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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

Peers & markets 12-16.10.09The auto sector showed a positive trend for the week of October 12 – 16 with Pirelli among the best performers (with a 5.5% increase at 0.42 per share compared to the 2.6% increase of the DJ Stoxx Auto index).  Morgan Stanley initiated coverage on Pirelli (“Maestro of Tyres from Italy to Brazil“) with an “Overweight” recommendation and target price of €0.45. There are several factors that make the stock attractive: guidance on the sustainability of the industrial plan does not completely reflect consensus forecasts, the presence in high-growth markets like in Brazil and reduced risks linked with Pirelli Real Estate after its increase in share capital.
Banca Aletti also gave a positive recommendation on the stock, publishing the first report on Pirelli this week with an Outperform recommendation and target price of €0.48.
Average ratings of stock analysts on Pirelli settle at €0.39; a “BUY” rating prevailing on coverage made by 18 business banks. 
The week also ended in positive territory for the European tyre sector with a 4.5% increase for Michelin and 3.9% for Continental.
Pirelli RE ends the week at € 0.665, a 1.7% decline, however outperforming companies from the Italian real estate sector (Gabetti -7.1%, Aedes -6.4%, IGD +9.3%, Risanamento +2.9%).

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


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THE NEW CORPORATE ORGANIZATIONAL STRUCTURE GETS UNDERWAY

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Coherently with the strategy and the objectives of the 2009-2011 industrial plan that focuses on the core business, Pirelli simplifies its own organizational structure by grouping all activities directly supporting the core business under a new “Tyre and parts” Department, whose responsibility is entrusted to Francesco Gori, CEO and Managing Director of Pirelli Tyre. The reorganization will entail a significant downsizing of corporate level structures, leading to a minimum saving of 10 million euros per year, expected from 2010. The new “Tyre and Parts” Department groups the operational activities needed to develop the core business: tyres (Pirelli Tyre) and filters (Pirelli Eco Technology), thus ensuring one single management of corporate processes. In fact, the Department will incorporate the activities of Purchasing, Administration an Control, Pirelli Labs, Advertising and Events, Human Resources, Healt Safety & Environment (which also reports to the Group General Counsel), and the Service Centers for information technology and administratives activities.
In line with the focus on industrial activities, the reorganization includes the closing the Operation Department, headed by Claudio De Conto who will now focus his activity, as CEO Finance, on Pirelli Real Estate. Together with Giulio Malfatto – the other CEO of Pirelli RE – Claudio De Conto will continue to manage the turnaround process, which has been successfully pursued so far.
Therefore all lines of business (“Tyres and Parts“, Real Estate, Environment, Pzero fashion and Broadband Solutions), as well as typical institutional activities will report directly to the Chairman, Marco Tronchetti Provera.

 


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PIRELLI ECO TECHNOLOGY ARRIVES TO CHINA

eco tech

Pirelli signed a memorandum of understanding with the Hixih Group, a pneumatic manufacturer partner of the Pirelli Group since 2005; the agreement concerns the realization of a filter production plant in Yanzhou. The understanding falls within the scope of memorandums signed with the Italian Ministry of Territorial Protection, Water and Environment and will lead to the realization of a new factory, whose construction is expected for the first quarter of 2010. This new facility will be located in province of Shandong, where the two truck and car tyre production sites are located, hence creating a new diversified industrial development centre, capable of using the synergy from the production and from the commercialisation of the two products. The expended investment according to the 2009-2011 industrial plan, could arrive to 50 million euros within this three-year period (15-20 million euros for Eco Technology), entailing a productive capacity of about 100 thousand filters per year and about 1,200 employees.


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