Eni Earnings: Largely Meets Expectations Leaving Shares Fairly Valued Into March Strategic Update

Eni reported adjusted net earnings of EUR 1.6 billion in the fourth quarter of 2023 compared with adjusted net earnings of EUR 2.5 billion the year before, largely meeting market expectations. Full-year adjusted net earnings amounted to EUR 8.3 billion in 2023 compared with adjusted net earnings of EUR 13.3 billion the year before. Management will not release 2024 financial or operating targets until their capital markets day scheduled for March 14th, 2024. We do not expect any material change in outlook or strategy but will revisit our model at that time. Our EUR 14.90 fair value estimate and no-moat rating are unchanged.