Eni SpA

ENI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Eni Earnings: Faster-Than-Expected Progress on Disposals Plan Fuels Additional Capital Distribution

Allen Good

Oct 25, 2024

No-moat Eni adjusted net earnings fell to EUR 1.3 billion in the third quarter of 2024 compared with EUR 1.8 billion the previous year, but ahead of market expectations, mainly due to declining refining margins and lower E&P realized prices. Our EUR 15.10 fair value estimate remains unchanged.

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Eni SpA

Eni Earnings: Faster-Than-Expected Progress on Disposals Plan Fuels Additional Capital Distribution

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