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Pirelli & C

DB:2PI
Snowflake Description

Good value with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2PI
DB
€3B
Market Cap
  1. Home
  2. DE
  3. Automobiles
Company description

Pirelli & C. S.p.A. manufactures and supplies tires for cars, motorcycles, and bicycles worldwide. The last earnings update was 36 days ago. More info.


Add to Portfolio Compare Print
  • Pirelli & C has significant price volatility in the past 3 months.
2PI Share Price and Events
7 Day Returns
1.3%
DB:2PI
-3.6%
DE Auto Components
-0.6%
DE Market
1 Year Returns
-45.7%
DB:2PI
-52.5%
DE Auto Components
-20.9%
DE Market
2PI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pirelli & C (2PI) 1.3% -13.5% -36.8% -45.7% - -
DE Auto Components -3.6% -26.6% -44.8% -52.5% -66.5% -71.2%
DE Market -0.6% -16.6% -26% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • 2PI outperformed the Auto Components industry which returned -52.5% over the past year.
  • 2PI underperformed the Market in Germany which returned -20.9% over the past year.

Value

 Is Pirelli & C undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pirelli & C to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pirelli & C.

DB:2PI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:2PI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 8.2%
Auto Components Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.077 (1 + (1- 24%) (109.46%))
1.652
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.65
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.652 * 8.23%)
13.2%

Discounted Cash Flow Calculation for DB:2PI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pirelli & C is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:2PI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 13.2%)
2020 185.73 Analyst x9 164.07
2021 445.71 Analyst x9 347.80
2022 537.72 Analyst x6 370.65
2023 601.92 Est @ 11.94% 366.51
2024 651.53 Est @ 8.24% 350.45
2025 688.35 Est @ 5.65% 327.07
2026 714.78 Est @ 3.84% 300.01
2027 733.15 Est @ 2.57% 271.83
2028 745.48 Est @ 1.68% 244.16
2029 753.39 Est @ 1.06% 217.97
Present value of next 10 years cash flows €2,960.00
DB:2PI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €753.39 × (1 + -0.39%) ÷ (13.2% – -0.39%)
€5,520.41
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €5,520.41 ÷ (1 + 13.2%)10
€1,597.16
DB:2PI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €2,960.00 + €1,597.16
€4,557.16
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €4,557.16 / 1,000.00
€4.56
DB:2PI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:2PI represents 1.02746x of BIT:PIRC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.02746x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 4.56 x 1.02746
€4.68
Value per share (EUR) From above. €4.68
Current discount Discount to share price of €3.29
= -1 x (€3.29 - €4.68) / €4.68
29.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Pirelli & C is available for.
Intrinsic value
30%
Share price is €3.29 vs Future cash flow value of €4.68
Current Discount Checks
For Pirelli & C to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pirelli & C's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pirelli & C's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pirelli & C's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pirelli & C's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:2PI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €0.46
BIT:PIRC Share Price ** BIT (2020-04-06) in EUR €3.2
Germany Auto Components Industry PE Ratio Median Figure of 9 Publicly-Listed Auto Components Companies 11.43x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pirelli & C.

DB:2PI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:PIRC Share Price ÷ EPS (both in EUR)

= 3.2 ÷ 0.46

7x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pirelli & C is good value based on earnings compared to the DE Auto Components industry average.
  • Pirelli & C is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Pirelli & C's expected growth come at a high price?
Raw Data
DB:2PI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-1.5%per year
Germany Auto Components Industry PEG Ratio Median Figure of 7 Publicly-Listed Auto Components Companies 0.49x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

DB:2PI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7x ÷ -1.5%

-4.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pirelli & C earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Pirelli & C's assets?
Raw Data
DB:2PI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €4.83
BIT:PIRC Share Price * BIT (2020-04-06) in EUR €3.2
Germany Auto Components Industry PB Ratio Median Figure of 13 Publicly-Listed Auto Components Companies 0.69x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:2PI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:PIRC Share Price ÷ Book Value per Share (both in EUR)

= 3.2 ÷ 4.83

0.66x

* Primary Listing of Pirelli & C.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pirelli & C is good value based on assets compared to the DE Auto Components industry average.
X
Value checks
We assess Pirelli & C's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto Components industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto Components industry average (and greater than 0)? (1 check)
  5. Pirelli & C has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Pirelli & C expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pirelli & C expected to grow at an attractive rate?
  • Pirelli & C's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Pirelli & C's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Pirelli & C's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:2PI Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:2PI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -1.5%
DB:2PI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 0.9%
Germany Auto Components Industry Earnings Growth Rate Market Cap Weighted Average 48.7%
Germany Auto Components Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:2PI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:2PI Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 5,422 782 446 10
2021-12-31 5,105 640 346 12
2020-12-31 4,778 457 272 13
2020-04-07
DB:2PI Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 5,323 361 458
2019-09-30 5,701 1,047 441
2019-06-30 5,561 921 559
2019-03-31 5,544 869 442
2018-12-31 5,554 695 438
2018-09-30 5,644 745 435
2018-06-30 5,743 710 374
2018-03-31 5,819 989 309
2017-12-31 5,907 1,002 264
2017-09-30 5,784 816 320
2017-06-30 5,726 1,115 228
2017-03-31 5,640 922 231

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pirelli & C's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Pirelli & C's revenue is expected to grow by 0.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:2PI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Pirelli & C Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2PI Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.48 0.62 0.31 8.00
2021-12-31 0.38 0.53 0.19 10.00
2020-12-31 0.29 0.46 0.06 9.00
2020-04-07
DB:2PI Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 0.46
2019-09-30 0.44
2019-06-30 0.56
2019-03-31 0.44
2018-12-31 0.44
2018-09-30 0.45
2018-06-30 0.37
2018-03-31 0.37
2017-12-31 0.31
2017-09-30 0.32
2017-06-30 0.60
2017-03-31 1.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Pirelli & C is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Pirelli & C's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pirelli & C has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Pirelli & C performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pirelli & C's growth in the last year to its industry (Auto Components).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pirelli & C has delivered over 20% year on year earnings growth in the past 5 years.
  • Pirelli & C's 1-year earnings growth is less than its 5-year average (4.6% vs 50.8%)
  • Pirelli & C's earnings growth has exceeded the DE Auto Components industry average in the past year (4.6% vs -29.1%).
Earnings and Revenue History
Pirelli & C's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pirelli & C Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:2PI Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 5,323.00 458.00
2019-09-30 5,701.37 441.47 1,431.40
2019-06-30 5,560.80 559.17 1,357.58
2019-03-31 5,543.66 441.94 1,415.03
2018-12-31 5,554.06 438.04 1,414.96
2018-09-30 5,644.13 434.58 1,456.38
2018-06-30 5,742.59 373.76 1,434.10
2018-03-31 5,818.86 309.03 1,439.11
2017-12-31 5,906.73 263.96 1,447.53
2017-09-30 5,784.05 320.29 1,415.32
2017-06-30 5,726.19 228.42 1,490.47
2017-03-31 5,639.51 231.09 1,408.78
2016-12-31 5,490.29 151.43 1,382.80
2016-09-30 5,201.71 30.99 898.39
2016-06-30 4,696.78 -7.50 940.36
2016-03-31 3,647.37 -12.75 654.62
2015-12-31 1,966.38 1.74 326.83

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Pirelli & C has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pirelli & C used its assets more efficiently than the DE Auto Components industry average last year based on Return on Assets.
  • Pirelli & C has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pirelli & C's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto Components industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pirelli & C has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Pirelli & C's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pirelli & C's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pirelli & C is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Pirelli & C's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pirelli & C's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pirelli & C Company Filings, last reported 3 months ago.

DB:2PI Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 4,827.00 3,024.00
2019-09-30 4,742.40 5,116.09 795.96
2019-06-30 4,663.71 4,998.76 797.42
2019-03-31 4,687.91 5,135.35 971.46
2018-12-31 4,550.93 4,798.56 1,384.61
2018-09-30 4,464.80 4,805.46 569.65
2018-06-30 4,323.24 4,694.42 598.67
2018-03-31 4,267.62 4,581.78 601.22
2017-12-31 4,177.01 4,522.04 1,151.46
2017-09-30 4,159.57 4,840.47 405.30
2017-06-30 4,057.31 4,855.46 548.75
2017-03-31 3,002.88 6,145.74 482.86
2016-12-31 3,274.86 6,623.71 1,581.57
2016-09-30 3,188.16 6,819.57 717.95
2016-06-30 3,195.76 6,732.01 653.52
2016-03-31 3,281.64 6,588.68 1,242.13
2015-12-31 2,161.31 6,375.91 997.23
  • Pirelli & C's level of debt (61%) compared to net worth is high (greater than 40%).
  • Unable to establish if Pirelli & C's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (12.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).
X
Financial health checks
We assess Pirelli & C's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pirelli & C has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Pirelli & C's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Pirelli & C dividends. Estimated to be 5.28% next year.
If you bought €2,000 of Pirelli & C shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Pirelli & C's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Pirelli & C's dividend against the top 25% market benchmark as the company has not reported any payouts.
Upcoming dividend payment

Purchase Pirelli & C before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:2PI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Germany Auto Components Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 315 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:2PI Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.20 10.00
2021-12-31 0.17 14.00
2020-12-31 0.14 15.00
2020-04-07
DB:2PI Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-04-03 0.000 0.000
2019-02-26 0.177 3.485

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Pirelli & C has not reported any payouts.
  • Unable to verify if Pirelli & C's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Pirelli & C's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Pirelli & C has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Pirelli & C's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pirelli & C afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pirelli & C has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Pirelli & C's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marco Tronchetti Provera
COMPENSATION €5,048,852
AGE 71
TENURE AS CEO 28.3 years
CEO Bio

Mr. Marco Tronchetti Provera serves as Executive Vice Chairman and Chief Executive Officer at Pirelli & C. S.p.A. He has been the Chief Executive Officer of PIRELLI & C. Società per Azioni (C. S.P.A) since 1992 and has been its Executive Vice Chairman since October 21, 2015. Mr. Tronchetti Provera served as the Chief Executive Officer of Prelios S.p.A. He served as the President of Pirelli Group. Mr. Tronchetti Provera began his career in 1973 and developed sea transport business for family company in the early seventies and also established a financial holding company. He served as President of CAMFIN S.p.A. Mr. Tronchetti Provera served as the Chief Executive Officer and Chairman of Pirelli SpA. In 1986, he joined the Pirelli group as a Managing Partner at Pirelli & C. Since 1988, he served as the Chief Executive Officer and General Manager of the Société Internationale Pirelli S.A., Basle until 1992. Mr. Tronchetti Provera served as the Chief Executive Officer of Telecom Italia S.P.A. since October 13, 2001. He served as an Executive Director of Telecom Italia Spa since October 13, 2001 until September 15, 2006. Mr. Tronchetti Provera has been the Chairman of Pirelli & C. Real Estate S.p.A., since May 30, 2001. He serves as the Chairman of Confindustria. Mr. Tronchetti Provera serves as the Chairman of the Silvio Tronchetti Provera Foundation and Pirelli Foundation. Previously, he served as the Chairman of Advisory Committee at EuroQube Fund. Mr. Tronchetti Provera served as the Chairman of CAM Finanziaria SpA, Nuove Partecipazioni S.p.A., MBA Polymers, Inc., Pirelli Labs S.p.A., Pirelli & C. Eco Technology S.p.A., Pirelli & C A p A, GPI, Gruppo Partecipazioni Industriali S.p.A., Marco Tronchetti Provera & C. S.A.p.A., Pirelli & C.Ambiente S.p.A. and Pirelli & C.A.p.A. He has served as Vice-Chairman of TP Industrial Holding S.p.A. He served as Chairman of Camfin S.p.A. until December 2013 and served as its President. Mr. Tronchetti Provera served as the Chairman of Pirelli & C.SPA. from May 7, 2003 to October 21, 2015. He served as Chairman of Prelios S.p.A. since May 30, 2001 until May 2013. Mr. Tronchetti Provera served as Chairman and Director of Telecom Italia Mobile S.p.A. until September 15, 2006. He served as the Chairman of "Il Sole 24 Ore" from December 1996 to September 2001. Mr. Tronchetti Provera served as Chairman of "Teatro alla Scala" from October 2001 to September 2005. He served as Chairman and Director of Banca Popolare Di Vicenza S.C.p.A. Mr. Tronchetti Provera served as the Chairman and Director of Olimpia S.p.A. He served as the Chairman of Telecom Italia S.P.A. since September 2001 and again served since May 6, 2004. Mr. Tronchetti Provera serves as Deputy Chairman of Mediobanca S.p.A. He has been Deputy Chairman at Mediobanca Banca di Credito Finanziario S.p.A. since May 23, 2007. Mr. Tronchetti Provera served as Vice Chairman of Telecom Italia S.P.A. from October 13, 2001 to September 15, 2006. He previously served as a Deputy Chairman and Director of Mediobanca S.p.A. until July 18, 2013. Mr. Tronchetti Provera serves as a Director of Pirelli Tyre S.p.A. He has been a Director of RCS MediaGroup S.p.A. since September 26, 2016. Mr. Tronchetti Provera serves as Director at Alitalia - Compagnia Aerea Italiana S.p.A., Fondazione Cerba and of Eurostazioni S.p.A., Bocconi University of Milan, F. C. Internazionale Milano S.p.A., RCS Quotidiani S.p.A. and Luigi Bocconi University. He serves as a Member of the European Round Table of Industrialists, Gruppo Italiano Trilateral Commission, International Council of J.P. Morgan, New York Stock Exchange European Advisory Committee and Giunta Direttiva Assonime. Mr. Tronchetti Provera served as a Director of “Teatro alla Scala” from October 2001 to September 2005. He served as a Member of supervisory board of Mediobanca Banca di Credito Finanziario S.p.A. Mr. Tronchetti Provera served as a Director of UniCredit S.p.A. He served as a Director of Prelios SpA. Mr. Tronchetti Provera served as a Member of International Advisory Board and Joint Advisory Council at Allianz SE until December 31, 2014. He served as a Director of Pirelli SpA. Mr. Tronchetti Provera previously served as a Member of Supervisory Board at Mediobanca S.p.A., until October 2008. He serves as an Honorary Co-Chairman for the Italian branch of the Council for the United States and Italy, of which he served as an Italian Co-Chairman for 15 years and Member of the Italian Group of the Trilateral Commission. Mr. Tronchetti Provera holds a Degree in Economics and Business Administration from Bocconi University of Milan, 1971.

CEO Compensation
  • Marco's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Marco's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Pirelli & C management team in years:

3
Average Tenure
57.5
Average Age
  • The tenure for the Pirelli & C management team is about average.
Management Team

Marco Tronchetti Provera

TITLE
Executive Deputy Chairman & CEO
COMPENSATION
€5M
AGE
71
TENURE
28.3 yrs

Francesco Tanzi

TITLE
Executive VP & CFO
AGE
55
TENURE
3 yrs

Andrea Livio Casaluci

TITLE
General Manager of Operations
TENURE
1.9 yrs

Valeria Leone

TITLE
Senior VP of Investor Relations
AGE
58
TENURE
3 yrs

Nicola Verdicchio

TITLE
Senior VP & Chief Legal Officer
AGE
57
TENURE
3 yrs

Maurizio Abet

TITLE
Senior VP of Communication
AGE
51
TENURE
3 yrs

Massimo Battaini

TITLE
Senior VP of Marketing & Supply Chain
AGE
58

Davide Sala

TITLE
Executive VP and Chief Human Resources & Organization Officer

Maurizio Boiocchi

TITLE
Strategic Advisor and Executive VP of Technology & Innovation
AGE
69
TENURE
3 yrs

Roberto Righi

TITLE
Executive Vice President of Commercial Replacement
AGE
54
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Pirelli & C board of directors in years:

4.3
Average Tenure
57.5
Average Age
  • The tenure for the Pirelli & C board of directors is about average.
Board of Directors

Ning Gaoning

TITLE
Chairman of the Board
COMPENSATION
€197K
AGE
61
TENURE
1.7 yrs

Marco Tronchetti Provera

TITLE
Executive Deputy Chairman & CEO
COMPENSATION
€5M
AGE
71
TENURE
4.5 yrs

Francesco Fallacara

TITLE
Chairman of Board of Statutory Auditors
AGE
55
TENURE
4.9 yrs

Haisu Tao

TITLE
Independent Director
COMPENSATION
€90K
AGE
70
TENURE
2.7 yrs

Fan Xiaohua

TITLE
Independent Director
COMPENSATION
€90K
AGE
45
TENURE
2.7 yrs

Xingqiang Yang

TITLE
Director
COMPENSATION
€90K
AGE
52
TENURE
4.6 yrs

Xin Ping Bai

TITLE
Director
COMPENSATION
€145K
AGE
51
TENURE
4.6 yrs

Giorgio Bruno

TITLE
Director
COMPENSATION
€1M
AGE
59
TENURE
4.1 yrs

Ze'ev Goldberg

TITLE
Director
COMPENSATION
€90K
AGE
59
TENURE
4.6 yrs

Laura Cioli

TITLE
Independent Director
COMPENSATION
€110K
AGE
56
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
31. Mar 20 Buy China National Chemical Corporation Limited Company 27. Mar 20 27. Mar 20 1,200,000 €3.34 €4,002,840
30. Mar 20 Buy China National Chemical Corporation Limited Company 26. Mar 20 26. Mar 20 1,950,000 €3.40 €6,567,074
24. Mar 20 Buy China National Chemical Corporation Limited Company 20. Mar 20 20. Mar 20 2,000,000 €3.65 €7,291,600
04. Jun 19 Buy CAMFIN S.p.A. Company 31. May 19 31. May 19 50,000 €5.13 €256,250
03. Jun 19 Buy CAMFIN S.p.A. Company 30. May 19 30. May 19 192,000 €5.15 €988,339
31. May 19 Buy CAMFIN S.p.A. Company 29. May 19 29. May 19 194,837 €5.14 €1,000,663
X
Management checks
We assess Pirelli & C's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pirelli & C has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Pirelli & C. S.p.A. manufactures and supplies tires for cars, motorcycles, and bicycles worldwide. The company provides premium, specialty, super specialty, and prestige tires. It offers automotive products under the P Zero, Cinturato, Winter, Scorpion, and Ice Zero names; motorcycle products under the Pirelli and Metzeler names; and road racing tires under the P Zero Velo name, as well as urban tires under the Scorpion MTB, Cinturato Velo, and Cycl-e name. The company also provides Run Flat and Seal Inside specialties that enable cars to continue driving after a puncture; Pirelli Noise Cancelling System for reducing tire-rolling noise; tires for vintage cars under the COLLEZIONE name; colored tires under the Pirelli Color Edition name; and tires for the light transport sector under the PIRELLI CARRIER name. In addition, the company is involved in the provision of ancillary services; car and motorcycle sporting competition activities; the research and development of products, processes, and materials; and the operation of approximately 15,900 points of sale. Pirelli & C. S.p.A. was founded in 1872 and is headquartered in Milan, Italy.

Details
Name: Pirelli & C. S.p.A.
2PI
Exchange: DB
Founded: 1872
€3,204,000,000
1,000,000,000
Website: http://www.pirelli.com
Address: Pirelli & C. S.p.A.
Viale Piero e Alberto Pirelli n. 25,
Milan,
Milan, 20126,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT PIRC Ordinary Shares Borsa Italiana IT EUR 04. Oct 2017
OTCPK PLLI.F Ordinary Shares Pink Sheets LLC US USD 04. Oct 2017
DB 2PI Ordinary Shares Deutsche Boerse AG DE EUR 04. Oct 2017
LSE 0P1R Ordinary Shares London Stock Exchange GB EUR 04. Oct 2017
WBAG PC Ordinary Shares Wiener Boerse AG AT EUR 04. Oct 2017
BATS-CHIXE PIRCM Ordinary Shares BATS 'Chi-X Europe' GB EUR 04. Oct 2017
Number of employees
Current staff
Staff numbers
31,724
Pirelli & C employees.
Industry
Tires and Rubber
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 00:40
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/03/02
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.