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Michelin (A3/A-/A-) CMD Highlights

CAPITAL GOODS
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  • Sees EUR 4.2bn op income (excl. M&A) in 2026 from EUR 3.6bn in 2023 with an Op Margin of 14% vs. 12.3% average from 2021-2023.
  • FCF Before M&A from 2024-2026 seen at EUR 5.5bn vs. EUR 4.4bn from 2021-2023.
  • Payout ratio in 2026 seen flat to 2023 at ~50%.
  • No specific M&A targets but management see the BS as strong enough for a EUR 5-10bn acquisition.
  • No mention of leverage or debt in the slides. Spreads and equity muted so far; doesn’t seem like a spread mover given high rating and no major shift in debt/M&A/payout strategy.
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  • Sees EUR 4.2bn op income (excl. M&A) in 2026 from EUR 3.6bn in 2023 with an Op Margin of 14% vs. 12.3% average from 2021-2023.
  • FCF Before M&A from 2024-2026 seen at EUR 5.5bn vs. EUR 4.4bn from 2021-2023.
  • Payout ratio in 2026 seen flat to 2023 at ~50%.
  • No specific M&A targets but management see the BS as strong enough for a EUR 5-10bn acquisition.
  • No mention of leverage or debt in the slides. Spreads and equity muted so far; doesn’t seem like a spread mover given high rating and no major shift in debt/M&A/payout strategy.