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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

International stock markets ended the week September 27th – October 1st negatively (Milan -1.1%, London -0.1%, Frankfurt -1.4% and Paris -2.4%). Ongoing conflicting macroeconomic data, expected decisions by Ecofin on the debt of non-core countries from the Euro zone and fear on Irish and Portuguese bonds have raise doubts on purchase prices and encouraged profit-taking.
The Oil&Gas sector and the Technology sector have shown good performance of +1.6% and +0.33%, respectively; which are the only sectors that ended positively.
Pirelli showed a positive trend for most part of the week, exceeding the share price of 6 euros (€6.06 reported last September 30), thereby reflecting the increase on US prices (up to 7% on the entire range) and reflecting the positive opinion from stock analysts during the Paris Motor Show on Pirelli’s strategic position vs. its peers. However, end-of-the-week profit-taking (-2.6% European Reference Index) lead to drop in Pirelli stock to € 5.96 (-0.4%). Volumes settled at an average of 5 million pieces (higher compared to the last three months).
The Consensus target price for Pirelli settles at €6.35 (a buy recommendation prevails on coverage by analysts: 79%).
Michelin drops in view of the unexpected announcement on the share capital increase of  €1.2 billion, ending the week with a 14.8% decline. The stock also suffered downgrades by Merrill Lynch and Morgan Stanley.
However, the market reacted different to the announcement of Continental (+0.9%) to issue an additional bond of €1.25 billion (in 2 tranches with maturity on 2016 and 2018 and coupons of 6.5% and 7.125%, respectively). Nokian also ended the week positively (+1.3%).
Rebound by Pirelli RE of 1.1% to €0.44.


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PEERS & MARKETS

PEERS&MARKETS14.12-18.12

Despite the pull back in Pirelli (-2% at € 0.42) as profit taking sets in for the week of December 14-18 2009, the stock stands among best performers in the European tyre sector, going up +59.7% since the beginning of the year, compared to +42% for Michelin and +29.5% for Continental.
Unicredit
raised the target price on Pirelli & C from €.025 to €0.45 confirming a “Hold” recommendation. This upgrade is due to the cutback on the holding discount (from 40% to 15%) and the improvement on the evaluation of Pirelli Tyre, using the same multiples as its European peers.
The average target price on Pirelli settles at €0.48; a “BUY” recommendation prevails on coverage made by 18 stock analysts.
Pirelli RE ends the with a -5.2% decline, in line with the Italian Real Estate sector (Gabetti -7.7%, Risanamento -5.1%, Bastogi -3%)

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


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PEERS & MARKETS

peers&markest7-11.12.09Profit taking on the major international stockmarkets in the week 7-11 December 2009, with sharp losses, particularly in financial securities.
Pirelli & C fell 0.8% to close at 0.429€; with Michelin, the company outperformed the European Auto&Parts sector as a whole (+1pp vs DJ Stoxx Auto).
The analysts’ average valuation of Pirelli was 0.46€, with a BUY recommendation from most (71%) of the coverage, represented by 18 investment banks, with 29% recommending Hold and 0% Sell.
Pirelli RE shares also outperformed their sector average, despite falling 2.1% during the week to close at 0.501 (+2pp vs the Epra Europe Index).

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


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