Michelin stock falls 2% and tests its support level at €34
The shares of the Clermont-based tire manufacturer declined sharply on Thursday, in a CAC 40 index also moving lower. The session places the stock in a delicate technical configuration, at the level of a nearby support threshold, as the Paris index falls nearly 1% during the session.
A decline that brings the price to the level of the 50-day moving average
Michelin lost 2.19% to €34.37 during trading, in a Paris market that retreated, with the CAC 40 falling 0.97%. The stock finds itself at the level of its 50-day MA at €34.42, with a gap of only 0.15%, and has fallen below its 20-day MA at €34.58. This downward crossing of the 20-day MA signals a short-term weakening, while the technical support at €34.01 constitutes the next zone to monitor if selling pressure persists.
The RSI at 58, still in neutral-bullish territory, does not indicate marked buyer exhaustion: the configuration remains open. Over one year, the stock still gains over 9%, and over three months the advance exceeds 13%, which attests to a solid underlying trend despite today's decline.
A deteriorated market context, with Brent crude in sharp decline during the session
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The VIX at 14.88 signals a relatively calm environment for markets overall, slightly lower compared to the previous session (15.45). In this context, the decline of Michelin shares is part of a broader movement in cyclical stocks in the CAC 40, with several industrial and financial titles posting sharper declines. Furthermore, Brent fell 6.53% during the session to $86.15 per barrel, extending a decline of nearly 3% since mid-August.
For a tire manufacturer whose production costs include petroleum derivatives, this crude oil decline can indirectly weigh on margin expectations, even though the link remains indirect. The analyst consensus on the stock will be worth monitoring ahead of the next earnings releases. In the meantime, the support level at €34.01 remains the short-term technical reference for this session.
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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