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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

Major European stock markets recovered strongly at the end of the week from the 23rd to the 27th of July 2012 (Milan +4.1%, +0.9% Frankfurt, Paris +2.7%, -0.4% London, Madrid +5.9%). Markets reacted positively after European Prime Ministers reached an agreement on the protection of the Euro currency.

The Auto&Parts sector was up by 2.0% (Stoxx Auto) benefiting from the positive industry  newsflow.

Pirelli, the first to publish half-yearly results in tire sector, ended the week at 8.1 € after a rise of 9.4%, in strong outperformance compared to peers. The activity on the stock was high, with over 6.2 million units traded in average per day, 70% more than last month’s average.

Positive comments from analysts on the results with a higher than expected operating performance (+5% vs. Consensus estimates on the ebit.) which confirms the strong position in the premium segment. According to HSBC (Buy and TP at 15 €), Pirelli is confirmed as a ” strong  premium story” and the stock with the best earnings growth profile in the tire sector.


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PEERS & MARKETS

Main European stock markets were mixed in the week from the 9th to 13th July 2012 (Milan -0.1%, +0.1% in London, Frankfurt +2.3%, +0.4% Paris, Madrid -1.1%). After a good start thanks to the manufacturing sector data in the United Kingdom and Italy (both growing in May despite negative expectations), the publication of the minutes of the Fed last meeting reduced the expectations of a new round of Quantitative Easing with impact on markets.

The most affected by the newsflow were Bank and Industrial stocks with a decline respectively of 0.6% and 0.7% (Stoxx European reference).

Pirelli ended the week at € 7,905, down by 4.4% with a daily average of 4.7 million shares traded. The stock was affected by profit taking after an year-to-date performance of +21.5% (+30.6 pp vs FTSE MIB) and by the particular moment of automotive sector (uncertainties about demand in Europe).

The TP consensus on Pirelli amounted to 10.7€ with 87% of coverage with a Buy rating and a 35.4% upside to the market price (13/7).


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PEERS & MARKETS

Major international stock exchanges were mixed in the week from July 2nd to 6th of July 2012 (Milan -3.8%, London +1.6%, Frankfurt -0.1%, -0.9% Paris, Madrid -5.1%). Despite the cut in official interest rates by Central Banks of Europe and China (-25bps, Bank of China has made the second cut in a month) markets was affected by fears of a worsening in the macroeconomic environment. The President of the ECB, Draghi, during the press conference on Thursday (July 5) showed that economic growth in the euro area remains weak; the picture is worse than just a month ago since growth across the euro area is weakening, including countries that before were continuing to grow.

Negative newsflow affected Bank stocks: the reference Stoxx was down by 1 .4%. Brokers were expecting a new financing plan (LTRO3, Long term refinancing operation)  but according to the President of ECB this will not be taken into account in the short term.

Auto&Parts sector was positive by 1.4%.

Pirelli ended the week virtually unchanged at € 8,265 (-0.4%) with an average daily trading volume about three million units. Pirelli stock is still among the top 4 best performer in the FTSE MIB YTD: +27.1% (+36.1 pp vs FTSE MIB).


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