Download Consensus (XLS)
|Current stock price|
|Target Price||7.11 €|
|Contributor||Analyst||Rating||Report date||Telephone number||E-mail address|
|Alpha Value||Hans-Peter Wodniok||Add||10-Jan-19||-||-|
|Banca IMI||Monica Bosio||Buy||30-Jan-19||+39 (02) 87 94 98 09||Send email|
|Bank of America Merrill Lynch||Kai Mueller||-||-||+44 (207) 996 7328||Send email|
|Credit Suisse||Sascha Gommel||Neutral||1-Feb-19||+44 (207) 888 0589||Send email|
|Deutsche Bank||Gaetan Toulemonde||Hold||28-Jan-19||+33 (144) 95 66 68||Send email|
|Equita||Martino de Ambroggi||Buy||31-Ian-19||+39 (02) 62 04 238||Send email|
|Exane BNP Paribas||Edoardo Spina||Outperform||24-Jan-19||-||-|
|Goldman Sachs||Gungun Verma||-||-||-||-|
|HSBC||Henning Cosman||-||-||+44 (207) 991 0369||Send email|
|Invest Securities||Jean-Louis Sempé||Buy||16-Nov-18||+33 (17) 373 9035||Send email|
|Jefferies||Ashik Kurian||Hold||1-Feb-19||+44 (207) 029 8785||Send email|
|J.P. Morgan||Jose Asumendi||Neutral||29-Jan-19||-||-|
|Kepler Cheuvreux||Thomas Besson||Hold||11-Jan-19||+33 (17) 08 15 753||Send email|
|Main First||Pierre-Yves Quéméner||Neutral||15-Nov-18||+33 (1) 7098 3988||Send email|
|Morgan Stanley||Victoria Greer||Overweight||28-Jan-19||+44 (207) 425 7944||Send email|
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 1st Feb 2019.
|Selected financial measures (€ million)||FY 2017 A||FY 2018 E||FY 2019 E||FY 2020 E|
|Year over Year Growth||-2.9%||4.0%||4.9%|
|Adjusted EBITDA (1) w/o start-up costs (3)||1,175||1,292||1,377||1,450|
|% on Revenues||22.0%||24.9%||25.5%||25.6%|
|Adjusted EBITDA (1)||1,138||1,248||1,346||1,449|
|% on Revenues||21.3%||24.0%||24.9%||25.6%|
|Adjusted EBIT (2) w/o start-up costs (3)||927||1,001||1,070||1,136|
|% on Revenues||17.3%||19.3%||19.8%||20.0%|
|Adjusted EBIT (2)||876||956||1,033||1,129|
|% on Revenues||16.4%||18.4%||19.1%||19.9%|
|Net Income from continuing operations||263||458||522||593|
|% on Revenues||9.1%||8.8%||8.4%||7.8%|
|Net Financial Position without IFRS 16 impact||3,219||3,180||2,946||2,612|
|NFP / Adj. EBITDA (1) w/o start-up (3)||2.7x||2.5x||2.1x||1.8x|
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 1st Feb 2019.