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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 May 28 to June 1 (-3.2% Milan, London -1.7%, -4.6% Frankfurt, Paris -3.2%). Stock prices were affected by the tensions on the Spanish banking sector (possible bankruptcy of Bankia), the political instability in Greece (exit polls on the majority party) and the negative U.S. and European macroeconomic data (labor, consumption).

Sales hit all sectors indiscriminately with DJStoxx 600 down by 3.1%.

Auto&Parts sector performance (-4.7% Stoxx Auto) was penalized by both profit taking after year-to-date rally (highest sectorial performance: +7.6% YTD) and the negative May car registrations in the main European markets.

Pirelli ended the week at € 7,705 down by 4% with an average daily traded volume of about 4.7 million pieces.


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PEERS & MARKETS

The week 10 to 14 January was a positive one for the financial markets: Milan +4.5%, London +0.3%, Frankfurt +1.8%, Paris +3.0%. The success of the Portuguese and Spanish bond auctions has mitigated fears about the debts of peripheral euro area countries and shifted the focus of investors to banks: reference index +6.2%, best sector at European level. 
 

 Pirelli closed 2.7% down. Despite the positive view expressed by Kepler (which maintained its Buy recommendation and Target price of €7.6, catalyst: geographical diversification, exposure on premium and management quality) which recommends investment in Pirelli for 2011,  the share price is affected by profit taking by banks and financial institutions as well as sector concerns about the trend in raw material costs.


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PEERS & MARKETS

The major international markets rose in the week from 6 to 10 December (Milan +1.8%, London +1.2%, Frankfurt +0.8%, Paris +2.8%), buoyed by recovery in the banking and insurance segments (European index +1.5% and +4.7% respectively).

The Auto&Parts sector remained substantially the same (-0.2%) reflecting the risk that China will abolish car purchase incentives (1.6 litres or less engines) at the end of December (duty on cars has been reduced to 7.5% from 10%).

The news from China and the progressive rise in the cost of natural rubber, with futures reaching maximums of 4.558 $/ton (9/12) in Tokyo, affected share prices in the European tyre segment, which had dipped by the end of the week: Michelin -3.1%, Continental -5.0%, Nokian -1.2%.

Pirelli closed at €6.14, a fall of about 1%. Less trading on average: about 3 million, compared to about 4 million last month. Deutsche Bank resumed coverage of the share with TP €7.6 and a BUY recommendation. According to the broker, exposure on emerging markets and in the premium segment will guarantee above-market growth for the company. Profitability decidedly better, with a forecast of 11.5% for ebit margin in 2013.


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