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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 7th to the 11th of April, 2014 (Milan -4.4%, London -2%, Frankfurt -3.9%, Paris -2.6%, Madrid -4.4%). Particularly hit were the technology (-4.1% on worries that current valuations might be stretched) and the financial sector (-4.3% due to the weak start of the Q1 US reporting season). The contraction of Chinese exports in March (-11% yoy, expectations of +3.9%) was cause for further concern.

Auto & Parts stocks traded in line with the market (sector index -3.9%). Mass OEMs outperformed: Volkswagen (up +1.4% in the week following positive sales data in March, especially in Europe and China), Fiat (+0.4%) and Renault (flat).

Pirelli shares closed at 11.52€ (-2.3%) outperforming the European peers. Average daily trading volume was 3.7 million shares, in line with 3-month average.
According to commentary by broker KeplerCheuvreux, the conversion of the “convertendo” into Prelios shares was widely anticipated by the market; according to the analyst, moreover, investor mood on tyre stocks is improving, thanks to an attractive valuation and relative underperformance in the past 15 months (vs Auto stocks).
Consensus target price was unchanged at 12.64€ with 81% of analysts recommending to buy or hold the shares.


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PEERS & MARKETS

The main European Stock markets were up in the week from the 24th to the 28th of March, 2014 (Milan +2.5%, London +0.9%, Frankfurt +2.6%, Paris +1.8%, Madrid +2.7%); the benchmark index Stoxx 600 recovers from the drop experienced in the first two weeks of March, owing to political tensions between Russia and Ukraine, and brings 2014 YTD performance to +1.7% on the back of positive EU confidence data (consumer confidence improved in Germany, Italy and France).

Auto & Parts stocks advanced (sector index +3.7% vs Stoxx 600 +1.8%), Premium OEMs in particular (VW +4.8%, Daimler +4.4%, BMW +4.3%) following news flow of increased investments in China (Daimler Beijing’s site capacity to double, BMW to produce 4 million vehicles per year by 2018).

Pirelli shares were strongly up in the week and closed at 11.58€ (+6%) with an average daily volume of 6.6 million shares (approximately twice the 3-month average).
Markets reacted positively to the publication of full year 2013 results and especially to the confirmation of 2014 targets, confirming the solidity of Pirelli’s business model despite the volatility of the external scenario (emerging market foreign exchange, in particular). 5 brokers upped the valuation on the stock, on average by 1€. Consensus target price stood at 12.41€, with 79% 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 3rd to the 7th of March 2014 (London -1.4%, Frankfurt -3.5%, Paris -0.9%, Milan +0.9%). Rising tension between Ukraine and Russia led investors to reduce exposure to equity, causing higher volatility and the appreciation of safer assets (gold and oil hit weekly highs at +1.8% and +2.3% on Friday’s close, respectively). On the macro front, the central bankers of England and the EU kept benchmark rates unchanged (ECB at 0.5%, BOE at 0.25%).

Auto & Parts stocks were slightly down in the week (sector index -0.8% vs Stoxx 600 -1.5%); OEMs benefited from the many new product launches at Geneva motor show, in addition to growth in February car registrations in Europe (Germany +4.3%, Spain +17.8% due to government incentives, Italy +8.6%).

Pirelli shares ended the week up one percent at 12.72€, with an average daily trading volume of 2.4 million shares (in line with the previous 4 weeks). The financial market reacted positively to the placement of the 1.5% shareholding (7 million shares) by Intesa SanPaolo at a price in line with current trading (removing stock overhang worries), whereas Brazilian tyre market data (car replacement +18% yoy in January) confirmed the positive trend of the South American market. Today’s Mediobanca valuation upgrade (TP +1€ at 14€) brings consensus Target Price to 12.1€.


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