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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

In the week from the 21st to the 25th of July the main European stock markets showed diverging trends, positive for Milan, London and Madrid, negative for Frankfurt and Paris (Milan +1.6%, London +0.6%, Madrid +3.4%, Berlin -0.8%, Paris -0.1%), slightly up for the benchmark index DJ Stoxx 600 (+0.7%) .

German stocks, in particular, were affected by the decline in German Business Confidence, below market expectations.

Good trend for the Bank sector (+3.2%), recovering from the losses of the previous weeks, thanks to encouraging news regarding the second half of 2014.

Auto & Parts stocks, in line with other cyclical sectors, closed the week down (-0.9%) due to uncertainty on emerging markets while major players reported Q2 earnings.

Pirelli shares close the week at 11.62 (+1%) with limited volumes (1.7 million shares on average per day, against a 3-month average of 2.2 million) outperforming European peers (Continental +0.3%, Michelin -3.4% and Nokian -3.6%)

Consensus target stands at 13.0 €/share with 85% of analysts advising to Buy or Hold the shares.


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PEERS & MARKETS

 

 
The main European stock markets were slightly up in the week from the 14th to the 18th of July, with the exception of Madrid (Milan +0.6%, London +0.9%, Frankfurt +0.6%, Paris +0.4%, Madrid -0.1%), supporting the DJ Stoxx 600 index monthly performance (+0.8%).
Investors turned to Bank stocks (+1.2%), recovering after the considerable losses of the previous week (-4.1%), mainly thanks to the positive news flow from Banco Espirito Santo (possible capital raise from new shareholder).
The Auto&Parts sector closed the week down 0.3%, influenced by mixed news from the car market. Europe shows positive signals, the monthly ACEA report shows a positive trend of +4.3% in June, the tenth consecutive month of recovery; less encouraging news from South America, where car registrations are decreasing.
Pirelli shares closed the week at 11,50 € (-1.8%) with limited volumes (1.7 million shares on average per day, against a 3-month average of 2.4 million) in line with the most important European peers (Continental -1.7%). Credit Suisse has initiated coverage of the stock with a buy recommendation and a target price of 14.50€, mainly thanks to the excellent Pirelli positioning in the Premium segment.
Consensus target price is at 13.0 €/share with 85% 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 7th to the 11th of July, 2014 (Milan -4.4%, London -2.6%, Frankfurt -3.4%, Paris -3.4%, Madrid -4.3%), trimming the 2014 year-to-date performance of benchmark index Stoxx 600 to +2.6%. Bank stocks underperformed (index -4.1% during the week), in anticipation of European tests on asset quality (due July 17) and following the sell-off of Portuguese Banco Espirito Santo (down 37% in the week after delaying payment to short term debt). Moreover, European Industrial Production data for May disappointed (-1.8% yoy for Germany and Italy, against expectations of +0% and +1.5%, respectively).

Auto & Parts stocks traded in line with the market (sector index -3.9%, +4.9% the YTD performance). German OEMs BMW and Volkswagen held an upbeat Investor Day in China which revolved around the growth prospects of the local market: positive trend in H1 2014 and volumes expected to grow in the double digits for the next 10 years.

Pirelli shares closed the week at 11.71€ (-3.1%, in line with tyre peers) with limited volumes (1.5 million shares on average per day, against a 3-month average of 2.4 million). Consensus target price is at 12.92€/share with 85% of analysts advising to Buy or Hold the shares.


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