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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Major international financial markets ended down the week from October 7th to October 11th (Milan +3.2%, London +0.5%, Frankfurt +1.2%, Paris +1.3%, Madrid +2.6%) waiting for the outcome of the debate on U.S. debt ceiling, after the Republic party has formalized to Obama the request of raising it in the short-term (for 6 weeks), so to end the “shutdown”.
Better than the market the Auto&Parts sector stocks (sector index +2.0%, Blue Chips Europe Stoxx 600 +0.6%). According to preliminary September tyre shipments data released by the RMA (Rubber Manufacturers Association), demand trend is rising: Total US tyre shipments tracked +8% YoY, +18% in total OE shipments.
Pirelli shares closed the week at €10.32 (+6.7%) with an average daily volume of 3.0 million shares. Upgrade from Mediobanca: Outperform with a target price of €12.0 (from €8.0) on the medium/long term outlook (EBIT margin of 16/17% expected). Broker Bank of America upped the stock’s valuation as well (Buy, TP +1.1€ at 11.8€), thanks to improved sector multiples (EV/EBITDA ‘14E from 5.4x to 5.6x). Consensus Taget Price stands at €10.3 with 82% of analysts recommending to Hold or Buy Pirelli shares.

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