Consensus

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Current stock price
Target Price 7.73 €
Upside


Contributor Analyst Rating Report date
Alpha Value Hans-Peter Wodniok Reduce 23-Jan-18
Banca IMI Monica Bosio Buy 13-Dec-17
Bank of America Merrill Lynch Kai Mueller - -
Berenberg Alexander Haissl Hold 6-Oct-17
Deutsche Bank Gaetan Toulemonde Hold 6-Nov-17
Equita Martino de Ambroggi Buy 9-Nov-17
Exane BNP Paribas Edoardo Spina Outperform 5-Jan-18
Goldman Sachs Lucile Leroux - -
HSBC Henning Cosman - -
J.P. Morgan Jose Asumendi Overweight 5-Jan-18
Jefferies Ashik Kurian Hold 7-Nov-17
Kepler Cheuvreux Thomas Besson Hold 7-Dec-17
Mediobanca Alessandro Tortora Outperform 23-Jan-18
Morgan Stanley Victoria Greer Overweight 9-Nov-17
UBS David Lesne Buy 5-Jan-18

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 15 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.





Selected financial measures (€ million) FY 2016 A FY 2017 E FY 2018 E FY 2019 E FY 2020 E
Revenues 4,976 5,416Number of contributors: 15 5,768Number of contributors: 15 6,216Number of contributors: 14 6,709Number of contributors: 14
Year over year growth   8.8% 6.5% 7.8% 7.9%


Adjusted EBITDA (1) w/o start-up costs (4) 1,082 1,197Number of contributors: 13 1,341Number of contributors: 12 1,492Number of contributors: 12 1,668Number of contributors: 11
% of Revenues 21.7% 22.1% 23.2% 24.0% 24.9%


Adjusted EBITDA (1) 1,082 1,145Number of contributors: 14 1,289Number of contributors: 14 1,463Number of contributors: 14 1,636Number of contributors: 13
% of Revenues 21.7% 21.1% 22.4% 23.5% 24.4%


Adjusted EBIT (2) w/o start-up costs (4) 844 933Number of contributors: 13 1,058Number of contributors: 12 1,186Number of contributors: 12 1,337Number of contributors: 12
% of Revenues 17.0% 17.2% 18.3% 19.1% 19.9%


Adjusted EBIT (2) 844 883Number of contributors: 14 1,009Number of contributors: 14 1,161Number of contributors: 14 1,312Number of contributors: 14
% of Revenues 17.0% 16.3% 17.5% 18.7% 19.6%


EBIT 686 672Number of contributors: 15 858Number of contributors: 15 1,016Number of contributors: 14 1,177Number of contributors: 13


Net Income from continuing operations 164 250Number of contributors: 15 449Number of contributors: 15 578Number of contributors: 14 704Number of contributors: 13


Capital Expenditure 340 457Number of contributors: 15 433Number of contributors: 15 444Number of contributors: 14 435Number of contributors: 13
% of Revenues 6.8% 8.4% 7.5% 7.1% 6.5%


Net Financial Debt (3) 5,045 3,537Number of contributors: 15 3,168Number of contributors: 15 2,843Number of contributors: 14 2,396Number of contributors: 13
NFD (3) / Adj. EBITDA (1) w/o start-up (4) 4.7x 3.0x 2.4x 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. Net Financial Debt before non current financial receivables.
4. 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 15 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 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 23rd January 2018, according to the researches published prior to such date.