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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.

PEERS & MARKETS

Main European stock market were down in the week from 4 to 8 February 2013 (Milan -4%; London -1.3%, Frankfurt -2.3%; Paris -3.3%, Madrid -0.7%). Political vicissitudes in Spain – calls for the resignation of the Prime Minister – and Italy in the upcoming elections of February 2013, renewed fears on peripheral Euro countries pulling down stock indexes. Data on U.S. productivity declining in 4Q (-2% QoQ vs. -1.4% expected) and the view of the President of the ECB on a still weak economic activity in the euro area (recovery only in the second part of the 2013) also weighed on sentiment.

European Auto&Parts sector performance was slightly positive (+0.8%) in the second week of the reporting season. According to Daimler, car demand in 2013 will increase by 2%/4%, with a positive trend more pronounced in the second half of the year. Sector stocks also benefited from data on auto sales in China which rose in January by 35-40% compared to last year.

Pirelli ended the week at € 8.92 (-1.5%) discounting the negative mood on the Italian equity market (worst market in Europe) with an average daily trading volume of about 2.7 million. The year-to-date performance is still one of the best in the European tyre sector (+3.1% YTD) after a 33.1%increase  in 2012.

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PEERS & MARKETS

The week from January, 28 to February, 1st was mixed  for major European stock markets (London +1%, Frankfurt -0.3%, Paris -0.1%). After a good start (Fitch removed negative outlook on U.S. debt), data on U.S. GDP contraction in Q4 (-0.1% versus expectations of +1.1%, the worst quarter since 2Q2009) and retail sales in Germany in December (-4.7% yoy in December, lower than expected) drove the markets into negative. Sales of stocks were more pronounced on the peripheral Stock Exchanges as Milan (-2.3%) and Madrid (-5.7%) suffered from the performance of the banking sector.

Almost unchanged European Auto&Parts sector (-0.1% Stoxx Auto) waiting for the full start of the reporting season 4Q FY 2012.

Pirelli closed the week at 9.06€, -1.8%, in line with peers following profit-taking after a YTD performance of 6.6%. Average daily trading volume was about 2.6 million units. SocGen has revised the rating on Pirelli 9.9 € (9.7 €) changing the rating to Hold (from Buy) following the limited upside after the last 12 months rally (+21%). The consensus stands at 9.9 € with 46% of the coverage (25 analysts) with Buy rating.

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PEER & MARKETS

The week from January 14 to 18 was another mixed one for major international stock markets (Milan +0.3%, London +0.5%, Frankfurt -0.2%, Paris +1.0%) due to the macroeconomic newsflow: positive data from U.S. (decrease in jobless claims, increase in construction sites in December) and Euro area (stable unemployment rate in December) provided an initial impetus to the markets but were then mitigated by data on U.S. consumer confidence in January lower than expected (71.3p vs previous month 72.9 p ; 75 p expected).

After the previous week negative performance, European Auto&Parts sector was back to growth (+1.5% Stoxx Auto & Parts) although 2012 car registrations figures in Europe have shown the lowest since 1995 (about 12 million cars with more pronounced declines in Italy, France and Spain). The index has benefited in particular from the Fiat (+10.2% after trade agreements with Mazda and production forecasts in China) and the Renault performance (+8.6%) which provided a positive view on 2013 mainly due to the improvement of positioning in emerging markets.

Pirelli ended the week at € 9,375 (+2.9%) outperform the sector and FTSE Mib index with an average traded volumes of about 2.7 million units. In addition to Bank of America Merrill Lynch report through wich has reinstate the coverage on Pirelli with a “Buy”recommendation and a Target Price of € 5.11, the stock has also benefited from the inclusion in the UBS “most preferred stock list” (Buy , TP € 10). Pirelli stock benefited also from the Shareholders Agreement renewal (until April 15, 2014) which controls 45.5% of the share capital of Pirelli with a consequent easing of concerns about stock overhang risks.

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