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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Main european stock exchanges were weak in the week from November 4 to 8 2013 (Milan -1.1 % , London -0.4 %, Frankfurt +0.8 % , -0.3 % Paris , Madrid -0.9 %). The U.S. macroeconomic data above expectations (GDP +2.8 % QoQ vs. +2 % consensus; increase in jobs more than double than estimates: approximately 204,000 vs. 100,000) was pushing stocks at first but the improving economy also renewed concerns that the Federal Reserve Bank may begin tapering its Quantitative Easing. On the European front instead, a further cut by the ECB to official interest rates to historical low (0.25%), confirms the weakness of the Eurozone economy.

Above parity the European Auto&Parts sector ( +0.7 %) driven by good car registrations data in October ( +3.4 % yoy , -2.1 % YTD) . The sector also benefited from the good performance of Tyre stocks following Continental quarterly results and the presentation of the new Strategic Plan 2013-2017 by Pirelli: the stock, having earned more than 8% in the two subsequent sessions, ended the week at € 11,050 recording the best performance of the Stoxx Auto (+6.9 % , +6.2 pp vs. index) with over 4 million volumes traded on average each day. According to analysts, the “realistic” targets , the internal levers of value creation and the focus on profitability and cash generation, provide significant opportunities for upside. Four brokers have currently revised upwards the target price of Pirelli by 1.2€ on average. The average price objective stand now at € 10.9 with 84% of the coverage with positive recommendations ( € 12.8 the average target price of new publications after Investor Day).

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