Consensus


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Current stock price
Target Price 5.89 €
Upside


Contributor Analyst Rating Report date Telephone number E-mail address
Alpha Value Hans-Peter Wodniok Add 31-Oct-19 - -
Banca IMI Monica Bosio Add 30-Oct-19 +39 (02) 87 94 98 09 Send email
Bank of America Merrill Lynch Kai Mueller - - +44 (207) 996 7328 Send email
Citi Gabriel Adler Sell 6-Nov-19 +44 (20) 7986 8562 Send email
Deutsche Bank Gaetan Toulemonde Hold 30-Oct-19 +33 (144) 95 66 68 Send email
Equita Martino de Ambroggi Hold 30-Oct-19 +39 (02) 62 04 238 Send email
Exane BNP Paribas Ashik Kurian Outperform 7-Nov-19 - -
Fidentiis Renato Gargiulo Hold 30-Oct-19 +39 (02) 3670 5207 Send email
Goldman Sachs Gungun Verma - - - -
HSBC Henning Cosman - - +44 (207) 991 0369 Send email
Intermonte Alberto Villa Neutral 30-Oct-19 - -
Invest Securities Jean-Louis Sempé Neutral 30-Oct-19 +33 (17) 373 9035 Send email
Jefferies Philippe Houchois Hold 29-Oct-19 +44 (20) 7029 8983 Send email
J.P. Morgan Jose Asumendi Neutral 31-Oct-19 - -
Kepler Cheuvreux Thomas Besson Hold 30-Oct-19 +33 (17) 08 15 753 Send email
Main First Pierre-Yves Quéméner Neutral 30-Oct-19 +33 (1) 7098 3988 Send email
Mediobanca Andrea Balloni Neutral 15-Nov-19 - -
Morgan Stanley Victoria Greer Overweight 31-Oct-19 +44 (207) 425 7944 Send email
Oddo Michael Foundoukidis Buy 30-Oct-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 20 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 15th Nov 2019.





Selected financial measures (€ million) FY 2018 A FY 2019 E FY 2020 E FY 2021 E
Revenues 5,194 5,314 5,494 5,705
Year over Year Growth -2.9% 2.3% 3.4% 3.8%


Adjusted EBITDA (1) w/o start-up costs (3) 1,279 1,342 1,387 1,460
% on Revenues 24.6% 25.3% 25.2% 25.6%


Adjusted EBITDA (1) 1,235 1,302 1,367 1,450
% on Revenues 23.8% 24.5% 24.9% 25.4%


Adjusted EBIT (2) w/o start-up costs (3) 1,003 961 990 1,039
% on Revenues 19,3% 18.1% 18.0% 18.2%


Adjusted EBIT (2) 955 921 970 1,029
% on Revenues 18.4% 17.3% 17.7% 18.0%


EBIT 703 774 817 894


Net Income from continuing operations 449 459 458 514


Capital Expenditure 463 392 414 431
% on Revenues 8.9% 7.4% 7.5% 7.6%


Net Financial Position excluding IFRS 16 impact 3,180 3,091 2,863 2,521
Net Financial Position including IFRS 16 impact n.a. 3,562 3,335 2,993




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 15th Nov 2019.