Consensus

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Current stock price
Target Price 7.90 €
Upside


Contributor Analyst Rating Report date
Alpha Value Hans-Peter Wodniok Add 26-Mar-18
Banca IMI Monica Bosio Buy 29-Mar-18
Bank of America Merrill Lynch Kai Mueller - -
Berenberg Alexander Haissl Hold 28-Feb-18
Deutsche Bank Gaetan Toulemonde Hold 12-Apr-18
Equita Martino de Ambroggi Buy 9-Mar-18
Exane BNP Paribas Edoardo Spina Outperform 11-Apr-18
Goldman Sachs Stefan Burgstaller - -
HSBC Henning Cosman - -
Intermonte Lello della Ragione Neutral 19-Mar-18
J.P. Morgan Jose Asumendi Overweight 16-Mar-18
Jefferies Ashik Kurian Hold 4-Apr-18
Kepler Cheuvreux Thomas Besson Hold 2-Mar-18
Mediobanca Alessandro Tortora Outperform 18-Apr-18
Morgan Stanley Victoria Greer Overweight 17-Apr-18
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 16 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 18th April 2018.





Selected financial measures (€ million) FY 2016 A FY 2017 A FY 2018 E FY 2019 E FY 2020 E
Revenues 4,976 5,352 5,644 6,060 6,574
Year over Year Growth   7.6% 5.5% 7.4% 8.5%


Adjusted EBITDA (1) w/o start-up costs (3) 1,082 1,175 1,321 1,484 1,662
% on Revenues 21.7% 22.0% 23.4% 24.5% 25.3%


Adjusted EBITDA (1) 1,082 1,138 1,277 1,451 1,657
% on Revenues 21.7% 21.3% 22.6% 24.0% 25.2%


Adjusted EBIT (2) w/o start-up costs (3) 844 927 1,025 1,165 1,325
% on Revenues 17.0% 17.3% 18.2% 19.2% 20.2%


Adjusted EBIT (2) 844 876 985 1,136 1,322
% on Revenues 17.0% 16.4% 17.5% 18.8% 20.1%


EBIT 687 674 840 996 1,182


Net Income from continuing operations 164 263 451 571 712


Capital Expenditure 340 489 453 442 441
% on Revenues 6.8% 9.1% 8.0% 7.3% 6.7%


Net Financial Position 4,913 3,219 2,938 2,612 2,187
NFP / Adj. EBITDA (1) w/o start-up (3) 4.5x 2.7x 2.2x 1.8x 1.3x


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) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the digital transformation of society, and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products.

The consensus above (the “Consensus”) on Pirelli & C. S.p.A. is calculated by the Company as a simple average of the available estimates from a sample of financial analysts which cover the Pirelli stock and have published their estimates in the last two months. 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 in the Analyst Recommendation section.

The Consensus 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 Consensus 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 18th April 2018.