Glossary


Letters: T, U, V, W, Y
 
Takeover A Stock Market activity intended to take over control of a company buying up shares on the market or launching an OPA (see OPA ), which can be friendly or hostile
 
Target Price Objective value that a stock should reach within a year from analysts’ projected scenario and estimates.
For Pirelli Target Prices, please see: Analyst Coverage
 
Technical analysis Discipline defining financial market and single share trends/lines based on the analysis of the diagrams and results from the use of statistical-mathematical methods applied to historical data. Technical analysis on Pirelli share is published daily on the Borsa Italiana website (italian version).
 
Thin securities This term refers to securities with low amounts of floating shares
 
Total Shareholder Return Indicator for shareholders remuneration: includes stock price trends (capital gain) as well as paid dividends.
 
Trading The operation of buying and selling securities on the market. On-line trading denotes buying and selling on the Internet through sites provided by financial brokers like SIMs and banks
 
Trading volume (or trading countervalue) Indicates the monetary amount of trading operations for each stock over a given time span, while the traded volume refers to a single stock or the bulk of transactions. Please see: Quotation
 
Underwriting syndicate A group of financial institutions (banks, SIMs etc.) responsible for investing a block of newly issued securities and/or of a newly listed company amongst institutional investors. The consortium usually has a lead institution, called the global coordinator or lead manager, depending on the role it plays
 
Volatility Measures the variability of prices and or yield compared to the average over a given time span. The higher the volatility of the index, the higher stock fluctuations will be over one or several trading sessions.
 
Voting trust Also "corporate agreements" among groups of shareholders to agree upon exercising the rights pertaining to their shares (voting rights, for instance). On January 19, the largest Pirelli & C shareholders have confirmed their commitment by renewing the Syndicated Pact by 46.22% of P&C ordinary shares. Signed in 1986, the Syndicated Pact had the purpose of guaranteeing stability to corporate shareholding and an even corporate management policy. The Pact was signed by nine members among the leading industrial and financial organizations: Camfin (20.32% of P&C) Mediobanca and Edizione srl (both with 4.61%), Fondiaria SAI (4.42%), Allianz and Assicurazioni Generali (4.41%), Intesa SanPaolo (1.62%), Massimo Moratti (1.19%), Sinpar (0.63%). The Agreement was renewed until April 15, 2013 and renewable evry three years except for notice of termination.
 
Warrant (Litterally: right) Attached to stock or bond that can also be traded alone and te purchaser can purchase other stocks at a prefixed price. Usually warrants that have a specific expiration are issued following capital increases or bonds loans that can be converted into stocks.
 
Yield Economic result following an investment