J'ai note que les analystes ont revu a la hausse leur prevision sur 2011 debut mars, un analyste a cesse d'etre vendeur, et le price target moyen a grimpe. Par ailleurs Pirelli a sorti de bons resultats hier. Enfin les cours du caoutchouc on baisse de plus de 15% depuis le pic de mi-fevrier, passant de 650$/t a 520$/t au 9/03/2011 ce qui pourrait procurer. La problematique a court terme du cours des matieres premieres au jour le jour et l'impact sur le cours de Bourse devrait s'en retrouver amoindri, voire s'inverser.
Pour l'annee en cours et plus fondamentalement, je note l'excellente dicipline des fabricants de pneus a repercuter les hausses recentes de ces memes cours du caoutchouc - pour s'en convaincre il suffit de regarder la liste sur les seuls Etats-Unis, que j'ai copie colle. Pricing power is back. L'article date du 8 mars.
Continental Tire the Americas LLC will increase the price of its Continental, General and AmeriSteel
brand truck tires by 10% effective April 1 for replacement sales channels in the U.S. only.
The reason for the price hike is the continued escalation of raw material and energy costs, the
Continental is the latest tire manufacturer to announce price increases this year. Here's a
* Michelin North America Inc. will be increasing prices up to 8.5% on Michelin, BFGoodrich, Uniroyal
and private and associate passenger and light truck replacement tires sold in the U.S. The prices
will go into effect May 1. Michelin also raised prices on Feb. 1 (the increases varied by product
* Nexen Tire America Inc. will raise tire prices up to 8% effective April 1, 2011. The increases
will be applied to warehouse orders and April FDC production. Nexen also raised prices "up to 8%"
on Jan. 1.
* Toyo Tire U.S.A. Corp. increased prices on passenger and light truck tires by an average of 8%,
with in-line adjustments, effective March 1.
* Hankook Tire America Corp. will increase prices on its full line of passenger and light truck
tires by a weighted average of 7%. The increases will go into effect April 1.
* Cooper will raise prices on its light vehicle tires effective March 15. The increases in total
will average around 8% to 9%, with in-line adjustments.
* Continental Tire the Americas LLC will raise consumer tire prices in the U.S. up to 6%, with some
in-line adjustments, effective April 1.
* Federal Corp. raised prices on its passenger and light truck tires by up to 12% effective March 1.
The percentage increase varied by product lines and continents. There also were in-line adjustments
for all onward orders and remaining back orders.
* Yokohama increased prices by up to 8% on all of its consumer tires effective March 1, 2011.
* Kumho Tire U.S.A. Inc. raised prices on all passenger, light truck and medium truck tires
effective March 1. Kumho says the details of this increase will be provided to its customers in the
* Goodyear Tire & Rubber Co. raised consumer tire prices on March 1. The increase, up to 6%, applied
to all brands in the U.S. and Canada.
* Falken Tire Corp. also raised prices on March 1. The price hikes on Falken passenger and light
truck tires ranged from 5% to 8% depending on the size, with in-line adjustments as needed.
* Bridgestone Americas Tire Operations LLC will raise replacement and original equipment consumer
tire prices one month later, on April 1, The increases on Bridgestone, Firestone and associate brand
passenger and light truck tires in the U.S. and Canada will vary up to 8%.
* Yokohama Tire Corp. will implement a price increase on all of its light and medium commercial
truck tires in the United States effective April 1, 2011. Prices will be raised an average of 8%,
with in-line adjustments.
* Double Coin and China Manufacturers Alliance LLC (CMA) hiked commercial tire prices an average of
13% on March 1. The price increases applied to the Double Coin radial truck and bus tires, all of
its private brand radial truck and bus tires, and Double Coin radial off-the-road tires.
* Toyo increased prices on its commercial truck and OTR tires by an average of 8%, with in-line
adjustments, on March 1.
* Michelin increased prices on its commercial products in the U.S. effective March 1. The company
also raised prices an average of 12% on Michelin and BFGoodrich truck tires and Michelin Retread
Technologies and Oliver retread products.
* Hankook will increase prices on its medium truck tires by a weighted average of 9%. The increases
will go into effect on tire shipments made on or after March 15, 2011.
* Titan Tire Corp. will raise prices on its farm and construction tires effective April 1, 2011. The
increases, up to 8%, will apply to both Titan branded products and Goodyear branded tires
manufactured by Titan. Certain tire prices "may rise in excess of 8% due to realignment and
positioning of the product," said the company.
* Cooper Tire raised its commercial truck tire prices 12% across the board during the week of Feb.
* The Bridgestone Off Road Tire, U.S. & Canada Commercial Tire Sales division increased prices on
its mining, construction and industrial tires by 12%, "with some in-line adjustments" on March 1.
* The Bridgestone Agricultural Tire, U.S. & Canada Commercial Tire Sales division announced a 4%
price increase effective April 1 on the following tires: Firestone agricultural, construction and
forestry tires; Bridgestone garden tires; and Regency tires sold in the United States and Canadian
* Michelin increased prices on Michelin brand replacement agricultural tires sold in the U.S. and
Canada on March 1. The hikes were up to 8%.
The company already increased prices on its Michelin earthmover and industrial replacement tires
sold in North America up to 7% on Feb. 1. It increased prices on Oliver and MegaMile retread rubber
products sold in the U.S. up to 7% on Jan. 3.
CGS Tyres Group (7.5% to 10% on farm and industrial tires), Titan Tire Corp. (up to 8% on farm and
OTR tires), Yokohama Tire Corp. (up to 5% on bias and radial OTR tires) and Continental Tire the
Americas LLC (up to 8% on truck tires) raised their commercial tire prices on Jan. 1.
Goodyear GT a eu sa journee investisseurs hier.
Je n'ai pas encore le detail. Le titre a baisse de ~3% en sceance, probablement sur des prises de
profit apres la forte hausse depuis le debut de l'annee.
Deux points a noter:
De nouvelle hausse des prix de ventes ont ete annoncees, ce qui confirme la discipline des
industriels a repercuter la hausse des cours des MP.
Un objectif de $1.6bn d'EBIT en 2013 contre $1.3bn attendus.
J'ai ouvert une position short hier sur Johnson Control Instruments - qui peut se resumer a
Valeo/TRW/Faurecia + Saft + Schneider Electric/Honeywell - et se traite a 16x 2011. Valeo et
Schneider semblent tres peu valorisees en comparaison.
Incidemment Johnson a vendu ses operations de sous-traitance chinoises servant Nissan China (siege automobie) a Faurecia quelques jours avant le tsunami.
Goodyear Tire & Rubber Co. (GT - Analyst Report) announced that it would raise prices of its
commercial truck tires by 15% and the price of tread rubber by as much as 7% from the next month.
The price increases were driven by soaring price of raw materials.
Rubber, both natural and synthetic, is primarily used for manufacturing tires. This apart, carbon
black, sulfur and other chemicals are used in tires.
Recently, natural rubber prices reached historic high due to surging demand in Asia, particularly
China – the world’s largest rubber consumer. Moreover, there is a shortage in supply of natural
rubber due to heavy rain in the main rubber producing countries, thereby pushing up its price
Ok, ok,.... j'ai eu tendance a m'epancher un peu trop sur Michelin depuis deux mois mais puisque
tout le monde se rue sur les compagnies aeriennes pour jouer la chute du petrole, toutes en hausse
de 5% (IAG, LHA, AF), pourquoi ne pas aller plus ruse et regarder a mimil, pour qui le cours des
produits petroliers derives et le cours du caoutchouc est quelque peu correle? Matieres premieres,
c'est 20%+ des revenus de memoire.