed Quote.0.49%
MICHELIN -0.47% 117.45 Real-time Quote.35.47%
NOKIAN RENKAAT OYJ 0.71% 31.34 Delayed Quote.16.85%
PIRELLI & CO. -0.92% 6.44 End-of-day quote.14.80%
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Financials (€)
Sales 2019 45 937 M
EBIT 2019 3 897 M
Net income 2019 2 472 M
Debt 2019 2 349 M
Yield 2019 2,90%
P/E ratio 2019 12,27
P/E ratio 2020 10,60
EV / Sales 2019 0,73x
EV / Sales 2020 0,70x
Capitalization 31 121 M
Chart CONTINENTAL
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Income Statement Evolution
Consensus
 
Mean consensus HOLD
Number of Analysts 28
Average target price 157 €
Spread / Average Target 0,78%
EPS Revisions
Managers
NameTitle
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
Sector and Competitors
1st jan.Capitalization (M$)
CONTINENTAL14.16%34 995
DENSO CORP9.03%36 483
CONTINENTAL AG28.86%34 995
APTIV46.73%23 299
HYUNDAI MOBIS CO., LTD.--.--%19 639
MAGNA INTERNATIONAL INC.22.49%18 462