Consensus

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Current stock price
Target Price 7.81 €
Upside


Contributor Analyst Rating Report date Telephone number E-mail address
Alpha Value Hans-Peter Wodniok Add 15-Oct-18 - -
Banca IMI Monica Bosio Buy 16-Oct-18 +39 (02) 87 94 98 09 Send email
Bank of America Merrill Lynch Kai Mueller - - +44 (207) 996 7328 Send email
Berenberg Cristian Dirpes Sell 31-Aug-18 - -
Credit Suisse Sascha Gommel Neutral 7-Aug-18 +44 (207) 888 0589 Send email
Deutsche Bank Gaetan Toulemonde Hold 11-Oct-18 +33 (144) 95 66 68 Send email
Equita Martino de Ambroggi Buy 16-Oct-18 +39 (02) 62 04 238 Send email
Exane BNP Paribas Edoardo Spina Outperform 16-Oct-18 - -
Goldman Sachs Gungun Verma - - - -
HSBC Henning Cosman - - +44 (207) 991 0369 Send email
Intermonte Alberto Villa Neutral 3-Sep-18 - -
Invest Securities Jean-Louis Sempé Buy 8-Aug-18 +33 (17) 373 9035 Send email
Jefferies Ashik Kurian Hold 12-Oct-18 +44 (207) 029 8785 Send email
J.P. Morgan Jose Asumendi Outperform 11-Oct-18 - -
Kepler Cheuvreux Thomas Besson Hold 8-Aug-18 +33 (17) 08 15 753 Send email
Mediobanca Alessandro Tortora Outperform 16-Oct-18 +39 (02) 88 29 673 Send email
Morgan Stanley Victoria Greer Overweight 12-Oct-18 +44 (207) 425 7944 Send email
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 18 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 16th Oct 2018.





Selected financial measures (€ million) FY 2017 A FY 2018 E FY 2019 E FY 2020 E
Revenues 5,352 5,403 5,789 6,223
Year over Year Growth 7.6% 0.9% 7.2% 7.5%


Adjusted EBITDA (1) w/o start-up costs (3) 1,175 1,296 1,437 1,596
% on Revenues 22.0% 24.0% 24.8% 25.6%


Adjusted EBITDA (1) 1,138 1,256 1,421 1,582
% on Revenues 21.3% 23.3% 24.5% 25.4%


Adjusted EBIT (2) w/o start-up costs (3) 927 1,011 1,128 1,267
% on Revenues 17.3% 18.7% 19.5% 20.4%


Adjusted EBIT (2) 876 970 1,111 1,252
% on Revenues 16.4% 18.0% 19.2% 20.1%


EBIT 674 822 967 1,121


Net Income from continuing operations 263 439 554 676


Capital Expenditure 489 442 425 425
% on Revenues 9.1% 8.2% 7.3% 6.8%


Net Financial Position 3,219 2,980 2,672 2,261
NFP / Adj. EBITDA (1) w/o start-up (3) 2.7x 2.3x 1.9x 1.4x


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 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 16th Oct 2018.


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