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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 experienced a general recovery ( Milan +3.8%, London +2.9%, Frankfurt +7.4%, Paris +1.9%) during the week from 12 September to 16 September. Markets were also backed by the news that main Central Banks (BCE, Fed, BoE, BoJ, SNB) will join efforts in order to solve the liquidity issues some banks are facing.
It was a positive week for the Auto & Parts secor as well: the index gained +2.5%. At the Frankfurt motor show car makers underlined the absence up tp now of any sign of demand slowdown. The industry eventually will be able to face any change in the demand trend, thanks to a greater flexibility than during the past.
Pirelli closed the week at €5.81 (+14.7%) with 6.5 mln of shares traded on average, outperforming its peers (Michelin +7.4%, Continental +10.3%, Nokian +4.1%).
In Morgan Stanley’s opinion Pirelli is the tyre top pick (Overweight at 7.5€). The broker reviewed 2012 estimates including a global growth slowdown. However, according to the broker’s view, Pirelli will outperform the market thanks to the exposure to Emerging Marktes and the strong focus on premium.
The mean consensus TP is 8.45€ with BUY recommendations from 88% of brokers.



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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.

Categories: Peers & Markets


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PEERS & MARKETS

15-21 April was a positive week for the principal international markets (London +0.9%, Frankfurt +2.1%, Paris, +1.3%), sustained by the good start of the reporting season:. quarterly figures that exceeded market expectations contributed to a more positive attitude to prices.

Auto & Parts was the best performing sector (+4.2%) after the Fiat results (+6.9%).

Pirelli closed the week at €6.8, a rise of 4.9% on the upswing in the European tyre sector. Pirelli is among Morgan Stanley’s best picks in 2011: the broker predicts growth of 24% (to 1.381) in the tyre sector for the first quarter of 2011 with an ebit margin of 9.7%.


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