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Michelin (A3/A-) Results Preview 12-Feb: Stay on Track

CONSUMER CYCLICALS
  • Bond spreads trade perennially tight (well inside better rated RBOSGR), with low volatility YTD.
  • Michelin will be the first tyre producer to report 4Q results. With the economic backdrop holding up reasonably well, we can expect guidance to be met.
  • After the FCG acquisition management highlighted their still strong financial position, meaningful M&A seems unlikely in the short term.
  • Full year guidance may be cautious, given the still uncertain economic picture in key markets.
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