While maintaining its 'hold' recommendation on Michelin, Stifel has raised its target price from €33.5 to €35.5, in the wake of an adjustment to its EPS sequence to 2025 of 5.5% on average for the tire maker.

"Adjusted EBIT for 2023 beat minimized expectations by 4%, thanks to favorable cost winds, while free cash flow did not disappoint", notes the broker the day after the publication of annual results.

Michelin is modestly remunerating shareholders with a dividend of 1.35 euros and a share buyback program of up to one billion euros (over three years), while management sees no reason to accelerate debt reduction', it adds.

Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.