Financials Pirelli & C. S.p.A. Wiener Boerse

Equities

PC

IT0005278236

Tires & Rubber Products

Real-time Estimate Tradegate Other stock markets 07:12:47 05/06/2024 pm IST			5-day change	1st Jan Change
5.978 ^EUR	+0.23%		-3.56%	+20.66%

03/06	Indices in green; oil falls after OPEC+	AN
31/05	Mib in green; annual US PCE stable in April	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	5,976	-	-
Enterprise Value (EV) ¹	8,647	7,691	9,015	6,557	7,189	8,107	7,737	7,324
P/E ratio	11.7 x	148 x	20.4 x	9.53 x	10.3 x	12.3 x	10.6 x	9.61 x
Yield	3.56%	1.8%	2.64%	5.44%	4.02%	3.93%	4.67%	4.85%
Capitalization / Revenue	0.97 x	1.03 x	1.15 x	0.61 x	0.74 x	0.89 x	0.86 x	0.83 x
EV / Revenue	1.62 x	1.79 x	1.69 x	0.99 x	1.08 x	1.21 x	1.11 x	1.02 x
EV / EBITDA	6.6 x	8.61 x	7.45 x	4.66 x	4.97 x	5.43 x	4.96 x	4.43 x
EV / FCF	13.7 x	17.5 x	20.1 x	11.7 x	13.9 x	14.9 x	13 x	10.5 x
FCF Yield	7.31%	5.73%	4.97%	8.56%	7.2%	6.7%	7.71%	9.55%
Price to Book	1.09 x	1 x	1.24 x	0.75 x	0.9 x	1.03 x	0.98 x	0.94 x
Nbr of stocks (in thousands)	10,00,000	10,00,000	10,00,000	10,00,000	10,00,000	10,00,000	-	-
Reference price ²	5.140	4.433	6.108	4.004	4.927	5.976	5.976	5.976
Announcement Date	19/02/20	10/03/21	23/02/22	22/02/23	06/03/24	-	-	-

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	6,720	6,948	7,188
EBITDA ¹	1,310	893	1,211	1,408	1,446	1,494	1,560	1,654
EBIT ¹	917	501	815.8	977.8	1,002	1,037	1,130	1,186
Operating Margin	17.23%	11.65%	15.3%	14.78%	15.06%	15.43%	16.26%	16.5%
Earnings before Tax (EBT) ¹	622	57	436.8	595.6	630.1	685.9	797	878
Net income ¹	438.1	29.78	302.8	435.9	479.1	491.5	570.6	634.1
Net margin	8.23%	0.69%	5.68%	6.59%	7.2%	7.31%	8.21%	8.82%
EPS ²	0.4380	0.0300	0.3000	0.4200	0.4800	0.4854	0.5617	0.6218
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%	8.09%	8.58%	9.73%
FCF Conversion (EBITDA)	48.26%	49.33%	37%	39.86%	35.8%	36.37%	38.2%	42.31%
FCF Conversion (Net income)	144.29%	1,479.04%	147.95%	128.79%	108.06%	110.56%	104.48%	110.34%
Dividend per Share ²	0.1830	0.0800	0.1610	0.2180	0.1980	0.2347	0.2793	0.2898
Announcement Date	19/02/20	10/03/21	23/02/22	22/02/23	06/03/24	-	-	-

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	3,406	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	776	-	-	754	-	-
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	528.5	262.5	230.7	508	-	-
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%	15.52%	15.08%	15.11%	15.41%	-	-
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	336	-	-	335.5	-	-
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	240	148.9	148.9	235	-	-
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%	7.05%	8.56%	9.75%	7.13%	-	-
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	0.2300	0.1345	0.1245	0.2300	-	-
Dividend per Share ²	-	-	-	0.1610	-	-	-	-	-	0.2180	-	-	-	-	-	0.1980	-	-	0.0511	-	0.0511	0.0511	-	0.0796	0.0796
Announcement Date	05/08/20	10/03/21	05/08/21	23/02/22	23/02/22	10/05/22	04/08/22	04/08/22	03/11/22	22/02/23	22/02/23	11/05/23	27/07/23	27/07/23	09/11/23	06/03/24	06/03/24	09/05/24	-	-	-	-	-	-	-

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	2,131	1,761	1,348
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.677 x	3.648 x	2.401 x	1.813 x	1.564 x	1.426 x	1.128 x	0.8153 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	13,366	13,641	13,369
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	467	458	476
Capex / Sales	7.35%	3.25%	6.49%	7.22%	7.62%	6.96%	6.59%	6.62%
Announcement Date	19/02/20	10/03/21	23/02/22	22/02/23	06/03/24	-	-	-

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

Ratings for Pirelli & C. S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.976 EUR

Average target price

6.482 EUR

Spread / Average Target

+8.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Tire & Tube Manufacturers

	1st Jan change	Capi.
BALKRISHNA INDUSTRIES LIMITED	+21.58%	670.85Cr
MRF LIMITED	-1.25%	618.86Cr
CHENG SHIN RUBBER IND. CO., LTD.	+36.97%	616.01Cr
SHANDONG LINGLONG TYRE CO.,LTD.	+7.12%	416.42Cr
HANKOOK TIRE & TECHNOLOGY CO., LTD.	-3.85%	387.39Cr
QINGDAO SENTURY TIRE CO., LTD.	+25.98%	366.01Cr
APOLLO TYRES LIMITED	+3.55%	343.16Cr
PT MULTISTRADA ARAH SARANA TBK	+13.39%	244.23Cr
TRIANGLE TYRE CO.,LTD	+13.32%	180.44Cr

Tire & Tube Manufacturers