They see the difference as mostly attributable to adverse raw material price fluctuations between semesters and as a result are predicting a better than expected second half.

Therefore, the bank has left its full-year operating profit projections for the company at 1.72 billion euros, up 30 per cent, which equates to a high 10% of sales.

Looking further ahead, the analysts pointed to the 19% margin achieved by Michelin’s specialty tyres division, which was loss making four years ago. According to the analysts, this is a “good indication of what truck tyres can achieve in the future.”