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Investor Channel is the communication channel between Pirelli and the financial community. Analysts, shareholders and web users can use the channel for direct dialogue with the Group. The blog is moderated by Pirelli Investor Relations.


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PEERS & MARKETS

PEERS&MARKETS 21.06-25.06.10More fears about Greece caused a downturn in the financial markets in the week 21-25 June (Paris -4.5%, London -3.9%, Milan -2.8%, Frankfurt -2.4%). Five year Greek credit default swaps rose to 959 base points (a new historic record): projections against Greek bankruptcy risk rose 56%.
At sector level, rumours about the probable introduction of a European tax on the banking sector (not approved by the weekend’s G8 meeting ) and the downgrading of BNP Paribas by Fitch have provided an incentive for sales of European bank stock, which lost 4% from 21 to 25 of June.
The automotive sector was also weak (DJ Stoxx Auto&Parts  -2.7%) with Pirelli at €0.463, a fall of 4.1%, with below average daily volumes. Kepler renewed its positive view of Pirelli stock (Buy, TP €0.54), highlighting expectations that the results of the core Tyre business would exceed objectives for 2010.
Blackrock, one of the major foreign investment funds, announced that it had increased its holding in  Pirelli & C. to over 2%. The presence of Blackrock illustrates the renewed interest expressed by international funds in investing heavily in Pirelli.
The property sector’s stock market performance reflected the disappointing numbers of US home sales to May  (at their lowest since 1970 ) with Pirelli RE closing at  €0.351 (-9.3%). The performances of its principal Italian peers were similar (Bastogi -5%, IGD -4.3%).

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PIRELLI EXCLUSIVE F1 TYRE SUPPLYER FROM 2011

F1The FIA (Fédération Internationale de l’Automobile), the Teams, and Formula One’s organising body, have chosen Pirelli as their exclusive supplier, based on the specific proposals from the Italian company to guarantee technical and operational stability to the competitors.
Pirelli will provide teams with six different types of tyre for the season: four slicks, with different compounds for various types of dry surfaces, one rain tyre for heavy rain, and one intermediate tyre for damp conditions or light rain.
Pirelli is also proud to announce that it will supply for the three-year period (2011-2013) the GP2 World Series in addition to a tyre supply agreement starting from the current year for the inaugural GP3 series. Pirelli will consequently become the single supplier to all the most prestigious racing championships in the world from 2011.
The last Grand Prix victory claimed by Pirelli was the 1991 Canadian Grand Prix, with Nelson Piquet driving for Benetton.

Categories: Pirelli Tyre


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PEERS & MARKETS

PEERS&MARKETS 14.06-18.06.10Pirelli ends the week June 14-18 at € 0.483 (+2.2%) after reaching a high of € 0.50, corresponding to the price on September 2008 before the collapse in the stock market. Pirelli remains the among the best performing stocks of the FTSE Mib (+15%) since the beginning of the year.
HSBC initiated coverage on Pirelli with an Overweight recommendation and target price of €0.55.  According to HSBC, Pirelli is among favourite stock picks of the European tyre sector due to its product positioning and its strong presence in Latin America.
In view of the plan for separation of Pirelli RE, Intermonte raised the target price on Pirelli to €0.53 (from €0.52). The holding discount (12%) cancellation is more than enough to offset the cancellation of the shareholding in Pirelli RE from NAV of Pirelli & C. A neutral recommendation prevails in view of the recent stock rally. 
Consensus forecasts on the stock are stable: TP €0.52 with a prevailing Buy recommendation (83%) on coverage by 21 business banks.
Strong rebound by Pirelli RE of +4.7% to €0.387 whereas major Italian real estate competitors show a mixed trend (Risanamento -3.9%, Beni Stabili +3.6%).

For more in-depth information please follow the link to: Investors > Peers & Markets.


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