Le chiffre d’affaires du 1er trimestre de Michelin est ressorti 3% en-deçà des attentes du consensus, en grande partie à cause des changes et d’un effet mix-prix moins favorable qu’anticipé, note Société Générale.
La banque maintient son avis « achat » et abaisse son objectif de cours de 79 à 78€.
[cleeng_content id= »528173317″ description= »Plus d\’analyses et de commentaires à découvrir… » price= »0.19″ t= »article » referral= »0.05″] »We trim our full-year earnings forecasts only slightly, even after a tough Q1, as the overall picture remains consistent with our expectations. We now align our volume growth forecast with the company’s expectation of stable volumes (previously we were looking for +1%), after taking into account a new gain on input costs (vs €320m est.) and pricing assumption (vs -€20m). Given ongoing start-up costs, our FY EBIT estimate now stands at €2.42bn, in line with 2012, instead of €2.46bn. The risk to this estimate is the pace of volume growth in H2; but the unusually tough start to the year leads us to expect a catch-up effect in the coming quarters. Regarding price-mix, it seems that the effort to reposition prices lower within the premium tyres segment is complete and should not impact H2 to the same extent.
We have made minor changes to our 2014 and 2015 estimates, with EBIT before one-offs reduced by €30m to respectively €2.67bn and €2.99bn. Restructuring costs on truck tyres in Europe may affect net profit if the group does not see a significant recovery. »[/cleeng_content]