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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 from July 15 to 19 was a positive one for the major European Markets following the good macroeconomic newsflow (Milan +4.5%, London +1.3%, Frankfurt +1.4%, +1.8% Paris, Madrid +1.3%). In the semi-annual testimony to the Congress Fed Chairman Bernanke reassured markets on the continuation of a highly accommodative economic policy: a slowdown in liquidity injections will take place only in case of strong acceleration in the U.S. economy. Positive signals also came from the European Central Bank that were expanding the list of assets accepted as a collateral to make it easier to purchase bonds from countries in difficulty.

Another positive week for European Auto&Parts sector (+2.6%) pending the full start of the reporting season for the second quarter 2013. The index ended the week with the best sector performance YTD: +17.7%, +10.5 percentage points versus the Stoxx 600. European tyre stocks was also up after positive data on market in June that confirmed the good performance of Emerging Markets and an ongoing stabilization in Europe.

Pirelli ended the week at € 9.54, up 10.9% compared to last week with an average daily trading volume of about 3.3 million pieces. In addition to the positive indications that emerged from the data of the tire market in June (in particular the strong performance of Brazil), the stock’s performance reflected the upgrade by JP Morgan to Overweight (from Neutral) and the increase of target price to 12 € (9.5 € ).

The consensus target price therefore stands at € 9.70 with 45% coverage of the recommendation with “Buy”.


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PEERS & MARKETS

The week from June, 17 to 21 was a difficult one for major European stock markets (Milan -5.6%, -3% London, Paris -3.9%, -4.2% Frankfurt, Madrid -4.6%) driven downwards – after the first positive sessions – by the Governor of the Federal Reserve words: due to some signs of improvement in the U.S. economy, Quantitative Easing in the U.S. will be gradually reduced and ended during next year. The news caused a broad sell-off on the markets that struck indiscriminately all sectors.

Bank shares was among the most affected (Stoxx Bank -5.2%) together with European Auto&Parts stocks (-7.1% Stoxx Auto), following poor data on European registrations in May (-5.9% yoy, the smallest since 1993 ) and profit taking after one of the best sector performance year to date (+8.3% YTD last week).

Pirelli ended the week in line with the main Tyre peers at € 8,875 (-4.3%) with an average trading volume of about 2.7 million pieces.

Categories: Pirelli Pirelli Tyre


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PEERS & MARKETS

The week from February 11th to 15th was mixed for major international stock markets (Milan -0.8%, London +1.0%, Frankfurt -0.8%, Paris +0.3%). The expectations for the outcome of the G20 meeting in Moscow (global currency balance the main topic on the agenda) and the not-encouraging data of fourth quarter GDP in Italy, France and Germany (all down QoQ and lower than expected) feed the uncertainty and volatility in the markets.

European Auto&Parts sector was down after previous week’s positive performance (-1.6% Stoxx Auto, +4.4% YTD). Among the major OEMs Renault and Peugeot were in countertendency after 4Q FY-2012 results above analysts’ expectations: +6.7% and +10.4%, respectively, the weekly return.

European tyre sector was also mixed. Pirelli ended at € 8.71 (-2.4%, +1.1% Continental, Michelin -6.5%). Low activity on the stock with an average daily trading volume of approximately 1.9 million shares (-30% vs. the average of the last 3 months). In the last quarter, the stock gained 6.2% in line with the performance of the Milan Stock Exchange.


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