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Eni SpA ADR E

Morningstar Rating
$30.80 +0.04 (0.13%)
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Company Report

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.

Price vs Fair Value

E is trading at a 5% discount.
Price
$30.72
Fair Value
$95.30
Uncertainty
High
1-Star Price
$84.76
5-Star Price
$57.80
Economic Moat
Mydhc
Capital Allocation
Shnrsxhz

Bulls Say, Bears Say

Bulls

Recent discoveries of large natural gas fields endow Eni with low-cost growth opportunities during the next five years.

Bears

Eni’s upstream portfolio is exposed to higher geopolitical risks than its peers, which resulted in production shutdowns and outstanding payments. These risks will persist, as diversification appears unlikely.

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News

Trading Information

Previous Close Price
$30.76
Day Range
$30.6630.82
52-Week Range
$25.2034.29
Bid/Ask
$30.79 / $30.80
Market Cap
$49.28 Bil
Volume/Avg
47,711 / 298,116

Key Statistics

Price/Earnings (Normalized)
3.77
Price/Sales
0.48
Dividend Yield (Trailing)
6.40%
Dividend Yield (Forward)
6.40%
Total Yield
10.36%

Company Profile

Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2022, the company produced 0.8 million barrels of liquids and 4.5 billion cubic feet of natural gas per day. At end-2022, Eni held reserves of 6.6 billion barrels of oil equivalent, 48% of which are liquids. The Italian government owns a 30.1% stake in the company. Eni is placing its renewable and low-carbon business in a separate entity called Plentitude, which it will likely list publicly at some point.
Sector
Energy
Industry
Oil & Gas Integrated
Stock Style Box
Large Value
Total Number of Employees
32,324

Competitors

Valuation

Metric
E
REP
SHELL
Price/Earnings (Normalized)
3.773.187.08
Price/Book Value
0.840.651.15
Price/Sales
0.480.300.69
Price/Cash Flow
4.423.145.20
Price/Earnings
E
REP
SHELL

Financial Strength

Metric
E
REP
SHELL
Quick Ratio
1.011.071.00
Current Ratio
1.431.541.48
Interest Coverage
1.259.409.59
Quick Ratio
E
REP
SHELL

Profitability

Metric
E
REP
SHELL
Return on Assets (Normalized)
6.07%5.58%7.19%
Return on Equity (Normalized)
16.39%12.95%16.24%
Return on Invested Capital (Normalized)
11.05%9.33%11.83%
Return on Assets
E
REP
SHELL
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Economic Moat
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