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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 10th to the 14th of June 2013 (Milan -3.2%, London -1.6%, Frankfurt -1.5%, Paris -1.7%), bringing year-to-date performance to +4.1% (Stoxx 600 Europe index). Investor sentiment was affected by the Central Bank of Japan unexpectedly deciding to not strengthen the liquidity injection in the market ($620 bln per year), failing also to introduce new instruments to limit government bonds’ volatility. During the week, moreover, the World Bank downgraded its global outlook bringing 2013 growth to +2.2% (January estimate was +2.4%), lower than the 2.3% achieved in 2012. Expectations on emerging markets were lowered (China +7.7% vs previous 8.4%, Brazil +2.9% vs 3.4%, India +5.7% vs +6.1%), and the Eurozone is now expected to contract by 0.6%.

Auto & Parts stock retreated (sector index -2.8%), with the main auto OEMs down by more than 4% on average. At +8.3%, the sector is still the third best performer among European equities in 2013.

Tyre stocks outperformed the sector, thanks to May market data pointing to a possible recovery in the European replacement market and a still buoyant South American market.
Pirelli closes the week up +3.2% at 9.27€, with average daily volumes at 3.2 million shares (approximately +20% vs 1 month average). Consensus target price stood at 9.4€ with 82% of analysts with a positive view on the stock (“Buy” and “Hold”).


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PEERS & MARKETS

The main European stock markets were up in the week from the 21st to the 25th of May 2012 (Milan +0.8%, London +1.6%, Frankfurt +1.1%, Paris +1.3%), after G8 leaders said they are ready to take the “necessary steps” to aid growth.

Bank stocks rebounded (+2.2%), after being down 9.8% over the last month.

Pirelli closes the week at €8.03, down 6%, in line with Nokian. The year-to-date overperformance of the tyre sub-sector (+31% vs Stoxx 600), together with uncertainties over the economic outlook, prompted Goldman Sachs to turn more cautious on tyre stocks in the short term. The broker confirms its positive stance on Pirelli: solid fundamentals and appropriate strategy which will allow the achievement of 2012-2014 targets. The revised target price on the stock is €13.5 (previous was €13.7) – the second highest in the coverage – with a Hold rating. Differently from other brokers, Goldman Sachs adopts a relative rating within the whole Auto & Parts sector: according to this methodology, Pirelli – which gained 30% since the beginning of the year – provides a lower upside if compared with other stocks in the sector (Pirelli +60% vs. +160% Faurecia).

Pirelli Investor Relations


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PEERS & MARKETS

The main European stock markets were down in the week from the 9th to the 13th of April 2012 (Milan -5.8%, London -0.9%, Frankfurt -3.0%, Paris -3.8%). Trading was affected by the renewed worries around the sovereign debt of Southern European countries and the global economic trend (Chinese GDP in the first quarter of the year and US consumer sentiment data were worse than expected).

Auto & Parts stocks (-3.8% in the week) were affected by weak European car registration data, showing a 9% decline over last year.

Pirelli stock showed a different trend, closing the week flat at 8.77€, with an average daily volume of 4.3 million shares.


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