(News Bulletin 247) – Invest Securities maintains its ‘neutral’ opinion on Michelin with a price target raised from 24 to 30 euros, despite the confirmation, during the annual publication, of inflationary impacts on working capital with a negative 2022 FCF of -180 million euros.
‘This is the only negative and probably temporary point of this publication which emerged in all respects online, sometimes above (dividend of 1.25 euros, +11%) expectations after a stronger fourth quarter, particularly in the SR3’ segment, he points out.
“The guidance displayed may seem cautious, but lacks visibility on 2023, given the still unstable context”, he continues, leaving his BNA 2022/23/24 almost unchanged and judging the multiples “always reasonable”.
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