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 down in the week from the 7th to the 11th of July, 2014 (Milan -4.4%, London -2.6%, Frankfurt -3.4%, Paris -3.4%, Madrid -4.3%), trimming the 2014 year-to-date performance of benchmark index Stoxx 600 to +2.6%. Bank stocks underperformed (index -4.1% during the week), in anticipation of European tests on asset quality (due July 17) and following the sell-off of Portuguese Banco Espirito Santo (down 37% in the week after delaying payment to short term debt). Moreover, European Industrial Production data for May disappointed (-1.8% yoy for Germany and Italy, against expectations of +0% and +1.5%, respectively).

Auto & Parts stocks traded in line with the market (sector index -3.9%, +4.9% the YTD performance). German OEMs BMW and Volkswagen held an upbeat Investor Day in China which revolved around the growth prospects of the local market: positive trend in H1 2014 and volumes expected to grow in the double digits for the next 10 years.

Pirelli shares closed the week at 11.71€ (-3.1%, in line with tyre peers) with limited volumes (1.5 million shares on average per day, against a 3-month average of 2.4 million). Consensus target price is at 12.92€/share with 85% 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 up from the 2nd to the 6th of June, 2014, marking the 8th consecutive weekly gain (Stoxx 600 +0.9%, Milan +3.1%, London +0.2%, Frankfurt +0.4%, Paris +1.4%, Madrid +2.5%). Investors reacted positively to decision by European Central Bank to lower interest rates (benchmark rate -10bps at 0.15%, negative deposit rate at -0.1%) and support lending to companies through TLTRO (targeted longer-term refinancing operations, worth 400€/mld). US labor market data provided further support: 217,000 new jobs were added in May (net figure), and unemployment rate was 6.3%.

Auto & Parts stocks performed in line with market (sector index +1.4%). According to LMC, May auto sales in Western Europe were up by 4.5% yoy, with an annual rate (SAAR) of 11.8 mln pcs, slowing down from April’s 12.1 mln pcs.

Pirelli shares closed the week at 12.54€, up 1.4 percentage points with an average volume of 2.5 million shares traded per day, in line with the previous four weeks. In an update report, brokers Goldman Sachs upped recommendation (from Sell to Neutral) and Target Price on the shares (+3€ at 13.6€); the analyst confirms the positive view on the business – exposed to Premium segment and structural growth in South America – and updates the estimates based on new FX scenario, natural rubber pricing trends and the deconsolidation of the Steelcord business. Consensus target price stood at 12.77€ with 85% of analysts advising to Buy or Hold the shares.


Write a comment »


7 - 9 of 47 for the category: Peers Analysis