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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The main European stock markets were down in the week from the 3rd to the 7th of March 2014 (London -1.4%, Frankfurt -3.5%, Paris -0.9%, Milan +0.9%). Rising tension between Ukraine and Russia led investors to reduce exposure to equity, causing higher volatility and the appreciation of safer assets (gold and oil hit weekly highs at +1.8% and +2.3% on Friday’s close, respectively). On the macro front, the central bankers of England and the EU kept benchmark rates unchanged (ECB at 0.5%, BOE at 0.25%).

Auto & Parts stocks were slightly down in the week (sector index -0.8% vs Stoxx 600 -1.5%); OEMs benefited from the many new product launches at Geneva motor show, in addition to growth in February car registrations in Europe (Germany +4.3%, Spain +17.8% due to government incentives, Italy +8.6%).

Pirelli shares ended the week up one percent at 12.72€, with an average daily trading volume of 2.4 million shares (in line with the previous 4 weeks). The financial market reacted positively to the placement of the 1.5% shareholding (7 million shares) by Intesa SanPaolo at a price in line with current trading (removing stock overhang worries), whereas Brazilian tyre market data (car replacement +18% yoy in January) confirmed the positive trend of the South American market. Today’s Mediobanca valuation upgrade (TP +1€ at 14€) brings consensus Target Price to 12.1€.

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