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<< POWER IS NOTHING WITHOUT CONTROL >>
LE ORIGINI
La “Pirelli & C.” fu fondata a
Milano nel 1872
dall’Ingegnere Giovanni
Battista Pirelli, per la
produzione di “...
1890
Produzione di
primi tubolari
per velocipedi
1902
Primo
stabilimento
estero
1950
Cavi
della nuova
rete
telefonica
.
20...
PRINCIPALI AZIONISTI
AZIONISTA PERCENTUALE (%)
ChemChina 26,19%
Malacalza Investimenti 6,98%
Edizione srl 4,61%
Mediobanca...
VISION
“ Sfidiamo costantemente i
confini della tecnologia, dello
stile e della sostenibilità,
definendo nuove tendenze in...
Una strategia orientata a:
• Forti investimenti sul Premium;
• Miglioramento della competitività dell’offerta nel
segmento...
STRENGHTS WEAKNESS
1.INDICI DI REDDITIVITA’
2012 2013 2014
ROS 8,61% 8,53%
9,24%
ROI 18,94% 19,46% 21,82%
ROIC 12,99% 13,35% 14,97%
ROE 16,39...
2.INDICI DI EFFICIENZA
2012 2013 2014
ROTAZIONE DEI
CREDITI 10,51 11,10 10,90
TEMPO MEDIO
DEGLI INCASSI
DEI CREDITI
34,7 3...
3.INDICI DI LIQUIDITA’
2012 2013 2014
INDICE DI
LIQUIDITA’
CORRENTE
1,3 1,32 1,29
INDICE DI
LIQUIDITA’
DIFFERITA 0,84 0,87...
4.INDICE DI SOSTENIBILITA’ E
INDEBITAMENTO
2012 2013 2014
INDICE DI
COPERTURA
7,14 5,58 4,35
RAPPORTO
PFN/EBITDA
2,21 1,81...
5.INDICE DI STRUTTURA
FINANZIARIA
2012 2013 2014
INDICE DI
INDEBITAMENTO
0,56 0,57 0,56
RAPPORTO
PFN/BV
0,99 0,80 0,63
RAP...
VALUTAZIONE DELLE AZIONI
VALORE PER AZIONE =
= (D2015/(1+r))+(D2016/(1+r)^2)+(D2017/(1+r)^3)+
+ (EPS2017/(r*(1+r)^3))=
= (...
SCOMPOSIZIONE DEL VALORE
ASSET IN PLACE = EPS2015/r = 1,01/0,0675=
= 14,96
GROWTH OPPORTUNITIES =
= VALORE PER AZIONE – AS...
VALORE PER AZIONE > VALORE DI BORSA
16,9 > 15,57
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Pirelli spa presentazione

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Report di valutazione Pirelli spa.

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Pirelli spa presentazione

  1. 1. << POWER IS NOTHING WITHOUT CONTROL >>
  2. 2. LE ORIGINI La “Pirelli & C.” fu fondata a Milano nel 1872 dall’Ingegnere Giovanni Battista Pirelli, per la produzione di “articoli tecnici” quali tele gommate, cinghie di trasmissione, manicotti e raccorderie in gomma.
  3. 3. 1890 Produzione di primi tubolari per velocipedi 1902 Primo stabilimento estero 1950 Cavi della nuova rete telefonica . 2010 Lancio di cinturato P1 Lancio di PZERO SILVER 2011 Campionato Mondiale FIA di Formula Uno™.
  4. 4. PRINCIPALI AZIONISTI AZIONISTA PERCENTUALE (%) ChemChina 26,19% Malacalza Investimenti 6,98% Edizione srl 4,61% Mediobanca 4,61% Harbor International Fund 3,94% Ruane Cunniff & Goldfarb 1,99% Altri Investitori Istituzionali esteri 37,29% Investitori Retail 10,12% Investitori istituzionali italiani e altri 4,26%
  5. 5. VISION “ Sfidiamo costantemente i confini della tecnologia, dello stile e della sostenibilità, definendo nuove tendenze in tutto il mondo.”
  6. 6. Una strategia orientata a: • Forti investimenti sul Premium; • Miglioramento della competitività dell’offerta nel segmento medium; • Mantenimento nella leadership e del business industrial in Sud America e MEA e sviluppo del business in Europa e Asia Pacific; • Continua innovazione del prodotto; • Contenimento dei costi di produzione; • Sostenibilità ambientale
  7. 7. STRENGHTS WEAKNESS
  8. 8. 1.INDICI DI REDDITIVITA’ 2012 2013 2014 ROS 8,61% 8,53% 9,24% ROI 18,94% 19,46% 21,82% ROIC 12,99% 13,35% 14,97% ROE 16,39% 12,58% 12,75%
  9. 9. 2.INDICI DI EFFICIENZA 2012 2013 2014 ROTAZIONE DEI CREDITI 10,51 11,10 10,90 TEMPO MEDIO DEGLI INCASSI DEI CREDITI 34,7 32,9 33,5 ROTAZIONE MAGAZZINO 3,36 3,69 3,37 GIACENZA MEDIA DEL MAGAZZINO 108,5 98,8 108,2 INDICE ROTAZIONE FORNITORI 2,24 2,21 1,83 TEMPO MEDIO PAGAMENTO FORNITORI 162,9 165,1 199,6
  10. 10. 3.INDICI DI LIQUIDITA’ 2012 2013 2014 INDICE DI LIQUIDITA’ CORRENTE 1,3 1,32 1,29 INDICE DI LIQUIDITA’ DIFFERITA 0,84 0,87 0,88
  11. 11. 4.INDICE DI SOSTENIBILITA’ E INDEBITAMENTO 2012 2013 2014 INDICE DI COPERTURA 7,14 5,58 4,35 RAPPORTO PFN/EBITDA 2,21 1,81 1,44
  12. 12. 5.INDICE DI STRUTTURA FINANZIARIA 2012 2013 2014 INDICE DI INDEBITAMENTO 0,56 0,57 0,56 RAPPORTO PFN/BV 0,99 0,80 0,63 RAPPORTO PFN/MARKET CAP 557,96 349,67 304,46
  13. 13. VALUTAZIONE DELLE AZIONI VALORE PER AZIONE = = (D2015/(1+r))+(D2016/(1+r)^2)+(D2017/(1+r)^3)+ + (EPS2017/(r*(1+r)^3))= = ((0,4/(1+0,0675))+(0,45/(1+0,0675)^2)+ + (0,54/(1+0,0675)^3)+ + (1,29/(0,0675*(1+0,0675)^3))= 16,923
  14. 14. SCOMPOSIZIONE DEL VALORE ASSET IN PLACE = EPS2015/r = 1,01/0,0675= = 14,96 GROWTH OPPORTUNITIES = = VALORE PER AZIONE – ASSET IN PLACE = = 16,9 – 14,96 = 1,94
  15. 15. VALORE PER AZIONE > VALORE DI BORSA 16,9 > 15,57

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