Michelin among the strongest CAC 40 gainers: stock rebounds 1.5%
The Clermont-based tire manufacturer is rising during the session, bucking the downward trend of the CAC 40. This rebound comes after a month of decline, as the stock approaches a closely watched technical level.
A rebound against the grain of a declining Paris index
The Michelin stock is up 1.51% to €33.52 in early afternoon trading, while the CAC 40 is down 0.54% and the SBF 120 down 0.46%. This gain places it among the strongest performers in the index, in a session where Schneider Electric is weighing on the market. The stock remains down 4.66% over the past month, after breaking its support level at €34.01 on September 9. This breach had triggered a downward phase that today's session is easing without erasing it. Brent at $102.62 per barrel remains a backdrop factor for a tire manufacturer whose raw material and fuel costs are sensitive to oil prices.
A 20-day moving average to reconquer and support at €33.05 nearby
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In terms of technical levels, the price is aligned with its 20-day moving average, located at €33.59, which it touches without exceeding, while the 50-day MA at €34.20 remains 1.99% above. The 200-day MA at €32.29 provides a cushion of 3.81% below the price, and support at €33.05 is located very close by. The RSI at 40 reflects still modest momentum.
On the fundamentals side, the group published half-year results on July 27 with operating margin up to 11.4%, and cites among its watchpoints an unfavorable currency effect of 3.1% on revenue. It also repurchased €885 million in shares over twelve months, representing 3.8% of its market capitalization. The level of €33.59, that of the 20-day MA, is the benchmark to watch in the coming sessions.
SectorAutomobile et mobilité›Équipementiers automobiles
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 19 175 millions d'euros
Quarterly revenue: 19 175 millions d'euros
Revenue growth: -0,5 %
Guidance from the release
Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
Risks mentioned
Faiblesse persistante de la Première monte, qui fait reculer les volumes pneumatiques du Groupe de 0,8 % à fin septembre, en particulier en Tourisme Camionnette en Europe et en Amérique du Nord (en Chine, les ventes du Groupe progressent sur un marché en recul de 7 %)
Concurrence des pneumatiques importés à bas prix, notamment d'Asie, qui pèse sur les marques Tier 2 en Amérique du Nord, Tier 3 dans les principales régions et sur le Poids lourd en Amérique du Sud
Faiblesse persistante des Convoyeurs, liée à la prudence des clients miniers en matière de dépenses et à la faiblesse du marché du minerai de fer, notamment en Australie
Opportunities identified
Expansion de Polymer Composite Solutions soutenue par les acquisitions de Cooley Group, Flexitallic et TexTech en 2026 (chiffre d'affaires +21,9 % publié, -2,7 % hors effet de périmètre à cause des Convoyeurs)
Activité Mines en croissance, avec des gains de parts de marché, qui compense la pression sur le Hors-la-route (segment Spécialités -0,9 % publié, +0,4 % à périmètre comparable)
Dynamique positive de la marque MICHELIN en Remplacement avec volume de +4% en fin septembre
Outlook / guidance
Management commentary: Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
