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Italy's Pirelli valued at up to 8.7 billion euros by IPO joint coordinator
September 4, 2017 / 1:50 PM / 16 days ago

Italy's Pirelli valued at up to 8.7 billion euros by IPO joint coordinator

MILAN (Reuters) - Italian tyre maker Pirelli, which is planning to float a stake of up to 40 percent on the Milan bourse next month, is valued at between 7.6 billion euros and 8.7 billion euros by analysts at Banca IMI, one of the global coordinators of the share sale.

The valuation, included in a confidential study seen by Reuters, applies to Pirelli’s equity and is based on a comparison with the company’s peers and a discounted cash flow analysis.

“In our view, Pirelli’s superior financial profile and higher expected earnings growth justify a premium versus Tier1 players,” Banca IMI analysts said in the study.

Reporting by Elisa Anzolin, writing by Silvia Aloisi

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