Company Valuation: Michelin (CGDE)

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 18,717 25,735 18,556 23,208 22,443 22,471 22,471 -
Change - 37.5% -27.89% 25.07% -3.3% 0.12% 0% -
Enterprise Value (EV) 1 22,248 28,524 22,876 26,489 25,555 25,222 24,987 24,310
Change - 28.21% -19.8% 15.79% -3.53% -1.3% -0.93% -2.71%
P/E ratio 29.9x 14.1x 9.31x 11.8x 12.1x 14.2x 12x 10.2x
PBR 1.48x 1.72x 1.08x 1.29x 1.2x 1.24x 1.18x 1.12x
PEG - 0x 1.04x -8.23x -2.56x -1.2x 0.7x 0.6x
Capitalization / Revenue 0.91x 1.08x 0.65x 0.82x 0.83x 0.87x 0.85x 0.82x
EV / Revenue 1.09x 1.2x 0.8x 0.93x 0.94x 0.98x 0.95x 0.89x
EV / EBITDA 6.13x 6.07x 4.35x 4.83x 4.77x 5.52x 5.07x 4.53x
EV / EBIT 11.8x 9.62x 6.74x 7.42x 7.57x 9.51x 8.43x 7.16x
EV / FCF 10.4x 20x -208x 11.3x 11.5x 12.6x 14.2x 12x
FCF Yield 9.61% 5% -0.48% 8.85% 8.71% 7.94% 7.06% 8.3%
Dividend per Share 2 0.575 1.125 1.25 1.35 1.38 1.307 1.41 1.64
Rate of return 2.19% 3.12% 4.81% 4.16% 4.34% 4% 4.31% 5.02%
EPS 2 0.8775 2.56 2.79 2.75 2.62 2.3 2.717 3.202
Distribution rate 65.5% 43.9% 44.8% 49.1% 52.7% 56.8% 51.9% 51.2%
Net sales 1 20,469 23,795 28,590 28,343 27,193 25,828 26,289 27,372
EBITDA 1 3,631 4,700 5,262 5,489 5,361 4,571 4,930 5,368
EBIT 1 1,878 2,966 3,396 3,572 3,378 2,651 2,964 3,398
Net income 1 632 1,844 2,001 1,983 1,884 1,643 1,907 2,199
Net Debt 1 3,531 2,789 4,320 3,281 3,112 2,751 2,517 1,840
Reference price 2 26.24 36.04 25.98 32.46 31.80 32.68 32.68 32.68
Nbr of stocks (in thousands) 7,13,357 7,14,121 7,14,117 7,14,958 7,05,747 6,87,596 6,87,596 -
Announcement Date 15/02/21 14/02/22 13/02/23 12/02/24 12/02/25 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.21x0.98x5.52x4% 2.67TCr
17.78x0.96x5.32x2.96% 2.9TCr
13.07x1.51x8.39x2.98% 741.5Cr
10.63x - - - 689.28Cr
11.64x1.21x7.33x1.7% 703.09Cr
28.85x - - 1.67% 556.39Cr
14.85x0.78x5.96x2.62% 470.77Cr
10.51x1.12x4.9x2.84% 464.87Cr
7.44x0.43x4.31x-.--% 260.41Cr
10.58x0.45x5.11x1.97% 232.73Cr
Average 13.96x 0.93x 5.85x 2.3% 969.37Cr
Weighted average by Cap. 15.18x 1.00x 5.79x 2.96%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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