ENI: Production, LNG Projects And Fusion Agreement Will Shape Balanced 2025 Outlook

Analysts have nudged their price target on Eni slightly higher to approximately $16.42 from about $16.31, citing modestly improved expectations for revenue growth, profitability, and valuation multiples.

What's in the News

• Raised 2025 oil and gas production guidance to 1.71 million to 1.72 million boe per day, implying around 1.8 million boe per day in the fourth quarter (company guidance).
• Reported third quarter 2025 hydrocarbon production of 1,756,000 boe per day, up from 1,661,000 boe per day a year earlier, driven by higher liquids output (operating results).
• Completed a €980 million share buyback, repurchasing 68,400,000 shares, or about 2.25% of share capital under the 2025 program (buyback update).
• Reached Final Investment Decision on the Coral North FLNG project offshore Mozambique, a 3.6 MTPA floating LNG facility that is expected to lift the country above 7 MTPA of LNG output and make it Africa's third largest LNG producer (strategic alliance).
• Signed a power offtake agreement worth more than $1 billion with Commonwealth Fusion Systems for decarbonized power from a planned 400 MW ARC fusion plant in Virginia, deepening their fusion energy partnership (client announcement).

Valuation Changes

• The fair value estimate has risen slightly to approximately $16.42 from about $16.31 per share.
• The discount rate has edged down marginally to around 9.55 percent from roughly 9.55 percent previously.
• The revenue growth assumption has increased modestly to about 0.96 percent from roughly 0.95 percent.
• The net profit margin forecast has ticked up slightly to around 5.95 percent from about 5.93 percent.
• The future P/E multiple has increased marginally to approximately 11.74 times from about 11.70 times earnings.