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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 international markets were up in the week from July, 30 to August 3, 2012 (Milan +3.9%, +2.6% Frankfurt, Paris +2.9%, +2.8% in London, Madrid +2.1%). After an initial negative reaction to the words of the ECB Governor, Draghi, (economic interventions subject to a request for aid from Countries) markets recovered at the end being positively impacted by U.S. employment data and the Spanish Prime Minister Rajoy willing to ask the ‘EFSF intervention in case of need.

Similar trends for the European Auto&Parts (+2.6% Stoxx the car).

Pirelli ended the week at € 8.58 outperforming the sector with a +6.5% performance. Daily average traded volume was just over 5 million pieces.

UBS has initiated coverage of the stock with a “BUY” rating and a target price of 10 €. The broker has a positive view on Pirelli Premium strategy and consider the stock “highly attractive”. The consensus target price now stands at 10.5 € with 90% of coverage with a Buy rating.


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PEERS & MARKETS

Uncertain week for the Milan Stock Market (-0.1%) due to threats on financial institutions in view of the implementation of the Basel 3 requirements (-1% banking Stoxx Index). Following the announcement of the UBI Bank to increase capital by Euro 1 billion to strengthen its own capital structure, the market fears that other national institutions may be forced to recapitalise. Data on inflation in the Euro zone for March also contributes to the negative sentiment (+2.6% all time high since October 2008) which confirms the expectations of an increase in short-term interests.
Pirelli ends the week mainly unchanged at €6.245.
New coverage initiated on the stock by the Swiss broker, Sarasin, with a Buy recommendation based on the premium focus strategy and the geographical position.
The consensus target price settled at € 7.52 for Pirelli, whereas a Buy recommendation prevails on coverage made by 23 analysts (77%).

Categories: Peers & Markets


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PEERS & MARKETS

Little change on international markets in the week from 13 to 17 September (Milan +0.9%, London +1.4%, Paris +1.5%, Frankfurt +1.3%) after the positive performance of recent weeks. The sectors that saw the strongest rises were Retail (European reference index +2.7%) and Auto (+2%).
Pirelli closed the week at €5.82, a rise of 3.1%. The share price was buoyed by the announcement of the latest price increase in Europe for the entire product range, reflecting solid price discipline in the industry.  Of note was Intermonte’s upgrading of Pirelli, increasing the TP to €7 (from €6.1) with an Outperform recommendation. Upside drivers included the improved visibility of the company on the tyre market thanks to the recovery in demand, particularly in emerging markets, and the announced increase in production capacity (+20% over the next 3 years). The Consensus TP is now  €6.24 (with Buy recommendations from 83% of the coverage). Pirelli again confirmed its status as the best share in the FTSE Mib basket, with a relative performance 37 percentage points higher than the Milan blue chip list.
Pirelli RE shares continued to rise, outperforming (+11%) both the European Real Estate index (+10pp) and its Italian peers.


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