Consensus


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Current stock price
Target Price 6.11 €
Upside


Contributor Analyst Rating Report date Telephone number E-mail address
Alpha Value Hans-Peter Wodniok Buy 8-Aug-19 - -
Banca IMI Monica Bosio Buy 2-Aug-19 +39 (02) 87 94 98 09 Send email
Bank of America Merrill Lynch Kai Mueller - - +44 (207) 996 7328 Send email
Berenberg Cristian Dirpes Hold 31-May-19 - -
Citi Gabriel Adler Sell 28-Aug-19 +44 (20) 7986 8562 Send email
Deutsche Bank Gaetan Toulemonde Hold 2-Aug-19 +33 (144) 95 66 68 Send email
Equita Martino de Ambroggi Buy 2-Aug-19 +39 (02) 62 04 238 Send email
Exane BNP Paribas Stuart Pearson Neutral 15-Aug-19 - -
Fidentiis Renato Gargiulo Hold 2-Aug-19 +39 (02) 3670 5207 Send email
Goldman Sachs Gungun Verma - - - -
HSBC Henning Cosman - - +44 (207) 991 0369 Send email
Intermonte Alberto Villa Neutral 2-Aug-19 - -
Invest Securities Jean-Louis Sempé Buy 2-Aug-19 +33 (17) 373 9035 Send email
Jefferies Philippe Houchois Hold 1-Aug-19 +44 (20) 7029 8983 Send email
J.P. Morgan Jose Asumendi Overweight 1-Aug-19 - -
Kepler Cheuvreux Thomas Besson Hold 2-Aug-19 +33 (17) 08 15 753 Send email
Main First Pierre-Yves Quéméner Neutral 2-Aug-19 +33 (1) 7098 3988 Send email
Mediobanca Andrea Balloni Neutral 2-Aug-19 - -
Morgan Stanley Victoria Greer Overweight 7-Aug-19 +44 (207) 425 7944 Send email
Oddo Michael Foundoukidis Buy 2-Aug-19 - -
UBS David Lesne - - - -

The Target Price for Pirelli & C. S.p.A. is calculated by the Company as a simple average of the available target price indicated by a sample of 21 financial analysts which cover the Pirelli stock. The aforementioned sample could be edited without prior notification, and the detailed list of the analysts which authorized Pirelli to publish the recommendation is available on this page.

The Target Price is published periodically on the Pirelli website from the Investor Relations team and is provided for information purposes only. Data contained in this section is not to be interpreted as a recommendation or solicitation to buy, maintain or sell Pirelli shares.

Publication of the Target Price on the Pirelli website does not mean that the Company or its management shares the view, forecasts, recommendations or implications expressed by the brokers / analysts and therefore the Company takes no responsibility for the completeness and reliability of such data.




Last updated on 29th Aug 2019.





Selected financial measures (€ million) FY 2018 A FY 2019 E FY 2020 E FY 2021 E
Revenues 5,194 5,278 5,478 5,737
Year over Year Growth -2.9% 1.6% 3.8% 4.7%


Adjusted EBITDA (1) w/o start-up costs (3) 1,279 1,412 1,458 1,534
% on Revenues 24.6% 26.7% 26.6% 26.7%


Adjusted EBITDA (1) 1,235 1,352 1,421 1,513
% on Revenues 23.8% 25.6% 25.9% 26.4%


Adjusted EBIT (2) w/o start-up costs (3) 1,003 1,002 1,038 1,101
% on Revenues 19.3% 19.0% 18.9% 19.2%


Adjusted EBIT (2) 955 964 1,019 1,092
% on Revenues 18.4% 18.3% 18.6% 19.0%


EBIT 703 839 871 961


Net Income from continuing operations 449 512 504 566


Capital Expenditure 463 399 435 442
% on Revenues 8.9% 7.6% 7.9% 7.7%


Net Financial Position excluding IFRS 16 impact 3,180 3,054 2,787 2,417
Net Financial Position including IFRS 16 impact 3,539 3,273 2,905




1.  Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring and restructuring expenses.
2. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring and restructuring expenses
3. Start-up costs are related to (i) Aeolus Car; (ii) Velo; (iii) Cyber; (iv) Digital Transformation

The consensus above (the “Consensus”) on Pirelli & C. S.p.A. is calculated by the Company as a simple average of the latest estimates (research / model) shared with Pirelli from a sample of financial analysts who cover the stock. The aforementioned sample could be edited without prior notification, and the detailed list of the analysts who authorized Pirelli to publish the recommendation is available in the present section.

Analyst Coverage data are published periodically on the Pirelli website from the Investor Relations team and are provided for information purposes only. Analyst Coverage data are not to be interpreted as a recommendation or solicitation to buy, maintain or sell Pirelli shares.

Publication of the Analyst Coverage data on the Pirelli website does not mean that the Company or its management shares the view, forecasts, recommendations or implications expressed by the brokers / analysts. The Company takes no responsibility for the completeness and reliability of the Analyst Coverage data.




Last updated on 29th Aug 2019.