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Michelin FY: repost from late yesterday

CONSUMER CYCLICALS
  • *MICHELIN RISES 4.1% AFTER RESULTS, BUYBACK ANNOUNCEMENT - bbg
  • Looks neutral for spreads. A perennially tight issuer, as we flagged in our preview.
  • Revenue in line.
  • Operating income +4% vs estimates, +5.2% YoY.
  • FCF improved to €3bn (pre M&A) largely due to WC release.
  • FY24 operating income forecast in line with expectations, small positive YoY.
  • Remain open to M&A where there are opportunities.

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