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PEERS & MARKETS

by Pirelli — Tue, 25 May 2010 11:42:23 +0000

Negative week for major stock markets: from 17 to 21 May, London marks a -3.8%, Milan -1.2%, Paris -3.6% and Frankfurt -3.8%. The main drivers behind performance on the stock exchanges being the fears that consolidation plans under study by European Countries might delay economic recovery.
Sales were mainly focused on shares related to basic resources (-7%) and energy (-5%) with oil falling to $ 70 a barrel.
Pirelli closed the week down by 4.5%, in line with Michelin (-5.5% the DJ Stoxx Auto).
Poor performance for the stocks of the Italian Real Estate sector with Pirelli RE down by 8.9%, Risanamento -11.4% and Aedes -9.0%.

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PEERS & MARKETS

by Pirelli — Tue, 19 Jan 2010 17:59:47 +0000

Profit-taking on international markets in the week 11-15 January 2010 was substantial after a bullish start to the year.
Sales concerned all sectors and the banking sector in particular (with the European reference index down -3.7%) after the quarterly results of JPMorgan.
The auto sector contained its losses thanks to the upward trend of vehicle registration in the USA, Europe and Brazil (+50.7% yoy increase in vehicle registration in Brazil in the month of December; +11.4% yoy increase in 2009). Shares in the tyre sector rose with Pirelli closing the week at 0.45€ +1.4% (+2.1 percentage points up on DJ Stoxx Auto & Parts).
During the week Kepler confirmed the positive outlook for Pirelli shares (Hold, Target Price €0.45) identifying as share catalyst the Pirelli’s commitment in Russia for the realisation of a new industrial district, the restocking by dealers and a more efficient cost structure.
The Italian real estate sector, and specifically Pirelli RE, showed a weak trend, down by 4.3% (-2.2% Aedes, -2.3% Brioschi, -1.6% Gabetti).

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PEERS & MARKETS

by Pirelli — Tue, 12 Jan 2010 12:45:07 +0000

Major world stock markets open 2010 with gains of over two percentage points in the first week of trading. Strong performance especially by banking stocks (+6.2% European Reference Index) and by the cyclical sector (+3.4% for auto parts, +4.0% for industrials and +7% basic resources).
Pirelli is among top gainers from the Milan Stock Exchange, ending the week with a gain of 5.4% at €0.443, significantly outperforming the sector index (+2 percentage points) and the Italian blue-chip index (+3 percentage points). Centrobanca upgraded Pirelli this week and raised the target price from €0.47 to €0.49. The consensus target price for Pirelli settled at €0.48 by coverage made by 18 brokers; 71% BUY and 29% HOLD.
Pirelli RE ends the week with a +4.1% increase, outperforming the Italian real estate sector (Beni Stabili +2.6%, Risanamento -0.1% and Brioschi -3.7%).

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by Pirelli — Mon, 09 Nov 2009 16:30:53 +0000

International markets end week on a positive note, an average increase of 2 percentage points, particularly for the cyclical sector (+2.2% for Auto & Parts, + 2.8% for industrials and +6% basic resources).
Pirelli is among the top gainers from the Milan Stock Exchange, ending the week with a gain of 6% at €0.406, significantly outperforming the Auto&Parts index and the Italian blue-chip index (+4%). The market reacted positively to the company’s quarterly results, particularly considering the positive outlook and the revised guidance the on the tyre business unit.
Following the quarterly results announcement, nine brokers (Banca Imi, Banca Leonardo, Centrobanca, Centrosim, Cheuvreux, Exan, Kepler, Mediobanca, Societè Generale) increased the rating on Pirelli stock (an average of +5% on the target price). The consensus forecast for Pirelli settles at €0.43; a “BUY” recommendation prevails on coverage made by 18 business banks.
Pirelli RE ends the week the with a 1.8% increase against the market trend, compared major securities from the Italian real estate sector.

PEERS & MARKETS

by Pirelli — Tue, 27 Oct 2009 11:44:29 +0000

International markets end the October week 19-23 down on profit taking.
After the two week rally (+17%), Pirelli & C. ends the week at €0.402, a 2.9% decline, in line with the European tyre sector (Michelin -3% and Continental -2.7%). Also during the week, Deutsche Bank raised its target price on the stock from €0.40 to €0.47, confirming a “Buy” recommendation on the stock. This upside is mainly due to the cutback on the holding discount and the improvement on the evaluation of Pirelli Tyre.
Average ratings from stock analysts on Pirelli settle at €0.40; a “BUY” recommendation prevails on coverage made by 18 business banks.
Pirelli RE ends the with a 6.6% decline, compared to the European real estate sector down by 0.5%.

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PEERS & MARKETS

by Pirelli — Tue, 20 Oct 2009 12:47:28 +0000

The auto sector showed a positive trend for the week of October 12 – 16 with Pirelli among the best performers (with a 5.5% increase at 0.42 per share compared to the 2.6% increase of the DJ Stoxx Auto index). Morgan Stanley initiated coverage on Pirelli (“Maestro of Tyres from Italy to Brazil“) with an “Overweight” recommendation and target price of €0.45. There are several factors that make the stock attractive: guidance on the sustainability of the industrial plan does not completely reflect consensus forecasts, the presence in high-growth markets like in Brazil and reduced risks linked with Pirelli Real Estate after its increase in share capital.
Banca Aletti also gave a positive recommendation on the stock, publishing the first report on Pirelli this week with an Outperform recommendation and target price of €0.48.
Average ratings of stock analysts on Pirelli settle at €0.39; a “BUY” rating prevailing on coverage made by 18 business banks.
The week also ended in positive territory for the European tyre sector with a 4.5% increase for Michelin and 3.9% for Continental.
Pirelli RE ends the week at € 0.665, a 1.7% decline, however outperforming companies from the Italian real estate sector (Gabetti -7.1%, Aedes -6.4%, IGD +9.3%, Risanamento +2.9%).

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by Pirelli — Mon, 12 Oct 2009 10:43:16 +0000

International markets end the week on a positive note, an average increase of 4 percentage points, particularly for the European Auto & Parts sector (+7.4%) and for the Basic Resources sector (+10%). The rally was mainly due to the quarterly results of US aluminum giant Alcoa, which beat market expectations by far. Pirelli is among the top companies from the Milan Stock Exchange, ending the week in positive territory by 12.7% at € 0.398, significantly outperforming the index sector (+5.3%) as well as the Italian blue-chip index (+7.8 %). Pirelli continues to be upgraded: during the week, Banca Akros raised its target price on the stock to € 0.49 (from 0.42) confirming a “Buy” rating. TP’s review is mostly linked to Pirelli Tyre, which is now being evaluated by Banca Akros’ financial analyst, applying the same market multiples as Michelin.
In view of Continental’s new CEO, the stock increased to + 15.8%, whereas Michelin in line with the Auto & Parts sector makes makes +7.4%.
The real estate sector also rallies this week (+5.8% Epra Europe) with Pirelli RE closing the week at € 0.676, a positive change of 4.6%.

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by Pirelli — Tue, 06 Oct 2009 09:58:09 +0000

Profit-taking this week for major stock markets, averaging losses of over 2% from September 28^th to October 2^nd; cyclic stocks were particularly hit in view of negative data on US macroeconomic performance (the PMI index – Purchasing Managers Index- of Chicago dropped in September to 46 points compared to the 50 points of the previous month).
Pirelli limits losses (-1.7% at €0.353) as opposed to the European Auto & Parts sector (-2.5%), significantly overperforming other companies from the tyre sector (Michelin -7.7%, Continental -5.2%, Nokian -5.6%). Pirelli continues to be upgraded: during this week, Banca Leonardo and Equita raised their target price on the stock to €0.45 (from €0.35) and to €0.48 (from 0.37), maintaining a “buy” rating. The upward revision in the target price reflects the upside of the pneumatic business and a lower impact on corporate costs in the NAV group (the simplification of its corporate structure announced by the Group last September 16^th).
Following the announcement of Intesa San Paolo acquiring part of Pirelli RE SGR equity, the stock closed the week against the market trend (+1.2% a 0.646€) compared to the European real estate sector (-2.3%).

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by Pirelli — Mon, 28 Sep 2009 17:21:27 +0000

The markets saw profit taking on week 21-25 of September. Major European markets reported losses with sales mainly in the cyclic sector as well as in the Auto & Parts, construction and oil industry sector (all dropped by more than 3%).
Following the market rally over the past few weeks (+17% from September 1st to September18th), Pirelli & C finishes the week at € 0.359, a 4.9% decrease. The stock was upgraded on average by 9 cents; Intermonte (buy rating at €0.46 from €0.37), Deustche Bank (Buy at €0.40 from €0.34), UBS (Neutral at €0.38 from €0.28), Kepler (Reduce at €0.31 from €0.22). This upside is mostly linked to a reassessment of the tyre business and to a lower impact on corporate costs in the Group’s net asset value.
Pirelli RE finishes the week with -4.4% (€0.639) lagging behind the European real estate sector by about one percentage point.

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PEERS & MARKETS

by Pirelli — Mon, 14 Sep 2009 19:41:17 +0000

An optimistic week for the European Auto & Parts (+6.5%) sector, with an eye to the positive indications of the medium term trend expected to be released at the Frankfurt Motor Show scheduled later this week.

Pirelli ended the week at €0.36, up by 13.4%, a decidedly peak performance compared to the sector index (+7p.p.) and Italian blue chips index (+9.7pp compared to FTSE Mib). The share was also upgraded by Centrobanca (BUY, TP: from €0.32 to €0.37) following reduction of the holding discount from 30% to 20%.

Positive trend also for Pirelli RE which closed the week with a rise of 6.1% overperforming the european real estate index by 2 pecentage point.

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