Company Report
Eni corporate report
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Eni’s distinctive strategy is starting to bear fruit. Its “satellite model” has delivered two New Energy businesses which have been marked at a combined €22 billion (gross) valuation. Formation of a third upstream satellite is underway in the UK. More such ventures are anticipated. Back at HQ, a high-grading of Eni’s core upstream portfolio is underway, following an active period of M&A and continued success with the drill bit. Alongside trimming its tail, Eni continues to farm down high-equity interests in discoveries, to accelerate and de-risk developments as part of its long-standing and highly successful “dual-exploration” model. Decarbonisation of upstream is also making tangible progress. Eni’s structure is designed to create a model which is adaptable to the speed of the energy transition, while protecting and growing cash flow for shareholders. Despite its successes, Eni remains the most discounted Major in our coverage. However, we believe Eni remains on the right path.
Table of contents
- Satellite model matures, demonstrates value in new energies
- Improving upstream returns through business development and high-grading
- Boosting shareholder returns
- SWOT analysis
- Overview
- Key targets
- Long-term strategic outlook
- Recent market performance
-
Corporate Resilience and Sustainability ratings
- Resilience
- Strengths
- Weaknesses
- Outlook
- Sustainability
- Strengths
- Weaknesses
- Outlook
- Future strategic moves
- Overview
- Company capex targets
- 14 more item(s)...
Tables and charts
This report includes the following images and tables:
- Eni's satellite model
- Benchmark: market premium/discount to Wood Mackenzie’s NPV10 base valuation
- Benchmark: Q2 2024 gearing (excluding operating leases) versus av. Brent cash flow breakeven 24-26
- Wood Mackenzie Upstream Value NPV Detail (Click to drill-down)
- Strategic fit of countries in Eni's portfolio
- Wood Mackenzie’s estimate of Eni’s downstream key financial metrics
- Benchmark refining net cash margins
- Versalis restructuring plan
- Resilience ratings: 1) IOC benchmarking; 2) Eni ratings weighted by Dimension
- Sustainability ratings: 1) IOC benchmarking; 2) Eni ratings weighted by Dimension
- Wood Mackenzie: Eni production outlook by country
- 13 more item(s)...
What's included
This report contains:
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