PIRELLI & C. S.P.A. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 6.172 EUR | -0.19% |
|
+1.85% | +24.86% |
| 05-31 | Mib in green; annual US PCE stable in April | AN |
| 05-31 | Mib maintains course in green; Pirelli rises again | AN |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,140 | 4,433 | 6,108 | 4,004 | 4,927 | 6,076 | - | - |
| Enterprise Value (EV) 1 | 8,647 | 7,691 | 9,015 | 6,557 | 7,189 | 8,189 | 7,816 | 7,391 |
| P/E ratio | 11.7 x | 148 x | 20.4 x | 9.53 x | 10.3 x | 12.5 x | 10.8 x | 9.7 x |
| Yield | 3.56% | 1.8% | 2.64% | 5.44% | 4.02% | 3.9% | 4.61% | 4.77% |
| Capitalization / Revenue | 0.97 x | 1.03 x | 1.15 x | 0.61 x | 0.74 x | 0.9 x | 0.87 x | 0.84 x |
| EV / Revenue | 1.62 x | 1.79 x | 1.69 x | 0.99 x | 1.08 x | 1.22 x | 1.12 x | 1.03 x |
| EV / EBITDA | 6.6 x | 8.61 x | 7.45 x | 4.66 x | 4.97 x | 5.5 x | 5.02 x | 4.47 x |
| EV / FCF | 13.7 x | 17.5 x | 20.1 x | 11.7 x | 13.9 x | 15.1 x | 13.1 x | 10.6 x |
| FCF Yield | 7.31% | 5.73% | 4.97% | 8.56% | 7.2% | 6.64% | 7.63% | 9.47% |
| Price to Book | 1.09 x | 1 x | 1.24 x | 0.75 x | 0.9 x | 1.05 x | 1 x | 0.95 x |
| Nbr of stocks (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | - | - |
| Reference price 2 | 5.140 | 4.433 | 6.108 | 4.004 | 4.927 | 6.076 | 6.076 | 6.076 |
| Announcement Date | 2/19/20 | 3/10/21 | 2/23/22 | 2/22/23 | 3/6/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,323 | 4,302 | 5,332 | 6,616 | 6,650 | 6,724 | 6,955 | 7,200 |
| EBITDA 1 | 1,310 | 893 | 1,211 | 1,408 | 1,446 | 1,489 | 1,557 | 1,655 |
| EBIT 1 | 917 | 501 | 815.8 | 977.8 | 1,002 | 1,037 | 1,134 | 1,193 |
| Operating Margin | 17.23% | 11.65% | 15.3% | 14.78% | 15.06% | 15.43% | 16.31% | 16.57% |
| Earnings before Tax (EBT) 1 | 622 | 57 | 436.8 | 595.6 | 630.1 | 688.9 | 798.4 | 881.7 |
| Net income 1 | 438.1 | 29.78 | 302.8 | 435.9 | 479.1 | 492.9 | 571.5 | 637.3 |
| Net margin | 8.23% | 0.69% | 5.68% | 6.59% | 7.2% | 7.33% | 8.22% | 8.85% |
| EPS 2 | 0.4380 | 0.0300 | 0.3000 | 0.4200 | 0.4800 | 0.4873 | 0.5635 | 0.6264 |
| Free Cash Flow 1 | 632.2 | 440.5 | 448 | 561.4 | 517.7 | 543.4 | 596.1 | 699.6 |
| FCF margin | 11.88% | 10.24% | 8.4% | 8.49% | 7.78% | 8.08% | 8.57% | 9.72% |
| FCF Conversion (EBITDA) | 48.26% | 49.33% | 37% | 39.86% | 35.8% | 36.5% | 38.29% | 42.28% |
| FCF Conversion (Net income) | 144.29% | 1,479.04% | 147.95% | 128.79% | 108.06% | 110.25% | 104.31% | 109.78% |
| Dividend per Share 2 | 0.1830 | 0.0800 | 0.1610 | 0.2180 | 0.1980 | 0.2370 | 0.2800 | 0.2898 |
| Announcement Date | 2/19/20 | 3/10/21 | 2/23/22 | 2/22/23 | 3/6/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,816 | 2,486 | 2,565 | 1,352 | 2,767 | 1,521 | 1,676 | 3,197 | 1,836 | 1,582 | 3,419 | 1,700 | 1,738 | 3,438 | 1,723 | 1,490 | 3,213 | 1,696 | 1,744 | 3,454 | 1,740 | 1,527 | 3,296 | - | - |
| EBITDA 1 | 267.9 | 625.1 | 573.9 | 316.8 | 636.8 | 333 | 362.2 | 695.3 | 383.9 | 329.1 | 713 | 359.7 | 379.4 | 739.1 | 376.7 | 330.3 | 707 | 376.3 | 383 | 759 | - | - | 731 | - | - |
| EBIT 1 | 66.7 | 434.3 | 377.4 | 217.4 | 438.4 | 229 | 253.1 | 481.6 | 271.9 | 224.3 | 496.2 | 248.1 | 269.3 | 517.4 | 265.1 | 219.3 | 484.4 | 262.6 | 270.4 | 535 | 262.5 | 230.7 | 507 | - | - |
| Operating Margin | 3.67% | 17.47% | 14.71% | 16.08% | 15.85% | 15.06% | 15.1% | 15.06% | 14.81% | 14.17% | 14.51% | 14.6% | 15.5% | 15.05% | 15.39% | 14.72% | 15.08% | 15.49% | 15.5% | 15.49% | 15.08% | 15.11% | 15.38% | - | - |
| Earnings before Tax (EBT) 1 | - | 191.6 | 178.7 | 115.8 | 258.1 | 150 | 168.1 | 317.9 | 172.3 | 105.4 | 277.7 | 160.8 | 178.5 | 339.3 | 187.7 | 103.1 | 290.8 | - | 234 | 356 | - | - | 344 | - | - |
| Net income 1 | -103.3 | - | 123.1 | 78.84 | - | 107.5 | 113.9 | 221.4 | 126.3 | 76.6 | - | 111.6 | 127.6 | 242.6 | 161 | 86.1 | - | 93.7 | 99.3 | - | 148.9 | 148.9 | - | - | - |
| Net margin | -5.69% | - | 4.8% | 5.83% | - | 7.07% | 6.8% | 6.93% | 6.88% | 4.84% | - | 6.57% | 7.34% | 7.06% | 9.34% | 5.78% | - | 5.53% | 5.69% | - | 8.56% | 9.75% | - | - | - |
| EPS 2 | - | - | 0.1230 | 0.0760 | - | 0.1100 | 0.1110 | 0.2210 | 0.1200 | 0.0800 | - | 0.1100 | 0.1200 | - | 0.1600 | 0.0900 | - | 0.0900 | 0.1046 | - | 0.1345 | 0.1245 | - | - | - |
| Dividend per Share 2 | - | - | - | 0.1610 | - | - | - | - | - | 0.2180 | - | - | - | - | - | 0.1980 | - | - | 0.0511 | - | 0.0511 | 0.0511 | - | 0.0796 | 0.0796 |
| Announcement Date | 8/5/20 | 3/10/21 | 8/5/21 | 2/23/22 | 2/23/22 | 5/10/22 | 8/4/22 | 8/4/22 | 11/3/22 | 2/22/23 | 2/22/23 | 5/11/23 | 7/27/23 | 7/27/23 | 11/9/23 | 3/6/24 | 3/6/24 | 5/9/24 | - | - | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,507 | 3,258 | 2,907 | 2,553 | 2,262 | 2,113 | 1,740 | 1,315 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.677 x | 3.648 x | 2.401 x | 1.813 x | 1.564 x | 1.419 x | 1.117 x | 0.795 x |
| Free Cash Flow 1 | 632 | 440 | 448 | 561 | 518 | 543 | 596 | 700 |
| ROE (net income / shareholders' equity) | 9.53% | 0.65% | 6.88% | 8.52% | 8.86% | 9.41% | 9.9% | 10.7% |
| ROA (Net income/ Total Assets) | 3.26% | 1.78% | 2.33% | 3.14% | 3.49% | 3.68% | 4.18% | 4.74% |
| Assets 1 | 13,454 | 1,676 | 12,987 | 13,890 | 13,714 | 13,404 | 13,662 | 13,437 |
| Book Value Per Share 2 | 4.720 | 4.450 | 4.910 | 5.320 | 5.490 | 5.800 | 6.090 | 6.390 |
| Cash Flow per Share 2 | 1.020 | 0.6200 | 0.7400 | 0.9700 | 1.030 | 1.050 | 1.110 | 1.110 |
| Capex 1 | 391 | 140 | 346 | 477 | 507 | 484 | 465 | 486 |
| Capex / Sales | 7.35% | 3.25% | 6.49% | 7.22% | 7.62% | 7.19% | 6.68% | 6.75% |
| Announcement Date | 2/19/20 | 3/10/21 | 2/23/22 | 2/22/23 | 3/6/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
6.076
EUR
Average target price
6.5
EUR
Spread / Average Target
+6.98%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +18.76% | 7.17B | |
| -3.20% | 6.39B | |
| +35.41% | 5.77B | |
| +7.85% | 4.26B | |
| +2.08% | 3.55B | |
| +20.40% | 3.53B | |
| +39.11% | 2.99B | |
| +12.70% | 1.81B | |
| +32.84% | 1.49B |
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