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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

PEERS&MARKETS 26.07-30.07.10Sector rotation in favor of bank sector characterized the week from 26 to 30 July on the stocks markets. Following the results of stress tests required by the European Commission, the European Banks sector index recorded 5% upside. Profit taking affected sector that have better performed since the beginning of the year : Automotive & Parts marks -1.8% despite the positive indications for 2010 given that emerged from the publication of half-year results by the major car and components manufacturers such as Daimler, Pirelli, Continental and Michelin. Pirelli closed the week at € 5.37 (-1.1%) containing profit taking (-3.6% Michelin, Continental -2.5%). Pirelli 2Q 2010 results beated consensus estimates (+ 21% EBIT vs. the figure expected by market) with a positive impact both in terms of tyre estimates for 2010 (in line with the new target) and a higher evaluation of Pirelli stock. Ten brokers have revised their target price on Pirelli & C by an average of 40 € cents from €5.75 to €6.15. The full consensus target price stands now at € 6.04; Buy is the prevalent recommendation (83% of coverage). Pirelli, despite last week trend, is still the best performer on Ftse Mib year to date, with a relative performance of +26 pp compared to the index of blue chips. Pirelli RE, that confirmed its guidance for 2010 closed at € 0367 with an increase of 2.4% (+1.7 pp vs. the European Real Estate Index).

icon_pdfPeers & Markets 26-30.07.2010


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PEERS & MARKETS

PEERS&MARKETS 19.07-23.07.10Rises prevail on the major European Stock Markets during the week from July 19 through 23 due to recovery signs from macroeconomic data published in the US (Milan + 2.2%, London + 3% and Paris + 3.1%). More specifically, the banking sector showed a positive trend (+ 4.5% European reference Index) following the outcome of the Stress Test (only 7 out of 91 banks did not pass the test). Pirelli is definitely the best within the Ftse Mib since the beginning of 2010, with a relative performance of 29pp compared with teh Blue Chip Index of Milan. We remind you that on Monday, July 26, 2010, a reverse stock split transaction was approved with a ratio of one new ordinary or saving stock for eleven stocks to streamline both their financial management and make the Pirelli & C. stocks value more easily comparable with the other tyre business stocks listed. Taking into account such value adjustment, closing on Friday July 23, 2010 was of 5.42 euro (+ 2.9% weekly perfomance). The Consensus Target Price is of 5.84 euro and “Buy” is the prevailing recommendation. Negative data on the US Real Estate market sales caused a decrease of Real Estate stocks and a – 0.7% or 0.358 euro for Pirelli Re. The negative performance of Risanamento (-12.4%) involved in a criminal case based on the infringement of environmental protection laws.


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JULY 26 : PIRELLI & C. REVERSE STOCK SPLIT

Starting from Monday July 26 , 2010 Pirelli & C. shares will be grouped in the ratio of 1 new share for every 11 ordinary or savings shares.
This operation simplifies the administrative management of the shares and makes the unit value of Pirelli & C shares easier to read, in line with other listed companies in the tyre industry.
Starting from Monday July 26 the value of Pirelli & C shares in the stock market will be the one of the new shares. To compare the new stock value with that of  Friday July 23 (the last trading day before the reverse split) it will be sufficient to divide the value of the news share by 11.
No expense shall be borne by the sharholders in respect of the reverse stock split that will carried out by all the authorized intermediaries exclusively through Monte Titoli S.p.A.
Pirelli & C. has appointed Mediobanca – Banca di Credito Finanziario S.p.A to be the counterparty until 31 August 2010 in respect of the settlement of the missing or exceeding Pirelli & C. share fractions within the necessary limits to enable the shareholders to hold a number of ordinary or savings shares equal to 11 or respective multiples.
Such fractions will be settled on the basis of the official price of the Pirelli & C. ordinary and savings shares as of 23 July 2010. No expense shall be borne to the sharheolders in respect of such transactions.
In this way Pirelli & C. wants to facilitate the reverse stock split transaction and to better satisfy any requests from the shareholders.

Categories: Investors Pirelli


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