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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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PEER & MARKETS

The week from January 14 to 18 was another mixed one for major international stock markets (Milan +0.3%, London +0.5%, Frankfurt -0.2%, Paris +1.0%) due to the macroeconomic newsflow: positive data from U.S. (decrease in jobless claims, increase in construction sites in December) and Euro area (stable unemployment rate in December) provided an initial impetus to the markets but were then mitigated by data on U.S. consumer confidence in January lower than expected (71.3p vs previous month 72.9 p ; 75 p expected).

After the previous week negative performance, European Auto&Parts sector was back to growth (+1.5% Stoxx Auto & Parts) although 2012 car registrations figures in Europe have shown the lowest since 1995 (about 12 million cars with more pronounced declines in Italy, France and Spain). The index has benefited in particular from the Fiat (+10.2% after trade agreements with Mazda and production forecasts in China) and the Renault performance (+8.6%) which provided a positive view on 2013 mainly due to the improvement of positioning in emerging markets.

Pirelli ended the week at € 9,375 (+2.9%) outperform the sector and FTSE Mib index with an average traded volumes of about 2.7 million units. In addition to Bank of America Merrill Lynch report through wich has reinstate the coverage on Pirelli with a “Buy”recommendation and a Target Price of € 5.11, the stock has also benefited from the inclusion in the UBS “most preferred stock list” (Buy , TP € 10). Pirelli stock benefited also from the Shareholders Agreement renewal (until April 15, 2014) which controls 45.5% of the share capital of Pirelli with a consequent easing of concerns about stock overhang risks.


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PEERS & MARKETS

European stock markets were again positive in the week from 10 to 14 September 2012 (Milan +3.2%, London +2.1%, Frankfurt +2.7%, Paris +1.8%, Madrid +3.4%) supported by the positive macroeconomic newsflow.

The German Constitutional Court ratified the ESM (with a financial commitment of up to 190 €bln) and the Federal Reserve Governor, mr Bernanke, launched a third round of Quantitative Easing in order to improve employment in the United States (Mortgage Back Securities purchase without preset limits – first tranche of up to 40$bln). The Fed also reiterated its commitment to keep official interest rates near zero until mid 2015 (0.25% the current level).

Auto&Parts sector marked the best performance in Europe (+5.6% Stoxx Auto) driven by Audi and Volkswagen good car sales in August and positive newsflow on Chinese market.

Pirelli ended the week at € 9.37 with an increase of 4.6% and an average daily trading volume of about 3 million pieces. The stock has benefited from the upgrade of Societe Generale who brought the target price to 10.4 € (from 8.7€, Buy confirmed): following the broker, Pirelli fundamentals remain solid and 2012 objectives can be reached despite the difficult market environment. The consensus price target stands at 10.5 € with 75% of the coverage with Buy recommendation.

Categories: Pirelli Pirelli Tyre


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PEERS & MARKETS

Major European stock markets recovered strongly at the end of the week from the 23rd to the 27th of July 2012 (Milan +4.1%, +0.9% Frankfurt, Paris +2.7%, -0.4% London, Madrid +5.9%). Markets reacted positively after European Prime Ministers reached an agreement on the protection of the Euro currency.

The Auto&Parts sector was up by 2.0% (Stoxx Auto) benefiting from the positive industry  newsflow.

Pirelli, the first to publish half-yearly results in tire sector, ended the week at 8.1 € after a rise of 9.4%, in strong outperformance compared to peers. The activity on the stock was high, with over 6.2 million units traded in average per day, 70% more than last month’s average.

Positive comments from analysts on the results with a higher than expected operating performance (+5% vs. Consensus estimates on the ebit.) which confirms the strong position in the premium segment. According to HSBC (Buy and TP at 15 €), Pirelli is confirmed as a ” strong  premium story” and the stock with the best earnings growth profile in the tire sector.


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