4 Dec 2023
Most leading manufacturers have seen a significant increase in stock values over the year-to-date
London – Despite a difficult global trading environment, share prices in tire manufacturing groups have generally registered significant gains during 2023, ERJ’s year-to-date analysis of a selection of leading players shows (see also table above):
Michelin
The world’s largest tire maker has so far delivered a strong performance for investors in 2023. A start-of-year value of €26.92 was about as low as it went for Michelin shares, which edged upwards amid peaks and troughs over the first three quarters. And, since late October, there has been a steady pick-up in the French group’s share values – from €27.68 near the end of October to €31.05 on 1 Dec.
Bridgestone
Having started 2023 at Yen4,639, Bridgestone shares registered close to a straight-line improvement to reach the end of June at around Yen6040. Values have since increased steadily, the Japanese tire rubber group reaching a year-to-date peak of around Yen 6,115 as of 1 Dec.
Goodyear
Investors in Goodyear Tire & Rubber Co. had a very unpromising start to 2023 with the share price languishing around the €10 mark over the first quarter and beyond. News of a management shake-up, however, seemed to spark a mid-year revival with prices over €16.36 seen near the end of July. Interestingly, there was then a sharp dip in early August, from which Goodyear’s share price has only partially recovered – trading around $14.00 at the start of December.
Pirelli
Pirelli share prices started trading in Jan 2023 at around €4.10 and improved steadily to record a year-high in early May of around €5.04. That was as good as it got for investors, with the share-value falling sharply in mid-October to reach a low for the year of around €4.04. Shares in the Milan-based tire maker have staged a partial recovery since then, to edge past the €4.50 mark at the start of December.
Hankook
One of the strongest stock market performances by any tire maker year-to-date in 2023 has been delivered by Hankook Tire & Technology Co. Ltd. Having started the year at KRW31,000, shares in the Korean group showed steady improvement until the end of October. Since then, prices have really started to pick up, reaching KRW 44,900 on 1 Dec – just slightly off a year-high of around KRW46,200 in mid-November.
/ More updates to follow...
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