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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 19.07-23.07.10Rises prevail on the major European Stock Markets during the week from July 19 through 23 due to recovery signs from macroeconomic data published in the US (Milan + 2.2%, London + 3% and Paris + 3.1%). More specifically, the banking sector showed a positive trend (+ 4.5% European reference Index) following the outcome of the Stress Test (only 7 out of 91 banks did not pass the test). Pirelli is definitely the best within the Ftse Mib since the beginning of 2010, with a relative performance of 29pp compared with teh Blue Chip Index of Milan. We remind you that on Monday, July 26, 2010, a reverse stock split transaction was approved with a ratio of one new ordinary or saving stock for eleven stocks to streamline both their financial management and make the Pirelli & C. stocks value more easily comparable with the other tyre business stocks listed. Taking into account such value adjustment, closing on Friday July 23, 2010 was of 5.42 euro (+ 2.9% weekly perfomance). The Consensus Target Price is of 5.84 euro and “Buy” is the prevailing recommendation. Negative data on the US Real Estate market sales caused a decrease of Real Estate stocks and a – 0.7% or 0.358 euro for Pirelli Re. The negative performance of Risanamento (-12.4%) involved in a criminal case based on the infringement of environmental protection laws.


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JULY 26 : PIRELLI & C. REVERSE STOCK SPLIT

Starting from Monday July 26 , 2010 Pirelli & C. shares will be grouped in the ratio of 1 new share for every 11 ordinary or savings shares.
This operation simplifies the administrative management of the shares and makes the unit value of Pirelli & C shares easier to read, in line with other listed companies in the tyre industry.
Starting from Monday July 26 the value of Pirelli & C shares in the stock market will be the one of the new shares. To compare the new stock value with that of  Friday July 23 (the last trading day before the reverse split) it will be sufficient to divide the value of the news share by 11.
No expense shall be borne by the sharholders in respect of the reverse stock split that will carried out by all the authorized intermediaries exclusively through Monte Titoli S.p.A.
Pirelli & C. has appointed Mediobanca – Banca di Credito Finanziario S.p.A to be the counterparty until 31 August 2010 in respect of the settlement of the missing or exceeding Pirelli & C. share fractions within the necessary limits to enable the shareholders to hold a number of ordinary or savings shares equal to 11 or respective multiples.
Such fractions will be settled on the basis of the official price of the Pirelli & C. ordinary and savings shares as of 23 July 2010. No expense shall be borne to the sharheolders in respect of such transactions.
In this way Pirelli & C. wants to facilitate the reverse stock split transaction and to better satisfy any requests from the shareholders.

Categories: Investors Pirelli


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PEERS & MARKETS

PEERS&MARKETS 12.07-16.07.10The week from 12 to 16 July was a bad one for European stock exchanges (Milan -1.6%, Paris -1.5%, Frankfurt -0.4%). Investors were disappointed by the US macroeconomic data (FED index, production prices, consumer confidence) and the quarterly reports from US banks (sector index –3.8% in the US, and -2.6% in Europe), with credit recovery difficulties, due in part to the unemployment rate.
European Auto&Part shares bucked this trend (+3.4%), after the JP Morgan promotion (attractive valuation), with purchases concentrated mainly on automotive shares after revision of the 2010 guidance by BMW (+7.7%).
Pirelli closed the week at €0.479 (+0.4%): Morgan Stanley and Cheuvreux confirmed their positive assessment, which envisaged 2010 sales trends for business tyres better than those in the guidance.  Consensus TP stable at €0.53, Buy the prevalent recommendation.
The extraordinary shareholders’ meeting held on 15 July approved the reverse split of the ordinary and savings shares of 1 new share for every 11 shares of the same category owned.
The reverse share split will presumably be effective from 26 July 2010, or, if the technical times should require it, from 2 August 2010. The shareholders’ meeting also approved the separation of Pirelli RE by allocating one ordinary Pirelli RE share to each Pirelli &C. ordinary or savings share owned after the reverse split. It is expected that this allocation will be completed by next October, after the period required by the current law.
Since the start of the year, Pirelli shares have risen 14% (+27.3pp against the FTSE Mib), making it the third best performing group in the Milan stock exchange basket of Blue Chip share.
The performance of Pirelli RE reflected that of the sector as a whole, closing at € 0.361 (+0.3%). During the week an extraordinary shareholders’ meeting approved the change of name of the company to “Prelios” and a share capital increase of 20 million euro reserved to Mediobanca and Unicredit.


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