Michelin: Risk Reward Update

Research evidence excerpt

M

Update

August 5, 2026 01:30 AM GMT

Michelin | Europe

Morgan Stanley Europe S.E., Madrid Branch+

Javier Martinez de Olcoz Cerdan

Equity Analyst

Risk Reward Update

Michelin (MICP.PA, ML FP)

What’s Changed

Autos & Shared Mobility | France

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

EPS

Bull Base Bear Scenarios

Risk Reward for Michelin (MICP.PA) has been updated

Fiscal Year Ending

Reason for change

EPS (€)**

Prior EPS (€)**

We update our model after 1H26 results, reflecting higher Transportation and

Consumer margins, offset by higher restructuring charges in FY26. this drives -6%/

Equal-weight

In-Line

€28.00

€34.62

€35.72-25.51

12/25 12/26e 12/27e 12/28e

2.33

2.41

2.56

3.17

3.16

3.91

3.89

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

+0%/+0% FY26/27/28 EPS changes in our forecasts.

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