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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

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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PEERS & MARKETS

Major international stock exchanges were mixed in the week from July 2nd to 6th of July 2012 (Milan -3.8%, London +1.6%, Frankfurt -0.1%, -0.9% Paris, Madrid -5.1%). Despite the cut in official interest rates by Central Banks of Europe and China (-25bps, Bank of China has made the second cut in a month) markets was affected by fears of a worsening in the macroeconomic environment. The President of the ECB, Draghi, during the press conference on Thursday (July 5) showed that economic growth in the euro area remains weak; the picture is worse than just a month ago since growth across the euro area is weakening, including countries that before were continuing to grow.

Negative newsflow affected Bank stocks: the reference Stoxx was down by 1 .4%. Brokers were expecting a new financing plan (LTRO3, Long term refinancing operation)  but according to the President of ECB this will not be taken into account in the short term.

Auto&Parts sector was positive by 1.4%.

Pirelli ended the week virtually unchanged at € 8,265 (-0.4%) with an average daily trading volume about three million units. Pirelli stock is still among the top 4 best performer in the FTSE MIB YTD: +27.1% (+36.1 pp vs FTSE MIB).


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PEERS & MARKETS

A sharp rise for Pirelli in the week 4 to 8 April 2011, returning to a three-year high of €6.5 (+3.8%, about 2pp higher than the Milan blue chip index). This price trend was supported by upgrades by Mediobanca (Overweight and TP at €7.2 from €6.9), Societe Generale (Neutral at €6.9 from €6.25) and Morgan Stanley (Overweight at €9 from Underweight at €6.6).
For Morgan Stanley in particular, Pirelli is the only share in the Auto & Parts sector to offer a high upside on its results: growth of 20% in EPS is forecast in 2011, and 21% in 2012.
The trend on the major international markets was also broadly positive (Milan +1.9%, London +0.8%, Paris +0.2%, Frankfurt +0.5%).
The BCE decision to raise the official interest rate by 25 points (to 1.25%) had a particularly positive effect on bank shares, which recorded growth of 2.2% over the week, and on the Euro, which reached a 15-month high of 1.4426 against the dollar. Industrial (Stoxx –1.4%) and Auto (-0.7%) shares, in contrast, were weak. 
It should be noted that the continuing geopolitical tensions in the Middle East and Africa meant that oil reached a 32-month high during the week (with Brent at 124 dollars a barrel).

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