Pirelli leaps to the top of the ranking of Piazza Affari. The stock rose by more than 5%, setting new highs for the year in the 4,6 euro area. Which theand reasons for the rally of the Bicocca company controlled by Chem China's Chinese? The more traditional explanation relates to the buy issued by Bank of America with a twelve-month target revised upwards to 5,6 euros. According to US analysts, Pirelli is in a position to make the most of the market recovery trend thanks to its focus on the premium segments. The business plan which will be announced on March 31 could confirm the expectation of higher profits (39 cents against 24 of the previous estimates), more revenues and growing market shares thanks to the leadership in Prestige tires and the greater complexity of tires for electric vehicles with relative increase in prices. It is therefore not justified, according to Bofa, the valuation discount practiced by the market in the face of the difficulties of cheaper products and high financial leverage (3,7 times the net debt/ebitda ratio).
But another explanation has held sway on the market to explain the flight of the Bicocca company. A few months after the end of the relationship of sponsorship between Pirelli and Internazionale football club che shareholding relationship between the Nerazzurri and the Milanese multinational may have come to an end for 25 years. Pirelli is about to sell its 0,37% in Inter shares as part of the sale of the club.
According to persistent rumors, last night the partner BC fund, having completed the due diligence on the accounts of the Nerazzurri club, he sent his definitive offer to the Suning family through Goldman Sachs: something more than the 750 million euros (including 400 million in debt) rejected in recent days with some annoyance from Chinese ownership, certainly less than the billion needed to balance the accounts of the operation. The offer, this time, has a good chance of going through also because Inter are in a hurry: the Nerazzurri will need 200 million euros to meet various deadlines. The rebound of Pirelli, in short, would be linked in part to the capital gain to be made on the Bicocca tires which, moreover, are worth a generous 4,4 billion on the Stock Exchange. It is unlikely that the divorce from Inter alone can explain the Pirelli rally.
