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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 main European stock markets were down in the week from the 27th to the 31st of January 2014 (Milan +0.3%, London -2.3%, Frankfurt -0.9%, Paris +0.1%, Madrid +0.5%). Tensions on the Emerging Markets exchange rates after the drop that the Argentina Peso, the Turkish Lira and the Russian Rublo experienced.
Auto & Parts sector was down (-0.9% the Stoxx reference): according to ACEA the European auto market, after 6 years of consecutive declines, is now forecasted at +2%.
Pirelli closed the week at €11.96 (-2.3%), broadly in line with peers, with an average trading volume of 4.8 million shares per day (+48% vs ast month average). Consensus target price stood at 12.3€ with 83% of analysts advising to Buy or Hold the shares.


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PEERS & MARKETS

The main European stock markets were down in the week from the 20th to the 24th of January 2014 (Milan -3.1%, London -2.4%, Frankfurt -3.6%, Paris -3.8%). Investors’ negative sentiment was prompted by the increasingly uncertain outlook of emerging markets. A ~500 million dollar financial instrument linked to the default of a mining company in China will leave investors with no compensation, whereas manufacturing activity in the Asian country is expected to contract in January for the first time in 6 months. In addition, emerging markets currencies are increasing volatile following the reduction in monetary stimulus by the Federal Reserve: the Turkish Lira devaluated by more than 5% over the course of the week (vs the US Dollar, more than 10% devaluation in the last month), the Russian Ruble continues to fall (-5% since the beginning of 2014), and the Argentine Peso dropped by more than 18% over the last 5 days. Within Europe, the Madrid stock exchange (-5.7%) was the most affected due to its exposure to South American economies.

Higher risk aversion in equity markets did not leave the Auto & Parts sector untouched (sector index -4.7% vs benchmark Stoxx 600 -3.3%). Fiat (-1.1% following the finalization of the buyout of 41.46% of Chrysler) and Peugeot (-2.1% thanks to Moody’s positive reaction to the 3 billion euro capital increase) were relative best performers.

Pirelli shares ended the week at 12.24€ (-3.1%) with an average trading volume of 2.1 million shares per day (-17% vs last month average). Tyre markets developed positively in December: sales of car tyres in the replacement channel grew in all main markets globally.
Consensus target price stood at 12.2€ with 83% of analysts advising to Buy or Hold the shares.


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PEERS & MARKETS

Major European markets closed above parity the week from January 6th to 10th (Milan +2.4%, London +0.1%, Frankfurt +0.4%, Paris +0.1%, Madrid +5.0%), with bank stocks driving (Stoxx 600 Banks +4.7% vs +0.7% of the whole Europe Stoxx 600). In the ECB board meeting (with unchanged at 0.25% the interest rates) the president Mario Draghi warned against the end of the crisis, stating that “the ECB is ready to step in again if needed”. From the FOMC minutes it was clear that the “tapering” will continue up to December to reduce to zero the bond purchases (at the moment at $75bn / month).
Profit taking on Pirelli, which sets aside the week at €11.79 (-5.3% the week, +13.7% during last month and +45.3% in FY13), with 2.4 million stocks exchanged on average. Consensus Target Price related to the last 17 publications stands at €12.22 with 82% of the coverage with positive recommendations (Buy + Hold rating).


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