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1, citing its "superior financial profile and higher expected earnings growth". Banca IMI said in a confidential study that Pirelli warranted a valuation above its direct peers' average 2018 earnings multiple of 11.

But that is subtracted by how many companies leave us from MA front, we don't control that, but this year is better than last year. It is a question of what their bankers are saying about their valuation, and whether they can get their board to agree to that valuation. We are seeing less M it's a question of when

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