INVEST SECURITIES - Pirelli : Un Statut « Premium » faiblement valorisé - ACHAT, OC : 8,6€
Après l'OPA du groupe chinois CNRC, Pirelli est revenu en bourse fin 2017 ayant parachevé (i) le recentrage sur sonactivité de pneumaticien, (ii) la redéfinition de sa stratégie de renforcement sur le « premium » et (iii) la réduction de
la dette par une augmentation de capital en attendant la confirmation d'une génération de FCF plus récurrente que par
le passé. La publication des comptes 2017 et du T1 2018 ont confirmé le potentiel renouvelé de Pirelli. Nos estimations
2018/2020e dérivent une croissance du CA d'environ +10%, record dans le secteur, avec un levier opérationnel
croissant (EBITDA/CA) de 2,5pts d'ici 2020. Nous initions le suivi avec un OC de 8,6€ (+20%) et une opinion ACHAT.
Pirelli & Co. is a holding company that manages, coordinates and finances the operations of its subsidiaries, which are mainly active in the tyre sector. Other activities relate to the emissions control technologies, renewable energy sources and fashion industries. Co.'s Total Tyre Business is split into: the Consumer Business segment that includes car and motorcycle tyres made for both the original equipment and replacement markets; and the Industrial Business segment that includes truck tyres, tyres for agricultural equipment, made both for the original equipment and replacement markets, and the steel cord business.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.