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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 down in the week from the 7th to the 11th of July, 2014 (Milan -4.4%, London -2.6%, Frankfurt -3.4%, Paris -3.4%, Madrid -4.3%), trimming the 2014 year-to-date performance of benchmark index Stoxx 600 to +2.6%. Bank stocks underperformed (index -4.1% during the week), in anticipation of European tests on asset quality (due July 17) and following the sell-off of Portuguese Banco Espirito Santo (down 37% in the week after delaying payment to short term debt). Moreover, European Industrial Production data for May disappointed (-1.8% yoy for Germany and Italy, against expectations of +0% and +1.5%, respectively).

Auto & Parts stocks traded in line with the market (sector index -3.9%, +4.9% the YTD performance). German OEMs BMW and Volkswagen held an upbeat Investor Day in China which revolved around the growth prospects of the local market: positive trend in H1 2014 and volumes expected to grow in the double digits for the next 10 years.

Pirelli shares closed the week at 11.71€ (-3.1%, in line with tyre peers) with limited volumes (1.5 million shares on average per day, against a 3-month average of 2.4 million). Consensus target price is at 12.92€/share with 85% of analysts advising to Buy or Hold the shares.


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