Michelin (1K) | Buy | Optimising the US manufacturing footprint

研报英文原文证据摘录

Michelin (1K) | Buy | Optimising the US manufacturing footprint

#EstimatesRevision #HighConviction

Release date: 26 June 2026

Company research

ESG profile BuyMichelin

France | Autos & parts Beta Profile: MCap: EUR23.0bn

Target Price: EUR40.00 Change in TP: 0.0 % Bloomberg: ML FP Reuters: MICP.PA

Current Price: EUR33.89 Change in Sales: none 26E/none 27E Free float 96%

Up/downside: 18.0% Change in Adj EBIT: none 26E/none 27E Avg. daily volume (EURm) 96.8

YTD abs performance 19.7% Market data: 25 June 2026 Change in Adj. EPS: -6.5% 26E/-1.7% 27E

52-week high/low (EUR) 34.48/26.11

Optimising the US manufacturing footprint Price performance

Why this report?

Michelin announced last night, post close, its decision to concentrate its two

US BFG Tire plants into its Fort Wayne plant (Indiana), already the largest,

impacting 1,200 employees and requiring EUR220m provision. The move

confirms that management has resolutely moved gears on continuous cost

reduction efforts, with major operations over the last four years, and YTD new

measures impacting its French operations and European distribution. We

raise our one-off charges estimates and cut EPS forecasts as a result, but

leave our underlying 2026-27 figures unchanged. These remain materially

above consensus, as our H1 forecasts. Buy rating, EUR40 TP confirmed.

Key findings

Michelin announced its plan to reorganise its BF Goodrich Tires manufacturing FY to 31/12 (EUR) 12/26E 12/27E 12/28E

set-up in the US, winding down Tuscaloosa operations into Fort Wayne. Sales 26,830 28,484 29,477

Production winddown in Alabama (1,200 employees) should be concluded by the EBITDA adj. 5,015 5,694 6,100

EBIT adj. 2,915 3,544 3,900end of 2028. Michelin announced a EUR220m provision for this operation. Net profit adj. 1,631 2,227 2,580