Michelin Shares Bounce Nearly 3% and Reclaim Their Moving Averages
The Clermont-based manufacturer is part of the generalized rebound of the Paris stock market at midday. The easing of Brent and the surge of the CAC 40 provide the stock with a breath of fresh air, after several sessions of consolidation below its short-term technical benchmarks.
The Stock Benefits from the CAC 40 Rebound and the Barrel's Decline
At mid-session, Michelin's stock is up 2.76% at €33.13, while the CAC 40 has risen by 1.81% to 8,348.87 points. The stock is performing in a broadly bullish Parisian market, where Societe Generale, Stellantis, and Kering are driving the index higher, while TotalEnergies falls in the wake of oil prices. Brent has dropped 5.17% to $88.29 a barrel following Donald Trump's statements about the possibility of a peace deal with Iran this weekend. The cost of synthetic rubber and transportation remains indirectly linked to the trajectory of crude oil, making the manufacturer sensitive to these fluctuations. Today's progress brings the weekly gain to 4.05% and the three-month rise to 6.87%. Over one year, the stock remains stable (+1.44%), reflecting a year of consolidation after several challenging quarters for the tire sector.
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Today's rebound allows Michelin to position itself above its three key moving averages, in a favorable setup. The price at €33.13 is 5.17% above the MM20 (€31.50), 5.85% above the MM50 (€31.30), and 9.45% above the MM200 (€30.27), an alignment that indicates a recovery in the medium-term dynamic. The stock has also crossed the resistance identified at €32.45, paving the way for testing higher levels if the movement continues. The RSI at 59 remains in a neutral zone, without signs of overheating. As a reminder, during its Media Day on June 9 and 10, the group highlighted specialty tires as a strategic pillar, a segment that accounts for 17% of revenue with profitability above the group's average. The technical support at €30.23 remains the low reference point in case of a reversal, while the €32.45 zone has just been crossed and now serves as a reference level for upcoming sessions.
Les équipes de Michelin peuvent être fières de leurs performances sur ce premier semestre : notre Groupe enregistre une nette amélioration de la dynamique des ventes.
Le chiffre d'affaires semestriel atteint 12,7 milliards d'euros, en repli de 2,6 % en publié mais en hausse de 0,5 % à taux de change constants, l'effet devise pesant pour -3,1 %. Le résultat opérationnel des secteurs s'élève à 1,45 milliard d'euros (marge de 11,4 % contre 11,1 % au premier semestre 2025), en progression de 103 M€ (+7 %) à périmètre et parités constants. Le cash-flow libre avant M&A ressort à +282 M€ contre -102 M€ un an plus tôt. Par segment : Consommateur 6 926 M€ (marge 12,5 %), Transport 2 813 M€ (marge 5,9 %), Spécialités 2 220 M€ (marge 14,1 %), Polymer Composite Solutions 728 M€ (+14 %, marge 13,6 %). Le ratio d'endettement net s'établit à 26 %.
Risks mentioned
Effet de change particulièrement défavorable, pesant pour -3,1 % sur le chiffre d'affaires
Marchés Première monte encore déprimés, notamment aux Amériques pour le Transport
Marché de la première monte Agricole au plus bas depuis 10 ans
Hausse des coûts industriels et logistiques liée à l'inflation et aux droits de douane
Opportunities identified
Succès des nouvelles gammes MICHELIN Primacy 5 Energy et Pilot Sport 5 Energy
Volumes de la marque MICHELIN en hausse de 5 % au Remplacement
Trois acquisitions structurantes finalisées en Polymer Composite Solutions
Croissance du Mining, de l'Avion et des activités Deux-roues
Transformation du portefeuille vers des marchés moins cycliques et à forte valeur ajoutée
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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.
