(News Bulletin 247) – UBS confirms its buy advice and its target of 36 E after the announcement of the acquisition of Flex Composite Group (FCG), a high-tech materials company.
‘Michelin is spending its cash to acquire an asset at around 2 times its current multiples for a small increase in earnings over time,’ the analysts said.
FCG achieves more than 200 million euros in turnover and employs nearly 400 people.
The operation is part of the strategic plan aimed at extending Michelin’s activities beyond tires to reach 20 to 30% of its activity by 2030, by capitalizing on its historical know-how in composite hoses.
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