Michelin SA

Michelin, based in Clermont-Ferrand, is one of the world's largest tyre makers, supplying cars, trucks, aircraft and mining machinery, and is expanding into higher-margin specialities and sustainable materials. A strong brand and technology edge give it pricing power, though demand follows the vehicle and industrial cycle. Michelin has a long record of paying and raising its dividend, funded by dependable cash flow, and adds buybacks. A moderate, reliable yield from a quality tyre and materials maker gives it a solid dividend profile, with the payout breathing with the wider economy.