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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

The major international markets rose in the week from 6 to 10 December (Milan +1.8%, London +1.2%, Frankfurt +0.8%, Paris +2.8%), buoyed by recovery in the banking and insurance segments (European index +1.5% and +4.7% respectively).

The Auto&Parts sector remained substantially the same (-0.2%) reflecting the risk that China will abolish car purchase incentives (1.6 litres or less engines) at the end of December (duty on cars has been reduced to 7.5% from 10%).

The news from China and the progressive rise in the cost of natural rubber, with futures reaching maximums of 4.558 $/ton (9/12) in Tokyo, affected share prices in the European tyre segment, which had dipped by the end of the week: Michelin -3.1%, Continental -5.0%, Nokian -1.2%.

Pirelli closed at €6.14, a fall of about 1%. Less trading on average: about 3 million, compared to about 4 million last month. Deutsche Bank resumed coverage of the share with TP €7.6 and a BUY recommendation. According to the broker, exposure on emerging markets and in the premium segment will guarantee above-market growth for the company. Profitability decidedly better, with a forecast of 11.5% for ebit margin in 2013.


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