Actions Piaggio closed higher on Piazza Affari on Tuesday 4 June (+0.6% to 2.87 euros) driven by the favorable ruling of the Supreme Court on the counterfeiting case against Peugeot and by the positive comments from analysts on the sales trend in May.
Compensation worth over a million
The Court of Cassation declared inadmissible the appeal of Peugeot Motocycles Sas and Peugeot Motocycles Italia against the sentence of 16 January 2023 of the Court of Appeal of Milan which, in line with the Court of Milan (in first instance), had ascertained the violation by the latter, with reference to the vehicle Peugeot Metropolisof the Italian fraction of a European patent of Piaggio & C. With a subsequent sentence (for which the terms of appeal in cassation are still pending) the Court of Appeal of Milan quantified the extent of the damage that Peugeot Motocycles Italia will have to compensate Piaggio & C. as a result of the proven infringement in over one million euros.
The patent owned by Piaggio & C. concerns the control of the system that allows a three-wheeled vehicle to tilt to the side like a traditional motorcycle, a anti-roll system. The appeal to the Court of Cassation by Peugeot Motocycles SAS and Peugeot Motocycles Italia – based on six grounds of appeal – was declared inadmissible since the appellants “requested new findings of fact from the Court of Cassation which were precluded by the judge of third instance and raised and contested alleged defects, in the reasons given by the Court of Appeal in support of the sentence, with criticisms that the Court of Cassation considered not precise and specific” specifies the note. Following the ruling, the previous sentence rendered by the Court of Appeal of Milan becomes final and the violation of the Italian fraction of the European patent of Piaggio & C., the injunction, against Peugeot Motocycles Italia, on the Italian territory of the import, export, marketing and advertising (including online) of the Peugeot Metropolis, as well as the existence of the right of Piaggio & C. to obtain compensation for the damage suffered.
Favorable sales data
Also on Tuesday, analysts from Intesa Sanpaolo and Mediobanca Research confirmed their indications on Piaggio shares after the May data on two-wheeler sales (+6% year on year), which were positively received. Intesa Sanpaolo confirms the recommendation buy and the target price of 3.9 euros, noting that the two-wheeler data in Italy in May “appear particularly favorable and better than initially expected”. The sector in Italy, underlines Intesa, accounts for approximately 14% of Piaggio’s two-wheeler revenues and approximately 10% of consolidated turnover. Mediobanca Research instead confirms the recommendation outperform, underlining that May is typically one of the most important months in terms of seasonality and accounts for approximately 13% of annual registrations. The next catalyst for Piaggio, concludes MB, is the publication of the first half-year accounts on 29 July. (All rights reserved)
Posting time: 04/06/2024 17:35
Last update: 04/06/2024 18:10
