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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

The main European stock markets were up in the week from the 10th to the 14th of February, 2014 (Milan +3.8%, London +1.4%, Frankfurt +3.9%, Paris +2.6%), helped by the statement of recently appointed Fed Governor Janet Yellen: monetary policy will continue with progressive reduction in the bond buying program, should macro indicators progress as forecast. Positive news, moreover, came out of China, with January imports and exports data beating expectations (trade balance at 31.86$/mld vs 25.64$/mld in December), Germany (Q4 ’13 GDP +0.3% vs expectations of +0.1%) and France (GDP +0.3% vs +0.1%).

Auto & Parts stocks led the gains (sector index +6.5% vs Stoxx 600 +2.5%); Goldman Sachs confirmed its positive view on the sector, improving the outlook for new car registrations in Europe, now +6.4%, +5.8% and +3.1% in the three years from 2014 to 2016 (previous estimates were +3.2%, +4.7%, +2.9%); the broker prefers stocks with lower exposure to Emerging Markets volatility. Investors reacted positively, moreover, to better than expected Q4 results for Renault, Faurecia and Michelin.

Pirelli closed the week up 6.5% at 12.61€ with an average trading volume of 3.2 million shares per day; investor sentiment on tyre stocks is improving thanks to commentary provided during the FY13 reporting season: 2014 volumes should show moderate growth and price/mix vs raw materials should develop positively. In its sector update, GS reviewed its valuation on the stock (Sell, TP 10.6€) discounting a more cautious view on foreign exchange and tyre demand in South America. Consesus Target Price stood at 12.04€ with 74% of analysts advising to Buy or Hold the shares.


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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.


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PEERS & MARKETS

The main European stock markets were down in the week from the 27th to the 31st of January 2014 (Milan +0.3%, London -2.3%, Frankfurt -0.9%, Paris +0.1%, Madrid +0.5%). Tensions on the Emerging Markets exchange rates after the drop that the Argentina Peso, the Turkish Lira and the Russian Rublo experienced.
Auto & Parts sector was down (-0.9% the Stoxx reference): according to ACEA the European auto market, after 6 years of consecutive declines, is now forecasted at +2%.
Pirelli closed the week at €11.96 (-2.3%), broadly in line with peers, with an average trading volume of 4.8 million shares per day (+48% vs ast month average). Consensus target price stood at 12.3€ with 83% of analysts advising to Buy or Hold the shares.


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