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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 1st to the 5th of July 2013 (London +2.6%, Frankfurt -1.9%, Paris +0.4%, Madrid +1.4%, Milano +1.9%), supported by the central bankers of Europe and England pledging to keep interest rates at the current low levels. Positive news on the real economy came from the United States, where data from the manufacturing and the construction sectors surprised on the upside.

Auto & Parts stocks advanced in line with the overall market (sector index +2% during the week), thanks to the outperformance of French OEMs: according to Goldman Sachs, European light vehicle production should pick up in the third quarter on the back of improving consumer confidence, as confirmed by the reduction of stock witnessed in the distribution channels.

Pirelli closed the week up 0.7% at 8.96€ with an average daily traded volume of 1.7 million shares. In an update report, broker UBS confirmed its positive view on the stock (rating BUY) and improved the valuation to 12€ (+2€). According to the analyst, Pirelli’s cash flow generation potential is particularly attractive, given the positive outlook of the Truck business in South America, the expected reduction in capital expenditures as well as the improvement in net working capital management.
Average Target Price stood at €9.55 (+7% upside on Friday’s closing price), with 83% of analysts advising to Buy or Hold the stock.

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PEERS & MARKETS

Major international stock markets were up in the week from April 22 to 26 (Milan +5.1%, London +2.2%, Frankfurt +4.8%, Paris +4.3%, +4.8% 9 Madrid). After the macroeconomic data from Germany in April (PMI at 47.9 points, below the consensus and the critical threshold of 50 points; Ifo economic activity down to 104.4 vs 106.2 pts estimated) markets relied on a cut of official rates by ECB to support economy (expected May 2nd a decrease to 0.5% from the current 0.75%).

By sector, purchases was focused on Auto & Parts stocks (+7.3% the Stoxx Auto Index) following the beginning of the reporting season. After the publishing of 1st quarter data that showed the weakness of demand, traders are betting on a trend of improvement in the coming quarters. This hypothesis was validated by early indications from the Industry: truck recovery in orders in March, general automotive sector re-stocking, tyre recovery in sales for the month of April.

Pirelli ended the week at € 7.68 (+4.3%) with an average daily trading volume of about 2 million.

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PEERS & MARKETS

Major European financial markets were down in the week from 2 to 5 April 2013 (Milan -0.6%, London -2.5%, Frankfurt -1.8%, -1.8% Paris, Madrid -1.5%). After the first positive trading day, stock markets were impacted by lower than expected U.S. economic macroeconomic data (fewer payrolls in March, ISM Services index in March to the lowest level in seven months: 54.4p vs. 55.5p expected) and by the view expressed by ECB President Draghi according to which recovery in Europe is going to be slow and gradual.

In line with the market also the European Auto&Parts Sector (-1.9%) following weak car registrations data in Germany: new car sales in March were down 17% compared to last year (-10% yoy in February 2013).

Pirelli ended the week above parity (+0.4%) at € 8.22. Limited trade in the sessions after the holidays: the average daily trading volume was about 1.9 million units.

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