Analysts: 2008 Will Be ‘Another year of Progress for Michelin’
Michelin’s full year 2007 results were “good,” according to a Deutsch Bank analyst note. Volume growth (up 3.2%) is said to be “back to trend,” with the analysts noting that the company’s true operating margin actually 40 basis points higher than the 9.8 per cent stated. This itself is a 23 per cent increase over the company’s 2006 figure. Looking forward, the Deutsche Bank report said 2008 should be “another year of progress due to: 2 per cent volume growth and raw material price increase being more than offset by increased selling prices.