Michelin Q2 2026: More tread ahead (Outperform)

研报英文原文证据摘录

Michelin Q2 2026: More tread ahead (Outperform)

29 July 2026

Harry Martin, CFA

+44 20 7676 8965

European Automobiles & Components harry.martin@bernsteinsg.com

Steve Pereira Fernandes, CFAMichelin

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Outperform Gali Salvatorelli Naraghi

+44 20 7676 6741

Price Target gali.salvatorelli-naraghi@bernsteinsg.com

ML.FP 38.00 EUR Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

Michelin’s H1 numbers left little to be incrementally excited about and disappointed on a few

Close Date 28 Jul 2026

proof points hence the stock underperformed yesterday. We also, however, see little change to

ML.FP Close Price (EUR) 34.46

the considerable value creation opportunity that exists. Resilience in a down-cycle is valuable,

Price Target (EUR) 38.00

but the major internal improvements this company has made on manufacturing efficiency and

Upside/(Downside) 10%

product mix will become much clearer when markets start growing again. The road ahead

52-Week Range 35.72/25.51

will be anything but linear, but we continue to see a blue-sky scenario where this stock could

EDME --

double, and >15% mid-term TSR (including 8% cash return yield) as our more conservative

FYE Dec

base case. Thesis unchanged: Outperform.

Div Yield 4.0%

Q2 a small disappointment to an expectant setup. Investor expectations going in were Market Cap (EUR) (M) 23,695

upbeat, on volumes which could come in positive YoY and for mix-driven margin strength, EV (EUR) (M) 28,198

which combined could even have made the FY guidance for EBIT growth YoY untenable. Performance YTD 1M 6M 12M

However, Q2 revenues missed by 1%, and half the €47m H1 EBIT beat (+3%) was helped Absolute (%) 21.7 1.9 11.2 9.8

by a €28m IEEPA refund.