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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Michelin (CGDE)    ML   FR0000121261

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MICHELIN : Moody's Upgrades Michelin to Baa1

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04/24/2012 | 04:35pm CEST

PRESS RELEASE
Clermont-Ferrand - April 24, 2012

COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN

Moody's Upgrades Michelin to Baa1

Moody's has upgraded Michelin's long-term credit rating to Baa1 from Baa2, with a stable outlook, while affirming its P-2 short-term rating.

According to the Moody's press release: "The upgrade reflects Michelin's continuous improvement in its financial metrics over the last several quarters - including a capital increase in 2010 - to levels that solidly position the company in the Baa1 rating category as well as Moody's confidence that Michelin will be able to sustain these metrics over the next years despite economic weakness in major European countries and rising raw materials".

The agency also emphasized the strength of the MICHELIN brand, the Group's solid competitive position, its ranking as one of the three leading global tire manufacturers and its consistently higher profit margins than many other auto suppliers and auto manufacturers.

Following on from the Standard & Poor's upgrade in March, the Moody's rerating further confirms Michelin's sustained performance improvement dynamic and the validity of its strategic vision.

Investor Relations

Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
valerie.magloire@fr.michelin.com

Alban de Saint Martin
+33 (0) 4 73 32 18 02
+33 (0) 6 07 15 39 71 (cell)
alban.de-saint-martin@fr.michelin.com:
mailto:alban.de-saint-martin@fr.michelin.com
Media relations

Corinne Meutey
         +33 (0) 1 78 76 45 27
         +33 (0) 6 08 00 13 85 (cell)
corinne.meutey@fr.michelin.com:
mailto:corinne.meutey@fr.michelin.com

Individual Shareholders
Jacques Engasser
         +33 (0) 4 73 98 59 08
jacques.engasser@fr.michelin.com

CP Moody's PDF:
http://hugin.info/100285/R/1605524/508496.pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Michelin via Thomson Reuters ONE

HUG#1605524
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Financials (€)
Sales 2016 20 927 M
EBIT 2016 2 600 M
Net income 2016 1 507 M
Debt 2016 1 080 M
Yield 2016 3,33%
P/E ratio 2016 11,27
P/E ratio 2017 10,13
EV / Sales 2016 0,85x
EV / Sales 2017 0,80x
Capitalization 16 771 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 100 €
Spread / Average Target 8,8%
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Managers
NameTitle
Jean-Dominique Senard Chief Executive Officer & Managing General Partner
Michel Rollier Chairman-Supervisory Board
Marc Henry Chief Financial Officer
Terry K. Gettys Executive Vice President-Research & Development
Barbara M. Dalibard Member-Supervisory Board
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