Consensus estimates Read the forecasts and recommendations of analysts on the value of the Michelin share Imprimer Consensus estimates 09/07/2023 | XLSX - 27.32 Ko Consensus estimate 3rd Quarter 2023 Last update: September 7, 2023 in million of euros Average Maximum value Minimum value Responses Sales 7,179 7,450 6,996 10 Volume -2.4% -1.0% -3.5% 10 Price-Mix +2.1% +3.2% -0.1% 10 Currency -3.9% -2.2% -5.3% 10 Scope +0.1% +0.5% +0.0% 10 SR1 (PC< + related distribution) sales 3,482 3,658 3,339 8 SR2 (Truck + related distribution) sales 1,794 1,851 1,675 8 SR3 (Other activities) sales 1,870 1,932 1,733 8 Full Year 2023 Last update: September 7, 2023 In million of euros Average Maximum value Minimum value Responses Sales 28,842 29,226 28,395 13 Volume effect -2.8% -2.1% -3.5% 13 Price-mix effect +4.8% +5.6% +4.3% 13 Currency effect -2.3% +0.0% -3.2% 13 Non tire effect +0.9% +1.5% +0.6% 11 Scope effect +0.3% +1.5% +0.0% 10 Segment operating income 3,414 3,571 3,232 13 Segment operating margin +11.8% +12.4% +11.2% 13 Operating income 3,229 3,466 3,032 13 Operating margin +11.2% +12.1% +10.6% 13 Net Income 2,233 2,398 1,996 13 Earnings per share (published) 3.12 3.35 2.79 13 Dividend per share 1.4 1.6 1.25 13 Net debt 3,524 4,862 2,071 12 Free cash flow 2,065 2,770 1,691 13 SR1 (PC & LT + related distribution) sales 14,210 14,465 14,049 13 SR1 operating income 1,720 1,840 1,606 13 SR1 operating margin +12.1% +12.9% +11.3% 13 SR2 (Truck + related distribution) sales 7,170 7,611 6,902 13 SR2 operating income 406 586 311 13 SR2 operating margin +5.6% +7.7% +4.5% 13 SR3 (Other activities) sales 7,462 8,085 7,216 13 SR3 operating income 1,288 1,374 1,135 13 SR3 operating margin +17.3% +18.4% +15.4% 13 TARGET PRICE 33.2 40 24 18 Full year 2024 Last update: September 7, 2023 In million of euros Average Maximum value Minimum value Responses Sales 29,307 30,240 27,522 13 Volume effect +1.2% +2.5% -0.8% 14 Price-mix effect -0.3% +1.5% -2.2% 14 Currency effect -0.3% +0.0% -1.0% 14 Non tire effect +0.9% +2.2% +0.0% 13 Scope effect +0.0% +1.0% +0.0% 12 Segment operating income 3,552 3,792 3,226 13 Segment operating margin +12.1% +13.2% +10.8% 13 Operating income 3,405 3,602 3,011 13 Operating margin +11.6% +12.5% +10.8% 13 Net Income 2,313 2,439 2,035 13 Earnings per share (published) 3.23 3.41 2.83 13 Dividend per share 1.49 1.66 1.25 13 Net debt 2,612 3,612 912 12 Free cash flow 2,042 2,717 1,437 13 Full year 2025 Last update: September 7, 2023 In million of euros Average Maximum value Minimum value Responses Sales 30,004 32,136 27,012 12 Segment operating income 3,706 4,074 3,273 12 Segment operating margin +12.4% +13.1% +10.2% 12 Operating income 3,588 3,974 3,248 12 Operating margin +12.0% +12.8% +11.2% 12 Net Income 2,464 2,778 2,243 12 Earnings per share (published) 3.44 3.89 3.12 12 Dividend per share 1.62 1.8 1.3 12 Net debt 1,768 3,343 -25 11 Free cash flow 2,056 2,488 1,805 12 Share coverage FINANCIAL INSTITUTIONS Alpha Value Bank of America Merrill Lynch Barclays Citi CM CIC Deutsche Bank Equita Exane BNP Paribas Goldman Sachs HSBC Jefferies JP Morgan Kepler Cheuvreux Morgan Stanley Oddo Securities Société Générale Stifel UBS Consensus The Earnings consensus is a compound of estimates of Michelin’s financial results prepared by stockbrokers’s financial analyst teams. This information is supplied by Michelin's Investor Relations Department.. The consensus is calculated on the basis of data published by financial analysts who monitor the Michelin share or are directly collected from them. The consensus respects the presentation of the Michelin Group's segmental information: Reporting Segment RS1: Automotive and related distribution (including Michelin Travel Partner and other Experiences activities) Reporting Segment RS2: Road transportation and related distribution Reporting Segment RS3: Specialty business and related distribution - Mining, Off the road, Two-wheel and aircraft tires, High-Tech Materials, Michelin Lifestyle Ltd The consensus is provided by Michelin for information purposes only. The fact that this consensus can be found on Michelin’s website in no way signifies validation or approval by Michelin of any or all of the estimates presented. This information should not be construed as an invitation to buy or sell shares or to enter into any type of transaction whatsoever. The Michelin share being exclusively traded in France on the Premier Marché of Paris Euronext, before engaging in any transactions, Michelin therefore invites you to consult your financial advisor. Financial key figures Read more Market trends Read more
