SKU: E-1 Category:


Eni S.p.A. delivered a mixed set of results in the quarter. The company exceeded the revenue expectations of Wall Street but missed out on meeting the analysts’ earnings expectations. Despite the lower price of crude oil and the lower refining margins, net income increased by almost 160% year over year. Oil prices decreased significantly. With a number of significant but frequently conflicting factors, such as the pushing up of production towards the ceiling of capacity, the impending EU ban on Russian imports, the releasing of the U.S. strategic reserve, and the recent OPEC Plus decision on production cut, the oil market has pulled back and has traded mostly in the $90 to $100 per barrel range. Refining & Marketing also delivered strong results. In addition, Eni expanded its renewable utility-scale business, which now has 1.8 gigatonnes of installed capacity and is expected to exceed 2 gigatonnes by the end of 2023. Pipeline expansion was continued through a partnership with Infrastructure SpA, which brought new solar and wind growth potential. The company further launched the Sustainable Supply Chain Finance program to assist businesses committed to sustainable growth in obtaining loans. We give Eni S.p.A. a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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