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Consensus

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

2024 1st semester

Last Updated: June 4, 2024
in million of eurosAverageMaximum valueMinimum valueResponses
Sales13 66313 82813 46412
Volume-2,7%-1,0%-3,4%12
Price-Mix0,3%1,1%-0,9%12
Currency-1,4%-1,1%-1,9%12
Non tire0,2%0,8%-0,1%12
Scope0,7%1,0%0,4%12
Segment operating income1 6821 8151 58612
Segment operating margin12,3%13,4%11,6%12
Operating income1 5621 8151 31611
Operating margin11,4%13,4%9,7%11
Net Income1 0691 21087111
Earnings per share (published)1,491,681,229
Net debt3 3954 2651 22210
Free cash flow exc. M&A5011 0145211
SR1 - Sales6 9907 3506 85511
Op. Income8901 01078010
Op. Margin12,7%14,3%11,2%10
SR2 - Sales3 2593 5503 16911
Op. Income21327516010
Op. Margin6,5%8,2%5,0%10
SR3 - Sales3 4083 5202 82411
Op. Income56863048010
Op. Margin16,7%18,3%14,1%10

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FULL YEAR 2024

Last Updated: June 4, 2024
In million of eurosAverageMaximum valueMinimum valueResponses
Sales28 52828 97827 99314
Volume effect-0,2%2,6%-1,4%14
Price-mix effect0,7%1,7%-0,3%14
Currency effect-0,9%-0,4%-1,7%14
Non tire effect0,5%1,8%0,0%14
Scope effect0,5%0,9%-1,0%14
Segment operating income3 6323 7423 50214
Segment operating margin12,7%13,2%12,4%14
Operating income3 4293 6503 30213
Operating margin12,0%12,9%11,6%13
Net Income2 3882 5362 21314
Earnings per share (published)3,353,543,1514
Dividend per share1,621,751,3514
Net debt2 6973 5101 45213
Free cash flow1 7972 3861 11014
SR1 (PC & LT + related distribution) sales14 60315 00014 35213
SR1 operating income1 9742 0771 77013
SR1 operating margin13,5%14,2%12,0%13
SR2 (Truck + related distribution) sales7 0127 1506 81913
SR2 operating income50760046313
SR2 operating margin7,2%8,4%6,6%13
SR3 (Other activities) sales6 9237 3176 36313
SR3 operating income1 1491 3501 00213
SR3 operating margin16,6%18,8%14,6%13
TARGET PRICE37,448,026,019

FULL YEAR 2025

Last Updated: June 4, 2024
In million of eurosAverageMaximum valueMinimum valueResponses
Sales29 37630 33228 48814
Volume effect1,6%3,0%-0,1%14
Price-mix effect0,8%2,5%-1,2%14
Currency effect-0,1%0,1%-1,0%14
Non tire effect0,7%1,3%0,0%14
Scope effect0,0%1,1%0,0%14
Segment operating income3 8294 0493 55414
Segment operating margin13,0%13,7%12,2%14
Operating income3 6263 8473 31713
Operating margin12,4%13,1%11,4%13
Net Income2 5442 7032 34314
Earnings per share (published)3,603,863,3514
Dividend per share1,751,951,4014
Net debt2 1763 34049813
Free cash flow2 0032 5161 48614

FULL YEAR 2026

Last Updated: June 4, 2024
In million of eurosAverageMaximum valueMinimum valueResponses
Sales30 24231 14029 04714
Segment operating income4 0604 3773 56114
Segment operating margin13,4%14,1%12,1%14
Operating income3 8514 1753 32313
Operating margin12,7%13,5%11,3%13
Net Income2 7312 9552 34714
Earnings per share (published)3,884,313,4214
Dividend per share1,872,171,5014
Net debt1 4883 165-8713
Free cash flow2 1832 7441 82714

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.