ARCHIVE

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.


Share to Facebook Share to Linkedin Share to Twitter More...

PEERS & MARKETS

The week from 30 August to 3 September was distinguished by the marked upturn on all the European markets. (Milano +4.1%, London +5.3%, Paris +4.7%, Frankfurt +3.1%). The macroeconomic news from the US contributed to this positive mood, which boosted demand over the week (the US manufacturing index was higher than in July, consumer confidence is recovering, job losses falling, and there was a slight recovery in the property market and house prices).
At sector level, the demand was primarily focussed on the auto industry (+6.4%), perceived as good at the moment after Daimler’s August results (Mercedes-Benz shares rose for the tenth consecutive month  to +19%, and the week’s performance was +8.5%).
The trend in European tyre shares was positive, rising over 3 percentage points, supported by recently published market data. According to Morgan Stanley, the recently announced price increases and market trends show that the tyre market will continue to perform well: double digit growth in volumes in July in the truck segment, while Mercosur continued to be the market with the highest growth: +13% for replacement car & light vehicle; +57% the truck OE.
Pirelli closed the week at 5.47€ a rise of 3.7% , with a YTD performance of +18.4% (FTSE Mib -11.2% YTD) further confirmation of its status as best performer in the FTSE Mib basket since the start of the year  (+29.6pp). The average number of daily trades was just over 3 million.
There was also some attention paid to Pirelli RE (on the agreement for Berggruen to acquire Karstadt), resulting in the best property sector result for the week: +6.2% to 0.37€ beating the 2.6% of the  Epra Europe reference index.

Tags: ,


Write a comment »

Share to Facebook Share to Linkedin Share to Twitter More...

PEERS & MARKETS

The week 23 to 27 August was characterised by falls on most European markets  (Milan -0.3%, London +0.1%, Paris -0.5%, Frankfurt -0.9%).
The negative data on the US economy stoked fears about the economic recovery, which were partially allayed by Friday’s figures on growth in the US GDP in the second quarter of 2010 (+1.6%, instead of the expected 1.3%) and the declarations by the president of the Federal Reserve on measures to support the economy.
Most sectors of the economy performed poorly (Auto -0.7%, Industrial -1.5%, Tech -2.6%).
European tyre shares outperformed the DJ Stoxx Auto with Pirelli at  +0.3% (€5.275). The stock confirmed its status as best performer in the FTSE Mib basket since the start of the year, with performance to date of +28.9 pp. The consensus target price was  €6.19 after the recent valuation upgrades (HSBC Buy at €6.8, SG Buy at €6.3, Banca IMI NAV at  €6.9). The most prevalent recommendation was Buy (78% of analyst coverage).
The price of Pirelli Real Estate did not change, closing at  € 0.347.
 


Write a comment »

Share to Facebook Share to Linkedin Share to Twitter More...

PEERS & MARKETS

PEERS&MARKETS 28.06-02.07.10Fears about the economy pushed European stock exchanges down, closing over 4 percentage points down on the week 28 June to 2 July 2010 (Milan, -4.4%, London –4.1%, Paris –4.9%, Frankfurt –3.9%). Sales were stimulated by the worse-than-expected US macroeconomic data (unemployment, consumer confidence and property sales). 
Pirelli shares (4% down at € 0.444) fell less than other European auto industry shares (reference index –4.8%) due in part to the positive views expressed by Equita (BUY with a Target Price of € 0.54) and Chevreux (Outperform and a Target Price up from € 0.51 to € 0.55 ), which saw Pirelli Tyre estimates rise against the market trend.  .
The average consensus valuation of Pirelli & C was  € 0.53, with 83% Buy recommendations on a coverage of 21 brokers.
The negative data on the US property market pushed real estate shares down, with Pirelli RE at € 0.322 (-.83%).

Tags: ,


Write a comment »