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Pirelli (BBB-): 4Q Results

CONSUMER CYCLICALS

Neutral for spreads. Results and forecasts land close to home.

  • Revenue beat consensus by +2%, while adj. operating income beat by +4%. FY adj. EBITDA beat by +2.5%.
  • Cash flow appears to be slightly better than expected. Leverage stands at 1.6x, down from 1.8x YoY and close to expectations.
  • FY 2024 forecast revenue and FCF are just below consensus at midpoints. Leverage forecast to tick down by similar magnitude to 2023.
  • Call 14.00 CET https://www.c-meeting.com/web3/join/3WAWNEDKWA9RYW

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