Disclaimer

The consensus estimates on Pirelli & C’s financial results was calculated as the simple arithmetic average of forecasts made by a sample of financial analysts who cover Pirelli & C’s securities. This sample can be subject to change; the list is available in the following webpage Analyst Coverage

The consensus estimate is published periodically on Pirelli’s website under the Investor Relations section and is intended solely for information purposes. The information contain in this section is by no means intended as recommendation to buy or sell, and neither as strategic investment proposal for financial instruments or products, whether from Pirelli or from other companies. The consensus estimate published on Pirelli’s website shall by no means implicate the Company or its management to share or support the opinions, forecasts, recommendations or conclusions made on Pirelli by single brokers or financial analysis, whether directly or indirectly. The list of the last reports published on Pirelli is available on Borsa Italiana's website The more detailed overview from the analysts who authorised the company to publish the recommendations and the target price is available on the webpages Analyst Coverage

Pirelli & C Consensus Estimates

Consensus Estimates (82KB)

	FY 2009			FY 2010			FY 2011
€ mln	# brokers			# brokers			# brokers
Revenues	17	4.331,4		17	4.481,0		17	4.709,1
Tyre	17	3.854,4		17	3.979,7		17	4.091,9
Real Estate	16	263,3		16	266,8		16	288,1
Broadband Solutions	17	133,4		17	139,0		17	133,4
EBITDA before Restructoring Costs	11	466,3		13	532,4		11	588,4
Tyre	11	481,8		10	516,7		9	555,8
Real Estate	11	4,0		9	16,4		9	30,2
Broadband Solutions	11	5,1		11	6,4		11	7,4
EBITDA Margin before Restr, Costs (%)	11	10,8%		13	11,9%		11	12,5%
Tyre	11	12,5%		10	13,0%		9	13,6%
Real Estate	11	1,5%		11	6,1%		11	10,5%
Broadband Solutions	11	3,8%		11	4,6%		11	5,1%
Restructoring Costs	13	-62,7		11	-24,4		11	-22,1
EBITDA	14	402,2		14	509,6		14	571,0
Tyre	12	452,7		12	497,8		12	537,9
Real Estate	10	-12,4		10	16,6		10	28,0
Broadband Solutions	11	5,1		10	6,4		11	7,4
EBITDA Margin (%)	14	9,3%		14	11,4%		14	12,1%
Tyre	12	11,7%		12	12,5%		12	13,1%
Real Estate	10	-4,7%		10	6,2%		10	9,7%
Broadband Solutions	11	3,8%		11	4,6%		11	5,1%
EBIT before Restructoring Costs	15	252,9		13	322,5		12	384,8
Tyre	12	287,4		12	322,4		11	366,1
Real Estate	10	-6,2		11	10,2		12	24,7
Broadband Solutions	14	4,5		14	5,4		14	6,2
EBIT Margin before Restr, Costs (%)	14	5,8%		13	7,2%		12	8,2%
Tyre	12	7,5%		12	8,1%		11	8,9%
Real Estate	10	-2,4%		10	3,8%		10	8,6%
Broadband Solutions	14	3,4%		14	3,9%		14	4,3%
EBIT	16	196,1		16	301,6		16	360,7
Tyre	17	259,9		16	303,6		16	342,9
Real Estate	12	-19,7		13	8,4		14	23,2
Broadband Solutions	14	4,5		14	5,4		14	6,2
EBIT Margin (%)	16	4,5%		16	6,7%		16	7,7%
Tyre	17	6,7%		16	7,6%		16	8,4%
Real Estate	12	-7,5%		12	3,2%		12	8,0%
Broadband Solutions	14	3,4%		14	3,9%		14	4,3%
EBIT Post Results From Equity Partecipations	15	150,7		15	309,6		16	401,2
Net Income	14	-6,5		14	146,6		15	220,8
Attributable Net Income	17	18,3		17	141,1		16	203,5
Net Financial Position	16	687,2		16	707,7		16	615,1

“The above data was calculated using the most recent consensus estimate accessible by the Company and formulated by financial analysts in the last three months”.