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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 main European stock markets were up from the 8th to the 12th of July 2013 (London +2.7%, Frankfurt +5.2%, Paris +2.7%). Investor sentiment was sustained by the increased clarity around monetary policy in the United States, with the Fed Chairman renewing the commitment to monetary easing, and by an upbeat start of the US reporting season. Milan underperformed (-0.7%), as rating agency Standard and Poor’s downgraded the country’s credit rating (BBB from BBB+), negatively impacting financial stocks.

Auto & Parts stocks were up during the week (sector index +6.6%), thanks to the outperformance of Auto stocks: the publication of sales figures for the Chinese market in June shows volumes growing by an average 33% yoy for the main Premium players. This positive trend was confirmed by the release of preliminary Q2 2013 figures by an important German luxury brand, beating analysts’ estimates.

Pirelli shares were volatile during the week and closed at 8.6€ (-4%), on profit taking and limited trading volume (1.8 million shares per day, lower than 3 month average at 2.7 million shares); the stock recovered from the decline at the beginning of the current week thanks positive data on tyre market, Brazil in particular, and is trading in line with the closing price of the previous week. Average target price stood at 9.55€, with 83% of analysts advising to “Buy” or “Hold” the stock.


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