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AUTOMOTIVE: Michelin (MLFP A2/A-/A-): 4Q24 Results

AUTOMOTIVE
Credit BulletsCEEMEAEurozoneFranceBullet

Credit neutral.

  • Michelin reported revenue 1% ahead of consensus after the close yesterday.
  • FY EBITDA beat by 1%.
  • FY24 FCF of €2.2bn was ahead of €1.8bn expected. We see adj. net leverage unchanged YoY at 0.6x.
  • It expects “slight” growth in tyre markets this year. Consensus has 3.5% revenue growth. It expects a weaker 1H due to weaker OEM demand and a recovery in 2H. It sees improved EBIT, with expectations for +14%. It guided for > €1.7bn FCF, with consensus at €1.85bn.
  • Webcast replay https://www.michelin.com/en/investors/presentation-events/results-sales.
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Credit neutral.

  • Michelin reported revenue 1% ahead of consensus after the close yesterday.
  • FY EBITDA beat by 1%.
  • FY24 FCF of €2.2bn was ahead of €1.8bn expected. We see adj. net leverage unchanged YoY at 0.6x.
  • It expects “slight” growth in tyre markets this year. Consensus has 3.5% revenue growth. It expects a weaker 1H due to weaker OEM demand and a recovery in 2H. It sees improved EBIT, with expectations for +14%. It guided for > €1.7bn FCF, with consensus at €1.85bn.
  • Webcast replay https://www.michelin.com/en/investors/presentation-events/results-sales.