Pirelli : Execution still solid
>A good release, in line with peers - Yesterday evening, Pirelli reported full-year results broadly in line with expectations and slightly ahead of targets (sales and FCF), confirming its good momentum at the year-end (price-mix effect up 16.3% in Q4 more than offsetting the fall in volumes of 7.3% and an operating margin of 16.0%). The 2022 targets announced are in line with expectations and therefore unlikely to result in any revisions. They nonetheless confirm that...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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