PEERS & MARKETS Market Date Close price 1W % chg YtD % chg July 21 25, 2014
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1 PEERS & MARKETS Market Date Close price 1W % chg YtD % chg Milano - FTSE Mib 25-Jul-14 11,62 1,0 (7,6) Helsinki - HEX 25-Jul-14 27,09 (3,6) (22,3) Seul - KOSPI 25-Jul ,3 (2,6) Frankfurt - DAX 25-Jul ,15 0,3 3,6 Paris - CAC Jul-14 82,54 (3,4) 6,8 New York - NASDAQ 25-Jul-14 $ 28,22 1,2 18,3 Tokyo - Nikkei Jul (0,2) (4,6) July 21 25, 2014
2 Pirelli & C. on the Stock market PIRELLI & C. VS FTSE MIB - Trend from January 1, 2014 to July 25, 2014 Performance YtD weekly FTSE Mib +11,0% +1,6% Stoxx A&P +3,7% -0,9% Pirelli -7,6% +1,0% 30-Dec 13-Jan 27-Jan 10-Feb 24-Feb 10-Mar 24-Mar 7-Apr 21-Apr 5-May 19-May 2-Jun 16-Jun 30-Jun 14-Jul Daily average volumes 25-Jul 1 Week 1 Month 3 Months 6 Months Year to Date 1 Week 1 Month 3 Months 6 Months Pirelli & C. Ord. 11,62 1,0 (2,0) (2,9) (5,1) (7,6) Pirelli & C. Risp. 10,77 0,3 5,1 5,6 19,7 18, FTSE All Share ,6 0,9 1,1 1,5 0, FTSE Mib ,6 (1,9) (1,8) 8,8 11, Market Cap. 28-Jul Ord ,0 Risp. 127,5 Tot. Pirelli 5.651,6 Sell side analysts evaluation on Pirelli & C. Latest reports (21 reports) Consensus Target Price: % Buy: 52% % Hold: 33% % Sell: 15% 2
3 LatAm G.C.C. Asia Pacific U.S.A. Europe United States Europe Markets 25-Jul 1 Week 1 Month 3 Months 6 Months Year to Date 25-Jul 1 Week 1 Month 3 Months 6 Months Year to Date FTSE Mib ,6 (1,9) (1,8) 8,8 11,0 FTSE ,6 0,9 1,6 1,9 0,6 DAX (0,8) (2,3) 2,6 2,7 1,0 CAC (0,1) (2,9) (2,5) 4,1 0,8 IBEX ,4 (0,7) 5,6 10,3 9,8 FTSE Athex ,9 (0,9) (0,7) 2,6 4,5 OMX Stockholm 454 0,9 1,2 2,9 7,8 7,1 OMX Helsinki ,5 1,8 6,6 7,4 5,5 FTSE Athex ,9 (0,9) (0,7) 2,6 4,5 Swiss Market ,7 (0,1) 2,4 4,5 4,5 DJ Industrial Average (0,8) 0,6 3,7 6,8 2,3 S&P ,0 1,6 6,6 10,5 6,8 NASDAQ Composite ,4 1,6 9,2 7,8 6,5 SSE Composite (Cina) ,3 5,9 3,7 3,7 (1,1) Nikkei 225 (Japan) ,6 1,3 7,1 0,4 (5,1) DJ Stoxx ,7 0,0 2,5 5,3 4,2 Auto 500 (0,9) (3,3) (2,5) 3,6 3,7 Banks 196 3,2 0,2 (0,6) (0,5) 1,2 Basic Resources 452 3,7 10,4 10,8 14,9 12,8 Chemical 757 (0,9) (2,6) 1,1 3,7 (0,1) Construction & Material 342 0,9 (2,4) (3,0) 7,0 7,2 Finance 359 1,0 2,1 4,4 8,8 4,4 Food & Beverage 526 (0,4) (0,0) 4,8 7,1 6,2 FTSE EPTRA Eu Residential 594 (1,0) 3,4 6,4 15,9 17,6 Industrial 406 1,0 (0,4) (1,3) (0,2) (1,9) Insurance 233 0,7 2,4 3,6 5,0 2,0 Media 249 0,9 1,5 2,4 0,8 (1,9) Oil & Gas 362 0,6 (3,0) 4,2 10,0 8,0 Retail 309 (1,5) (1,4) (1,0) (2,9) (5,0) Technological 288 1,2 1,9 4,9 4,8 (0,9) TLC 300 1,6 0,3 2,6 0,6 0,7 Travel & Leisure 195 (0,0) (1,4) 0,4 3,3 4,0 Utilities 322 1,1 0,4 6,8 15,6 15,5 Hang Seng (HK) ,2 5,9 9,0 7,9 3,9 All Ordinaries (Australia) ,0 3,5 1,1 6,1 4,1 Strait Times (Singapore) 3 0,9 2,4 3,4 8,0 4,6 BSE 30 (India) ,0 3,5 1,1 6,1 4,1 KOSPI (S. Korea) ,7 2,6 3,2 4,8 1,1 Abu Dhabi (1,6) 8,8 (4,2) 6,4 15,4 Dubai (5,1) 16,0 (8,6) 21,8 38,0 Saudi Arabia ,4 7,3 6,9 16,4 19,7 Bovespa (Brasile) ,4 8,2 12,5 21,0 12,3 IPC (Mexico) ,2 3,6 10,4 8,3 3,9 Merval (Argentina) (8,5) (0,7) 20,8 42,9 47,0 IBC (Venezuela) ,1 0,6 (8,2) (22,9) (20,9) S&P ,0 1,0 6,2 10,5 7,0 Auto 225 (2,6) (2,2) 6,7 6,3 4,6 Banks 310 0,8 0,0 3,3 3,9 3,0 Basic Resources 207 (0,4) 3,1 6,0 11,8 4,7 Chemical 541 0,5 (0,3) 6,1 14,4 8,9 Finance 416 (0,2) 0,5 4,7 7,3 4,1 Food & Beverage 478 (0,7) 0,6 4,6 10,5 7,3 Insurance 420 (1,2) (1,0) 2,9 10,1 2,4 Media 720 (0,9) 2,8 9,3 11,1 5,4 Oil & Gas 710 1,0 0,9 4,7 11,8 4,4 Real Estate 284 (0,6) 1,4 5,4 13,4 15,5 Retail 648 (0,8) 0,3 2,9 3,0 (2,1) Technological ,8 3,8 12,0 14,3 12,9 TLC 172 (0,3) 2,1 8,0 9,4 4,6 Tyres 97 1,2 3,4 5,5 24,7 19,7 Utilities 211 (0,9) (3,2) (1,4) 11,1 11,0 3
4 Asia U.S.A. Europe Pirelli & C. vs Auto & Parts Sector Daily average volumes 25-Jul 1 Week 1 Month 3 Months 6 Months Year to Date 1 Week 1 Month 3 Months 6 Months DJ Stoxx 600 A&P 499,97 (0,9) (3,3) (2,5) 3,6 3, Pirelli & C. 11,62 1,0 (2,0) (2,9) (5,1) (7,6) Continental 165,15 0,3 (2,3) (2,2) 3,7 3, Michelin 82,54 (3,4) (7,4) (6,5) 6,3 6, Nokian 27,50 (3,6) (5,7) (3,7) (17,4) (22,3) Fiat Auto 7,80 (0,1) 3,6 (8,1) 6,0 31, Renault 69,43 (1,0) 4,2 (2,6) 8,9 18, Peugeot 10,88 (3,2) 0,7 2,6 17,0 39, Volkswagen (pref.) 180,00 (1,9) (6,6) (6,8) (6,9) (11,8) BMW 94,30 0,7 1,3 5,3 15,0 10, Daimler 65,15 (0,4) (5,2) (1,7) 3,7 3, DJ US A&P $ 330,02 (1,3) (0,6) 6,7 9,6 6, Goodyear $ 28,22 1,2 3,4 2,8 22,5 18, Cooper $ 30,43 1,4 3,0 18,1 35,5 26, Ford $ 17,62 (0,6) 2,4 11,7 11,3 14, General Motors $ 35,07 (6,3) (5,4) 4,0 (4,8) (14,2) Japan A&C ,4 2,2 8,6 (1,5) (4,8) Bridgestone (0,2) 3,7 2,3 (2,7) (4,6) Sumitomo (0,2) 0,0 3,7 (2,6) (0,3) Yokohama 875 1,2 (4,3) (6,4) (9,9) (15,3) Toyo ,5 6,1 16,3 49,4 54, Hankook ,3 (3,4) 3,5 (7,7) (2,6) Kumho ,1 1,7 (6,4) (10,7) 1, Toyota ,7 2,5 11,2 (1,0) (4,9) Honda ,1 1,1 3,0 (10,6) (17,5) Nissan 993 0,6 2,4 12,6 6,6 12, EUROPE: WEEKLY TREND S & STOCKS vs DJ STOXX & PARTS DJ Stoxx Auto & Parts: +1,9 pp +1,2 pp +0,8 pp +1,6 pp +0,5 pp -0,9% -2,5pp -2,7pp -0,1pp -2,3pp -1,0pp Pirelli & C. Continental Michelin Nokian Fiat Auto Renault Peugeot Volkswagen (pref.) BMW Daimler 4
5 156,9 pp 10,4 pp 38,3 pp 49,6 pp -29,2 pp 12,3 pp 8,1 pp 7,9 pp 28,8 pp 104,9 pp 47,8 pp 7,8 pp -11,7 pp -0,9 pp 130,7 pp 66,2 pp 35,6 pp 16,1 pp 77,9 pp -14,6 pp -8,5 pp 8,8 pp -0,8 pp 3,5 pp -8,5 pp 28,6 pp 19,9 pp 13,8 pp -21,2 pp -5,7 pp -63,5 pp 2,8 pp -11,0 pp -38,8 pp 21,4 pp 24,2 pp 9,9 pp 40,3 pp -15,4 pp -17,0 pp Yoox Tod's Moncler S. Ferragamo CNH Industrial Gtech Prysmian Assicurazioni Generali Pirelli & C. Mediaset Mediolanum Buzzi Unicem. Campari Group World Duty Free Unipol Sai Azimut Holding Exor B. P. Emilia A2A Tenaris Autogrill Luxottica Group Snam Terna Rete Elettrica Nazionale STMicroelec. N. V. Unicredit Mediobanca Enel Green Power Eni Banco Popolare Saipem Atlantia Telecom Italia BMPS Intesa Sanpaolo Unione di Banche Italiane Finmeccanica Fiat Enel B. P. Milano -46,4 pp -40,4 pp -35,3 pp -33,3 pp -28,7 pp -26,2 pp -25,7 pp -21,2 pp -18,7 pp -18,5 pp -16,1 pp -14,6 pp -14,5 pp -10,3 pp -9,3 pp -9,0 pp -8,0 pp -7,1 pp -6,9 pp -6,1 pp -4,9 pp -2,7 pp -1,7 pp -0,7 pp -0,1 pp 0,6 pp 0,6 pp 1,2 pp 1,6 pp 4,9 pp 8,4 pp 11,5 pp 13,4 pp 15,9 pp 17,4 pp 17,8 pp 19,8 pp 20,2 pp 23,1 pp 50,0 pp Pirelli & C. vs FTSE Mib Relative Performance (YtD) Performance from January 1 to July 25, 2014 FTSE Mib +11,0% YtD 2013 FY Relative performance: 5
6 TOT. WORLD ASIA US EUROPA Tyre Sector Evaluation Multiples CONSENSUS PEERS MARKET MULTIPLES Source: Pirelli IR analysis on Bloomberg data S 25-Jul PIRELLI - Bloomberg 13,2x 11,2x 9,9x 1,1x 1,0x 0,9x 5,9x 5,2x 4,6x 7,9x 6,9x 6,0x Michelin 10,4x 9,2x 8,4x 0,8x 0,7x 0,7x 4,5x 4,0x 3,6x 6,6x 5,9x 5,3x Continental 12,9x 11,2x 10,3x 1,1x 0,9x 0,8x 6,6x 5,8x 5,2x 9,5x 8,1x 7,1x Nokian 13,2x 11,2x 10,0x 2,4x 2,2x 1,9x 7,6x 6,8x 6,2x 9,5x 8,5x 7,5x Simple average 12,4x 10,7x 9,7x 1,3x 1,2x 1,1x 6,1x 5,5x 4,9x 8,4x 7,3x 6,5x Weighted average * 12,3x 10,7x 9,7x 1,1x 1,0x 0,9x 6,0x 5,3x 4,7x 8,6x 7,4x 6,6x Goodyear 8,8x 7,8x 7,0x 0,6x 0,6x 0,5x 5,0x 4,4x 4,0x 7,2x 6,2x 5,7x Bridgestone 10,1x 9,5x 8,9x 0,8x 0,8x 0,7x 4,8x 4,4x 4,0x 6,5x 6,0x 5,5x Hankook Tire 9,5x 8,8x 8,2x 1,2x 1,0x 0,9x 5,7x 5,0x 4,6x 8,2x 7,1x 6,5x Yokohama 7,7x 7,3x 6,6x 0,6x 0,6x 0,6x 4,6x 4,2x 3,9x Sumitomo 8,2x 7,7x 7,1x 0,7x 0,7x 0,6x 5,0x 4,6x 4,1x 7,5x 7,0x 6,2x Simple average 8,9x 8,3x 7,7x 0,9x 0,8x 0,7x 5,0x 4,6x 4,2x 7,4x 6,7x 6,1x Weighted average * 9,7x 9,1x 8,5x 0,9x 0,8x 0,7x 4,9x 4,5x 4,1x 6,4x 5,9x 5,4x max 13,2x 11,2x 10,3x 2,4x 2,2x 1,9x 7,6x 6,8x 6,2x 9,5x 8,5x 7,5x min 7,7x 7,3x 6,6x 0,6x 0,6x 0,5x 4,5x 4,0x 3,6x 6,5x 5,9x 5,3x median 10,1x 9,2x 8,4x 0,8x 0,8x 0,7x 5,0x 4,6x 4,1x 7,7x 6,9x 6,1x Simple average 10,4x 9,3x 8,5x 1,0x 0,9x 0,9x 5,5x 4,9x 4,5x 7,9x 7,0x 6,2x Weighted average ** 11,2x 10,0x 9,2x 1,0x 0,9x 0,8x 5,6x 5,0x 4,5x 7,7x 6,8x 6,1x * on peers market capitalization by geographical area ** on tyre sector market capitalization Mln Local currency adjustment % on cluster Pirelli ,9% Michelin ,0% Continental ,5% Nokian ,8% Goodyear $7.006, ,4% Bridgestone ,5% Yokohama ,3% Sumitomo ,0% Hankook ,5% TOT P/E EV/SALES EV/EBITDA EV/EBIT WORLD MARKET CAP 6
7 Pirelli & C. Consensus Estimates Source: Pirelli IR analysis on broker estimates 7
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