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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 advanced in the week from the 2nd to the 6th of September, 2013 (Milan +2.2%, London +2.1%, Frankfurt +2.1%, Paris +2.9%) on the back of US labor market data: lower than expected growth in non-farm payrolls eased concerns that the Federal Reserve might soon scale back its bond buying program. Positive news, moreover, came from the improvement in manufacturing activity in China (PMI index at 50.1 in August, according to HSBC, best monthly gain in 3 years) and in Europe (PMI at 51.4, highest reading in 26 months).

Auto & Parts stocks were up in the week (+4.7%, +21.1% since the beginning of 2013), led by French OEMs which announced important restructuring initiatives.
Additionally, the outlook for Brazilian auto production improved thanks to rising exports: according to Anfavea, 2013 volumes will be up 11.9% yoy (previous estimate was +4.5%).

Pirelli shares closed at 9.37€, up nearly 5 percentage points (+4.9%); daily average trading volume was 1.6 million shares (in line with the past 4 weeks).
Together with its European peers, the stock benefited from the tyre market trend in July: the Brazilian market was strong again and European volumes continued to stabilize.
Consensus Target Price is stable at 10.1€ and 45% of analysts advise to “Buy” the shares.


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