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MGDDY - Michelin's Specialty Business Tanks A Hit For The Business But We're Cautious On Stealth Effects
Compagnie Generale des Etablissements Michelin ADR
Michelin (MGDDF) was a company whose prospects we thought were good for the post-COVID-19 world. However, our tune has changed. Despite the fact that they demonstrated substantial pockets of resilience in their specialty tires business, Michelin is exposed to more than just recessionary effects. We are worried about what smart-working might do to tire depreciation and turnover. With the business unlikely to recover anyway until 2022 at best, we are going to wait till the market has forgotten about Michelin to consider it later at a cycle inflexion.