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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

Major international markets were up in the week from July, 30 to August 3, 2012 (Milan +3.9%, +2.6% Frankfurt, Paris +2.9%, +2.8% in London, Madrid +2.1%). After an initial negative reaction to the words of the ECB Governor, Draghi, (economic interventions subject to a request for aid from Countries) markets recovered at the end being positively impacted by U.S. employment data and the Spanish Prime Minister Rajoy willing to ask the ‘EFSF intervention in case of need.

Similar trends for the European Auto&Parts (+2.6% Stoxx the car).

Pirelli ended the week at € 8.58 outperforming the sector with a +6.5% performance. Daily average traded volume was just over 5 million pieces.

UBS has initiated coverage of the stock with a “BUY” rating and a target price of 10 €. The broker has a positive view on Pirelli Premium strategy and consider the stock “highly attractive”. The consensus target price now stands at 10.5 € with 90% of coverage with a Buy rating.


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PEERS & MARKETS

Main European stock markets were mixed in the week from the 9th to 13th July 2012 (Milan -0.1%, +0.1% in London, Frankfurt +2.3%, +0.4% Paris, Madrid -1.1%). After a good start thanks to the manufacturing sector data in the United Kingdom and Italy (both growing in May despite negative expectations), the publication of the minutes of the Fed last meeting reduced the expectations of a new round of Quantitative Easing with impact on markets.

The most affected by the newsflow were Bank and Industrial stocks with a decline respectively of 0.6% and 0.7% (Stoxx European reference).

Pirelli ended the week at € 7,905, down by 4.4% with a daily average of 4.7 million shares traded. The stock was affected by profit taking after an year-to-date performance of +21.5% (+30.6 pp vs FTSE MIB) and by the particular moment of automotive sector (uncertainties about demand in Europe).

The TP consensus on Pirelli amounted to 10.7€ with 87% of coverage with a Buy rating and a 35.4% upside to the market price (13/7).


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PEERS & MARKETS

Fears that economic growth would be slowed by repeated anti-inflation measures taken by China and India  caused a downturn in the international stock markets in the week 2 to 6 May (Milan –2.1%, London –1.5%), Paris +1.2%, Frankfurt –0.3%).

Sales in the Auto&Parts sector (Stoxx index -1.3%) were affected by the profit-taking that followed an excellent reporting season, and widespread uncertainty about the impact of the disaster in Japan and the pressure raw material market prices might exert on second quarter results.  

Pirelli closed at €6.96 (-0.9%) outperforming both the sector index (+0.4pp v Stoxx Auto) and Piazza Affari (+1.2pp) with an average of over 5 million trades. After the publication of the Q1 2011 results, which were better than expected, analysts were positive, with revised guidance for 2011. There were many increased valuations, by 60 eurocents on average, with a TP of €8.2 (with an average TP of 7.9 for the whole coverage). The most prevalent recommendation was Buy ((82% of total coverage).


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