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Consensus

Discover analysts' forecasts and recommendations on the value of Michelin shares.

2024 1st semester

Last Updated: July 17, 2024
in million of eurosAverageMaximum valueMinimum valueResponses
Sales13 53313 78013 40918
Volume-4,3%-2,6%-4,9%17
Price-Mix1,1%2,0%-0,3%17
Currency-1,3%-1,0%-2,0%17
Non tire0,1%0,7%-0,1%17
Scope0,5%1,0%-0,1%17
Segment operating income1 7091 7781 64718
Segment operating margin12,6%13,1%12,1%18
Operating income1 6031 7601 39215
Operating margin11,8%12,9%10,4%15
Net Income1 1091 21892816
Earnings per share (published)1,541,731,3014
Net debt3 6144 8511 74812
Free cash flow exc. M&A50270927314
SR1 - Sales6 9187 0946 79517
Op. Income9241 01086015
Op. Margin13,3%14,5%12,5%15
SR2 - Sales3 2173 3633 14217
Op. Income21326211215
Op. Margin6,6%7,9%3,5%15
SR3 - Sales3 3873 5403 00417
Op. Income56468847315
Op. Margin16,7%20,2%14,5%15

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FULL YEAR 2024

Last Updated: July 17, 2024
In million of eurosAverageMaximum valueMinimum valueResponses
Sales28,11228,70027,82518
Volume effect-2.3%0.1%-3.2%18
Price-mix effect1.6%3.2%0.8%18
Currency effect-0.8%-0.5%-1.1%18
Non tire effect0.2%0.6%-0.2%18
Scope effect0.4%1.0%0.0%18
Segment operating income3,5633,6873,49818
Segment operating margin12.7%13.0%12.4%18
Operating income3,3483,5873,16317
Operating margin11.9%12.7%11.3%17
Net Income2,3292,6012,14818
Earnings per share (published)3.273.643.0318
Dividend per share1.581.821.3518
Net debt2,8243,7711,45217
Free cash flow1,7682,1201,01618
SR1 (PC & LT + related distribution) sales14,43314,62613,98117
SR1 operating income1,9582,0771,81716
SR1 operating margin13.6%14.2%12.7%16
SR2 (Truck + related distribution) sales6,8677,0506,59117
SR2 operating income49157538116
SR2 operating margin7.1%8.3%5.6%16
SR3 (Other activities) sales6,8227,1656,18017
SR3 operating income1,1071,30890216
SR3 operating margin16.3%18.3%14.6%16
TARGET PRICE38.248.028.018

FULL YEAR 2025

Last Updated: July 17, 2024
In million of eurosAverageMaximum valueMinimum valueResponses
Sales29041296202831718
Volume effect1,60%3,10%-0,20%18
Price-mix effect1,10%2,50%-0,50%18
Currency effect-0,10%0,10%-1,00%18
Non tire effect0,60%1,20%0,00%18
Scope effect0,00%1,10%0,00%18
Segment operating income38223975362018
Segment operating margin13,20%13,60%12,40%18
Operating income36173875345117
Operating margin12,50%13,20%11,90%17
Net Income25372800235418
Earnings per share (published)3,594,023,3218
Dividend per share1,732,011,418
Net debt2335370749817
Free cash flow19622515147818

FULL YEAR 2026

Last Updated: July 17, 2024
In million of eurosAverageMaximum valueMinimum valueResponses
Sales29966308572879418
Segment operating income40704289374718
Segment operating margin13,60%14,20%12,40%18
Operating income38614152355017
Operating margin12,90%13,80%11,90%17
Net Income27323020240018
Earnings per share (published)3,884,393,4318
Dividend per share1,862,21,518
Net debt16443878-8717
Free cash flow21512723181518

Share coverage

FINANCIAL INSTITUTIONS

  • Alpha Value

  • Bank of America Merrill Lynch

  • Barclays

  • Citi

  • CM CIC

  • Deutsche Bank

  • Equita

  • Exane BNP Paribas

  • Goldman Sachs

  • HSBC

  • Intesa Sanpaolo

  • 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.

2023 Universal Registration Document

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Agenda

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Past Events
  • July 24, 2024

    First-Half Results

  • May 28, 2024

    Capital Markets Day

  • May 17, 2024

    2024 Annual General Meeting

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