Pirelli again surprised with a strong price/mix effect offsetting the impact from the weak volumes in the replacement market. However, interest charges acted as a brake. The FY23 guidance was broadly adjusted to the upper half of the previous range and the management’s comments on FY24 sounded somewhat reassuring on the high-value and EV tyres markets. The company however postponed its update on the mid-term outlook to March 2024, thus limiting the overall perceived confidence. We maintain our p ....
13 Nov 2023
Q3 23: Price/mix vs. interest charges
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Q3 23: Price/mix vs. interest charges
Pirelli again surprised with a strong price/mix effect offsetting the impact from the weak volumes in the replacement market. However, interest charges acted as a brake. The FY23 guidance was broadly adjusted to the upper half of the previous range and the management’s comments on FY24 sounded somewhat reassuring on the high-value and EV tyres markets. The company however postponed its update on the mid-term outlook to March 2024, thus limiting the overall perceived confidence. We maintain our p ....