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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 week 20-24 September was a positive one for the international markets (Milan +0.4%, London +1.6%, Paris +1.6%, Frankfurt +1.4%). Trading received a boost from the positive macroeconomic data in the US (new home sales  +7.6% in August, guide index +0.3%) and Europe (industry orders +11.2% since the start of the year).
At sector level, the highest rises were in Auto & Parts (+3.3%) and Industrial shares (+2.0%).
Pirelli closed the week at €5.98, a rise of 2.8%. Trading in Pirelli shares was up, with mean daily volumes of almost 4 million trades, compared to the roughly 3 million of the previous weeks. The stock was buoyed by the positive opinion of the analysts  with Banca IMI who, given the new industrial plan presented by the company, categorised it as special situation (NAV at €7.6, compared to the previous €6.9) and Royal Bank of Scotland (RBS),which started the coverage with a BUY recommendation and a TP at €7. According to RBS favourable geographic positioning, combined with an improved product mix and the price increase will allow Pirelli to achieve an Ebit margin of over 10% by the end of 2012. For Morgan Stanley, however, all the positive catalysts on the share have already been discounted by the market, and their opinion is Underweight, but with a TP of €6.20 instead of the earlier €5.72.
The Consensus TP for Pirelli is €6.31 (Buy the prevalent recommendation: 79% of the coverage).
Pirelli again confirmed its status as the best share in the FTSE Mib basket, with a relative performance +40.8 percentage points higher than the FTSE Mib.
A slight downturn in the weekly performance of Pirelli RE, which closed at €0.44 (-0.8%).


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PEERS & MARKETS

Little change on international markets in the week from 13 to 17 September (Milan +0.9%, London +1.4%, Paris +1.5%, Frankfurt +1.3%) after the positive performance of recent weeks. The sectors that saw the strongest rises were Retail (European reference index +2.7%) and Auto (+2%).
Pirelli closed the week at €5.82, a rise of 3.1%. The share price was buoyed by the announcement of the latest price increase in Europe for the entire product range, reflecting solid price discipline in the industry.  Of note was Intermonte’s upgrading of Pirelli, increasing the TP to €7 (from €6.1) with an Outperform recommendation. Upside drivers included the improved visibility of the company on the tyre market thanks to the recovery in demand, particularly in emerging markets, and the announced increase in production capacity (+20% over the next 3 years). The Consensus TP is now  €6.24 (with Buy recommendations from 83% of the coverage). Pirelli again confirmed its status as the best share in the FTSE Mib basket, with a relative performance 37 percentage points higher than the Milan blue chip list.
Pirelli RE shares continued to rise, outperforming (+11%) both the European Real Estate index (+10pp) and its Italian peers.


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PEERS & MARKETS

The upward trend of international markets continued in the week from 6 to 10 September (Milan +0.9%, London +1.4%, Paris +1.5%, Frankfurt +1.3%).
The auto sector rose too (+4.2%) benefitting from the positive sales results released by Volkswagen for the first eight months of the year (+13.4% YTD; +11.2% YoY up to August) especially in the Chinese, Indian and US markets.
Pirelli reflected the positive trend of the sector closing up by 3.1% at 5.64€ and confirming its position as best share from the start of the year within the FTSE Mib basket. Sustaining it were prospects of improvement in guidance for the FY 2010 and expectations for the 2011-2015 plan. The Group also announced an increase in its European prices: +4% on CAR & Light Truck from 1 October and up to 6% on Truck from September.
For the fourth year running Dow Jones confirmed Pirelli as leader for sustainability in the “Autoparts and Tyres” sector; Pirelli was also the only Italian company to be the world leader in its sector.
A significant rise for Pirelli RE: +7.2%, performing markedly higher than the European Real Estate Index (+5.2 percentage points).


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