ARCHIVE

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.

Share to Facebook Share to Linkedin Share to Twitter More...

PEERS & MARKETS

The main European stock markets were up in the week from the 3rd to the 7th of February, 2014 (Milan +1.4%, London +0.9%, Frankfurt +0.0%, Paris +1.5%, Madrid +1.5%), characterized by high volatility and the publication of mixed macro data. US manufacturing activity in January (weighed down by weather conditions) and the Chinese service sector surprised negatively, whereas growth in the US job market sustained a positive mood. In its Thursday meeting, the ECB minimized the risks of deflation in the Euro area, whilst keeping the benchmark interest rate at a low 0.25%.

Auto & Parts stocks advanced in line with the market (sector index +1.1%), led by German Premium OEMs: the local car market grew in January (car registrations +7% yoy, car production +11% yoy) and Daimler provided a confident outlook to 2014 when reporting FY 2013 results.

Pirelli shares ended the week at 11.84€ (-1%) with an average trading volume of 2.8 million shares per day (monthly average at 3.3 million shares). Consensus Target Price is at 12.11€ with approximately 80% of analysts recommending to Buy or Hold the shares.


Write a comment »

Share to Facebook Share to Linkedin Share to Twitter More...

PEERS & MARKETS

The main European stock markets were down in the week from the 20th to the 24th of January 2014 (Milan -3.1%, London -2.4%, Frankfurt -3.6%, Paris -3.8%). Investors’ negative sentiment was prompted by the increasingly uncertain outlook of emerging markets. A ~500 million dollar financial instrument linked to the default of a mining company in China will leave investors with no compensation, whereas manufacturing activity in the Asian country is expected to contract in January for the first time in 6 months. In addition, emerging markets currencies are increasing volatile following the reduction in monetary stimulus by the Federal Reserve: the Turkish Lira devaluated by more than 5% over the course of the week (vs the US Dollar, more than 10% devaluation in the last month), the Russian Ruble continues to fall (-5% since the beginning of 2014), and the Argentine Peso dropped by more than 18% over the last 5 days. Within Europe, the Madrid stock exchange (-5.7%) was the most affected due to its exposure to South American economies.

Higher risk aversion in equity markets did not leave the Auto & Parts sector untouched (sector index -4.7% vs benchmark Stoxx 600 -3.3%). Fiat (-1.1% following the finalization of the buyout of 41.46% of Chrysler) and Peugeot (-2.1% thanks to Moody’s positive reaction to the 3 billion euro capital increase) were relative best performers.

Pirelli shares ended the week at 12.24€ (-3.1%) with an average trading volume of 2.1 million shares per day (-17% vs last month average). Tyre markets developed positively in December: sales of car tyres in the replacement channel grew in all main markets globally.
Consensus target price stood at 12.2€ with 83% of analysts advising to Buy or Hold the shares.


Write a comment »

Share to Facebook Share to Linkedin Share to Twitter More...

PEERS & MARKETS

 The main European stock markets were almost flat in the week from the 18th to the 22nd of November (Milan +0.7%, London -0.3%, Frankfurt +0.5%, Paris -0.3%, Madrid -0.2%). According to the minutes of the FED meeting, tapering of economic stimulus (worth 85 billion $ per month) should begin gradually in the coming months; economists surveyed by Bloomberg predicted it to start as early as March 2014. Within the main economic data released during the week, Chinese manufacturing activity in November surprised negatively and so did business confidence in Germany; positive news came out of US retail sales.

Auto & Parts stocks were up during the week (+1.9%), led by auto manufacturers supported by the positive trend of the car market in October (global market +9.3% in the month, +2.1% YTD). On a regional basis, China outperformed with a monthly growth rate of +24%, followed by Japan (+18%), USA (+11%) and Europe (+5%).

Pirelli closed the week at 11.31€, up 4.6% trading an average of 2.2 million shares per day, in line with the previous 3 months.
3 global brokers published an update report on the stock (HSBC, UBS and Goldman Sachs), upgrading their valuation by an average of 1.3€ per share; analysts appreciated the Industrial Plan’s focus on cash flow generation, as well as greater details on the Industrial Business and regional strategy.
Consensus Target Price taking into account the 15 most recent publications stood at 12.15€ with 50% of analysts advising to “BUY” the shares.


Write a comment »


7 - 9 of 35 for the category: Peers Analysis