(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion and its price target of 35 euros on Michelin, welcoming the announcement of the tire manufacturer’s acquisition of Flex Composite Group (FCG) for an enterprise value of 700 million euros.
The design office believes that ‘this (first) operation fully in line with Michelin’s strategy’ allows it to get its hands on ‘a very qualitative niche company, to extend exposure to high-tech materials’.
If he recognizes ‘a rich valuation, as expected’, the analyst highlights ‘high synergy expectations’, and therefore judges the operation ‘accelerative for both the group and the specialty segment’.
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