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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

Fears that economic growth would be slowed by repeated anti-inflation measures taken by China and India  caused a downturn in the international stock markets in the week 2 to 6 May (Milan –2.1%, London –1.5%), Paris +1.2%, Frankfurt –0.3%).

Sales in the Auto&Parts sector (Stoxx index -1.3%) were affected by the profit-taking that followed an excellent reporting season, and widespread uncertainty about the impact of the disaster in Japan and the pressure raw material market prices might exert on second quarter results.  

Pirelli closed at €6.96 (-0.9%) outperforming both the sector index (+0.4pp v Stoxx Auto) and Piazza Affari (+1.2pp) with an average of over 5 million trades. After the publication of the Q1 2011 results, which were better than expected, analysts were positive, with revised guidance for 2011. There were many increased valuations, by 60 eurocents on average, with a TP of €8.2 (with an average TP of 7.9 for the whole coverage). The most prevalent recommendation was Buy ((82% of total coverage).


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PEERS & MARKETS

11-15 April was a difficult week for the principal European markets (Milan -2.5%, London -1%, Frankfurt -0.5%, Paris, -2.2%). Prices reflected uncertainties due to the renewed fears about the debt of peripheral EU countries and data on inflation in China and Europe, which was higher than expected (5.4% and 2.7%).

At sector level, generalised sales across all industries, particularly banks (European reference index -3.2% ) which might resort to further recapitalisation initiatives, in view of the application of Basel 3 in 2013.

Pirelli closed the week with an unchanged price (€6.48, 0.0%) over performing the Milan stock exchange, its peers and the industry (Stoxx Auto&Parts –2.7%). Since announcing its 2010 results (8 March 2011), Pirelli shares have risen 9.8% (+11.3pp vs FTSE Mib, +10.1pp vs Stoxx Auto&Parts). The average number of daily trades was around 4 million.


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