(CercleFinance.com) – The analyst points out that the group is unveiling new 2022 guidance in progress for sales, EBITA margin and FCF after the 2021 publication above expectations and guidance.
‘Cost inflation already real in Q4 is at this stage well passed on and the cost reduction plan comes in support. The Ukrainian crisis will impact energy prices’ indicates Invest Securities.
The target is stable at 6.5E offering a revaluation potential of +15% while the stock has fallen from a high of 6.7E at the end of 2021. The analyst firm reiterates its buy opinion on the title.
‘ Our BNA 2022/23/24e are marginally retouched. As already stated, Pirelli, as a premium player, is still too poorly valued in the tire sector,” adds the analyst.
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