Michelin shares were one of the few performers on the Paris Bourse's CAC 40 index on Wednesday, following the presentation of its outlook for 2026.

At around 10:00 a.m., the tire maker's shares were up 1.2%, the second-best performer on a CAC that was down 0.7%, just behind Renault.

The stock is thus back towards its highs since the beginning of 2022.

On the occasion of an investor day, the manufacturer issued a press release last night after the markets closed, in which it unveiled its objectives for 2026.

The Clermont-Ferrand-based group - which sees itself as a high-tech player with applications in aerospace and medical systems - said it was counting on segment operating profit of 4.2 billion euros for 2026, excluding major M&A operations, compared with 3.6 billion in 2023.

Its segment operating margin is expected to reach 14%, compared with 12.6% last year.

Free cash flow, excluding M&A transactions, is expected to be around 5.5 billion euros on a cumulative basis for the period 2024-2026, compared with 4.4 billion for the period 2021-2023.

Michelin points out, in passing, that it had achieved its 2023 targets at its 2021 Investor Day.

In a reaction note, analysts at Oddo BHF refer to 2026 targets "generally ahead of expectations" and hail "a convincing strategy that has not yet finished bearing fruit".

This CMD has reaffirmed the Group's positioning", observe the private bank's teams.

"Management has shown itself to be more pragmatic in its M&A ambitions, without abandoning its desire to diversify outside the tire sector (polymer composites, etc.)", they emphasize.)', they emphasize.

A view shared by their counterparts at Stifel.

'The important point is not so much the presentation of the 2026 targets (...) as the Group's willingness to temper its M&A ambitions a little', emphasize the analysts.

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