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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.

PEERS & MARKETS

The week from February 11th to 15th was mixed for major international stock markets (Milan -0.8%, London +1.0%, Frankfurt -0.8%, Paris +0.3%). The expectations for the outcome of the G20 meeting in Moscow (global currency balance the main topic on the agenda) and the not-encouraging data of fourth quarter GDP in Italy, France and Germany (all down QoQ and lower than expected) feed the uncertainty and volatility in the markets.

European Auto&Parts sector was down after previous week’s positive performance (-1.6% Stoxx Auto, +4.4% YTD). Among the major OEMs Renault and Peugeot were in countertendency after 4Q FY-2012 results above analysts’ expectations: +6.7% and +10.4%, respectively, the weekly return.

European tyre sector was also mixed. Pirelli ended at € 8.71 (-2.4%, +1.1% Continental, Michelin -6.5%). Low activity on the stock with an average daily trading volume of approximately 1.9 million shares (-30% vs. the average of the last 3 months). In the last quarter, the stock gained 6.2% in line with the performance of the Milan Stock Exchange.

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PEERS & MARKETS

Main European stock market were down in the week from 4 to 8 February 2013 (Milan -4%; London -1.3%, Frankfurt -2.3%; Paris -3.3%, Madrid -0.7%). Political vicissitudes in Spain – calls for the resignation of the Prime Minister – and Italy in the upcoming elections of February 2013, renewed fears on peripheral Euro countries pulling down stock indexes. Data on U.S. productivity declining in 4Q (-2% QoQ vs. -1.4% expected) and the view of the President of the ECB on a still weak economic activity in the euro area (recovery only in the second part of the 2013) also weighed on sentiment.

European Auto&Parts sector performance was slightly positive (+0.8%) in the second week of the reporting season. According to Daimler, car demand in 2013 will increase by 2%/4%, with a positive trend more pronounced in the second half of the year. Sector stocks also benefited from data on auto sales in China which rose in January by 35-40% compared to last year.

Pirelli ended the week at € 8.92 (-1.5%) discounting the negative mood on the Italian equity market (worst market in Europe) with an average daily trading volume of about 2.7 million. The year-to-date performance is still one of the best in the European tyre sector (+3.1% YTD) after a 33.1%increase  in 2012.

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PEERS & MARKETS

The week from January, 28 to February, 1st was mixed  for major European stock markets (London +1%, Frankfurt -0.3%, Paris -0.1%). After a good start (Fitch removed negative outlook on U.S. debt), data on U.S. GDP contraction in Q4 (-0.1% versus expectations of +1.1%, the worst quarter since 2Q2009) and retail sales in Germany in December (-4.7% yoy in December, lower than expected) drove the markets into negative. Sales of stocks were more pronounced on the peripheral Stock Exchanges as Milan (-2.3%) and Madrid (-5.7%) suffered from the performance of the banking sector.

Almost unchanged European Auto&Parts sector (-0.1% Stoxx Auto) waiting for the full start of the reporting season 4Q FY 2012.

Pirelli closed the week at 9.06€, -1.8%, in line with peers following profit-taking after a YTD performance of 6.6%. Average daily trading volume was about 2.6 million units. SocGen has revised the rating on Pirelli 9.9 € (9.7 €) changing the rating to Hold (from Buy) following the limited upside after the last 12 months rally (+21%). The consensus stands at 9.9 € with 46% of the coverage (25 analysts) with Buy rating.

Categories: Peers & Markets Pirelli


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3 news February, 2013