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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 week 13 to 17 June was characterised by ups and downs on the main international markets (Milan -0.1%, London -0.9%, Frankfurt +1.3%, Paris +0.5%) with market focused on Greek debt.

Pirelli, in counter-trend with respect to the main peers and Piazza Affari (Milan Stock Echange -0.1%) closed at 6.76€, a rise of 1.5% with an average trading volume of 3 million per day.

During the week (14 June) Intermonte brought Target Price to 10€ per share (8.5€ the previous TP), the highest value ever assigned until now: the focus on premium, the price policy and a geographical positioning more open towards emerging markets – in particular in the Truck sector – will allow Pirelli to reach a profitability in line with Continental’s (with a forecast of 14% for Ebit margin in 2015). Similar drivers also brought Morgan Stanley (16 June) to confirm its strong recommendation to buy the stock(Buy, TP 9€).

The consensus Target Price was 8.22€, 96% the Buy percentage on a coverage of 22 analysts.

Note the publication of the figures on the tyre market for May (http://www.pirelli.com/web/investors/tyre_markets_trend/default.page) which underline a positive trend in the demand in Mercosur and Europe, an improvement with respect to April’s figures.

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PEERS & MARKETS

PEERS&MARKETS 14.06-18.06.10Pirelli ends the week June 14-18 at € 0.483 (+2.2%) after reaching a high of € 0.50, corresponding to the price on September 2008 before the collapse in the stock market. Pirelli remains the among the best performing stocks of the FTSE Mib (+15%) since the beginning of the year.
HSBC initiated coverage on Pirelli with an Overweight recommendation and target price of €0.55.  According to HSBC, Pirelli is among favourite stock picks of the European tyre sector due to its product positioning and its strong presence in Latin America.
In view of the plan for separation of Pirelli RE, Intermonte raised the target price on Pirelli to €0.53 (from €0.52). The holding discount (12%) cancellation is more than enough to offset the cancellation of the shareholding in Pirelli RE from NAV of Pirelli & C. A neutral recommendation prevails in view of the recent stock rally. 
Consensus forecasts on the stock are stable: TP €0.52 with a prevailing Buy recommendation (83%) on coverage by 21 business banks.
Strong rebound by Pirelli RE of +4.7% to €0.387 whereas major Italian real estate competitors show a mixed trend (Risanamento -3.9%, Beni Stabili +3.6%).

For more in-depth information please follow the link to: Investors > Peers & Markets.


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