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

PEERS&MARKETS 5.07-09.07.10Evident signs of recovery on the international financial markets in the week 5 to 9 July, with rises of up to 10 percentage points, particularly in the finance sector. Buying has been fuelled by leaks about the stress tests of the European Union on the major banking groups, which should not show deficits (+9.6% European bank index), higher global growth forecasts for 2010 from the IMF (4.6%, compared to the previous figure of 4.2%), and the ECB decision to not change the lending rate.
Pirelli closed the week at €0.477, a rise of 7.4%, clearly outperforming the sector index  (+2.2 percentage points compared to DJ Stoxx Auto). Trading volumes were lower (35 million shares, about half the daily average of the last three months), but in line with the overall dynamics of the market. The buy recommendation on the share by a majority of analysts was confirmed (83% Buy). The consensus target price was stable at  €0.53.
Pirelli RE recovered decisively, rising to €0.36, with market performance of 11.6%, the best in the Italian Real Estate sector.

Tags: ,


Write a comment »

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

PEERS & MARKETS

PEERS&MARKETS 21.06-25.06.10More fears about Greece caused a downturn in the financial markets in the week 21-25 June (Paris -4.5%, London -3.9%, Milan -2.8%, Frankfurt -2.4%). Five year Greek credit default swaps rose to 959 base points (a new historic record): projections against Greek bankruptcy risk rose 56%.
At sector level, rumours about the probable introduction of a European tax on the banking sector (not approved by the weekend’s G8 meeting ) and the downgrading of BNP Paribas by Fitch have provided an incentive for sales of European bank stock, which lost 4% from 21 to 25 of June.
The automotive sector was also weak (DJ Stoxx Auto&Parts  -2.7%) with Pirelli at €0.463, a fall of 4.1%, with below average daily volumes. Kepler renewed its positive view of Pirelli stock (Buy, TP €0.54), highlighting expectations that the results of the core Tyre business would exceed objectives for 2010.
Blackrock, one of the major foreign investment funds, announced that it had increased its holding in  Pirelli & C. to over 2%. The presence of Blackrock illustrates the renewed interest expressed by international funds in investing heavily in Pirelli.
The property sector’s stock market performance reflected the disappointing numbers of US home sales to May  (at their lowest since 1970 ) with Pirelli RE closing at  €0.351 (-9.3%). The performances of its principal Italian peers were similar (Bastogi -5%, IGD -4.3%).

For more in-depth information please follow the link to: Investors > Peers & Markets.

Tags:


Write a comment »

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

PEERS & MARKETS

PEERS&MARKETS 14.06-18.06.10Pirelli ends the week June 14-18 at € 0.483 (+2.2%) after reaching a high of € 0.50, corresponding to the price on September 2008 before the collapse in the stock market. Pirelli remains the among the best performing stocks of the FTSE Mib (+15%) since the beginning of the year.
HSBC initiated coverage on Pirelli with an Overweight recommendation and target price of €0.55.  According to HSBC, Pirelli is among favourite stock picks of the European tyre sector due to its product positioning and its strong presence in Latin America.
In view of the plan for separation of Pirelli RE, Intermonte raised the target price on Pirelli to €0.53 (from €0.52). The holding discount (12%) cancellation is more than enough to offset the cancellation of the shareholding in Pirelli RE from NAV of Pirelli & C. A neutral recommendation prevails in view of the recent stock rally. 
Consensus forecasts on the stock are stable: TP €0.52 with a prevailing Buy recommendation (83%) on coverage by 21 business banks.
Strong rebound by Pirelli RE of +4.7% to €0.387 whereas major Italian real estate competitors show a mixed trend (Risanamento -3.9%, Beni Stabili +3.6%).

For more in-depth information please follow the link to: Investors > Peers & Markets.


Write a comment »


7 - 9 of 38 for the category: Pirelli RE