Board Change • May 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-executive Director Carolyn Adele Dittmeier was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 07
Eni S.P.A. Announces Board Appointments Eni S.p.A. announced the appointment of Giuseppina Di Foggia – Chairman of the Board; Stefano Cappiello – Director; Benedetta Fiorini – Director; Emma Marcegaglia – Director; and Matteo Petrella – Director, at the AGM held on May 6, 2026. Live nieuws • May 06
Eni Expands Venezuelan Oil and Gas Output as Nigerian Stake Sale Advances Eni signed agreements with Venezuela's Ministry of Hydrocarbons and PDVSA to restart oil production at the Junin-5 heavy oil field and expand gas output at major offshore fields.
The company resumed lifting Venezuelan crude in April through a payment-in-kind deal that supports recovery of about US$3.3b in outstanding receivables.
Eni is in the process of selling its 5% stake in Nigeria's Renaissance joint venture, with the buyer under due diligence and Sterling Oil Exploration and Energy Production Company viewed as a leading bidder.
For investors, the Venezuela agreements indicate that Eni is engaging more deeply in projects where regulatory conditions and sanctions have recently shifted. The Junin-5 and Perla/Cardon IV assets are large-scale oil and gas projects. The payment-in-kind structure in Venezuela is tied directly to collecting a sizeable receivable balance of roughly US$3.3b, which is significant when assessing cash flow quality and balance sheet risk.
The planned sale of the 5% interest in Nigeria’s Renaissance joint venture moves in the opposite direction geographically, trimming exposure to one asset while Eni reassesses potential reputational and counterparty risks through due diligence. Investors may want to monitor how quickly the Venezuela operations ramp up alongside any progress or delays in closing the Nigerian stake sale. Taken together, these developments influence the mix of jurisdictions Eni is exposed to and the profile of its future cash generation and credit risk. Price Target Changed • Apr 24
Price target increased by 7.5% to €25.19 Up from €23.42, the current price target is an average from 21 analysts. New target price is 8.5% above last closing price of €23.22. Stock is up 83% over the past year. The company is forecast to post earnings per share of €2.41 for next year compared to €0.78 last year. Aankondiging • Apr 22
ARUM S.p.A. and Dompé Holdings Srl proposed to acquire 50.88% stake in B.F. S.p.A. (BIT:BFG) from Fondazione Cariplo, Inarcassa, Istituto Di Servizi Per Il Mercato Agricolo Alimentare - Ismea, Eni S.p.A. (BIT:ENI) and other shareholders for approximately €670 million. ARUM S.p.A. and Dompé Holdings Srl proposed to acquire 50.88% stake in B.F. S.p.A. (BIT:BFG) from Fondazione Cariplo, Inarcassa, Istituto Di Servizi Per Il Mercato Agricolo Alimentare - Ismea, Eni S.p.A. (BIT:ENI) and other shareholders for approximately €670 million on April 21, 2026. A cash consideration valued at €5 per share will be paid by ARUM S.p.A. and Dompé Holdings Srl, which implies a premium of 13.8% over the closing price on April 20, 2026. As part of consideration, an €666.2 million value is paid towards 133.242 million common equity of B.F. S.p.A. The tender offer does not seek delisting, and the bidders have committed to restoring the free float should they hold at least 90% of the capital. The bidders have signed a framework agreement that governs the terms of the offer and provides for the two companies to purchase shares in equal amounts, i.e., 50% each, and a commitment to enter into a shareholders' agreement. The offer is aimed to ensure the stability of its ownership structure, further investing in the growth and development' of the company. Major Estimate Revision • Apr 17
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from €99.7b to €104.3b. EPS estimate increased from €1.92 to €2.29 per share. Net income forecast to grow 176% next year vs 38% growth forecast for Oil and Gas industry in Italy. Consensus price target up from €22.32 to €24.42. Share price fell 9.1% to €21.76 over the past week. Price Target Changed • Apr 14
Price target increased by 7.0% to €23.85 Up from €22.28, the current price target is an average from 22 analysts. New target price is approximately in line with last closing price of €23.49. Stock is up 96% over the past year. The company is forecast to post earnings per share of €1.73 for next year compared to €0.78 last year. Price Target Changed • Apr 09
Price target increased by 7.1% to €23.07 Up from €21.54, the current price target is an average from 23 analysts. New target price is 5.6% below last closing price of €24.43. Stock is up 111% over the past year. The company is forecast to post earnings per share of €1.73 for next year compared to €0.78 last year. Declared Dividend • Mar 26
Dividend of €0.27 announced Shareholders will receive a dividend of €0.27. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.4%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (134% earnings payout ratio). However, it is covered by cash flows (77% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 49% to bring the payout ratio under control. EPS is expected to grow by 66% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Mar 20
Price target increased by 9.0% to €20.95 Up from €19.22, the current price target is an average from 23 analysts. New target price is 11% below last closing price of €23.62. Stock is up 64% over the past year. The company is forecast to post earnings per share of €1.85 for next year compared to €0.86 last year. Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from €83.0b to €84.5b. EPS estimate increased from €1.50 to €1.66 per share. Net income forecast to grow 89% next year vs 26% growth forecast for Oil and Gas industry in Italy. Consensus price target up from €16.76 to €18.58. Share price rose 5.7% to €19.96 over the past week. Price Target Changed • Mar 02
Price target increased by 9.3% to €18.32 Up from €16.76, the current price target is an average from 23 analysts. New target price is 10% below last closing price of €20.37. Stock is up 47% over the past year. The company is forecast to post earnings per share of €1.61 for next year compared to €0.86 last year. Declared Dividend • Mar 02
Fourth quarter dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 23rd March 2026 Payment date: 25th March 2026 Dividend yield will be 5.2%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €0.86 (up from €0.79 in FY 2024). Revenue: €83.6b (down 8.3% from FY 2024). Net income: €2.61b (up 4.7% from FY 2024). Profit margin: 3.1% (up from 2.7% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Aankondiging • Dec 19
Global Infrastructure Management, LLC completed the acquisition of 49.99% stake in Eni CCUS Holding from Eni S.p.A. (BIT : ENI). Global Infrastructure Management, LLC agreed to acquire 49.99% stake in Eni CCUS Holding from Eni S.p.A. (BIT : ENI) on August 18, 2025. The transaction is subject to due diligence. The closing of the transaction is subject to the approvals provided by law. JP Morgan SE acted as financial advisor to Eni S.p.A. (BIT:ENI).
Global Infrastructure Management, LLC completed the acquisition of 49.99% stake in Eni CCUS Holding from Eni S.p.A. (BIT : ENI) on December 18, 2025. Upcoming Dividend • Nov 17
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 29% and the cash payout ratio is 77%. Trailing yield: 6.1%. Within top quartile of Italian dividend payers (4.9%). In line with average of industry peers (5.9%). Recent Insider Transactions • Nov 07
CEO, GM & Director recently sold €1.1m worth of stock On the 4th of November, Claudio Descalzi sold around 69k shares on-market at roughly €15.81 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Claudio's only on-market trade for the last 12 months. Aankondiging • Nov 04
Ares Alternative Credit Management managed by Ares Management LLC completed the acquisition of 20% stake in Eni Plenitude S.P.A. Societa' Benefit from Eni S.p.A. (BIT:ENI). Ares Alternative Credit Management managed by Ares Management LLC signed an exclusivity agreement to acquire 20% stake in Eni Plenitude S.P.A. Societa' Benefit from Eni S.p.A. (BIT:ENI) for approximately €2 billion on May 15, 2025. On June 23, 2025, Parties signed an agreement for approximately €2 billion. The move marks a key step toward a definitive deal that would value Plenitude at between €9.8 billion and €10.2 billion in equity terms, with an enterprise value exceeding €12 billion. The exclusivity period will allow the two parties to finalize the terms of the transaction. The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects. The agreement with Ares is part of Eni's development of its satellite model and follows the acquisition of a 10% stake in Plenitude's share capital by the investment fund Energy Infrastructure Partners. The completion of the transaction is subject to the clearance by the competent authorities and regulation approvals.
Mediobanca is acting as financial adviser for Eni. Gianguido Arcangeli, Domenico Magistri and Luca Marniga of L&B Partners S.P.A., Maria Vastola, Andrea Petruzzello, Anna Maria Capodacqua, Luca Gunetti, Alessandro Ferraro and Ilaria Pezzana of UniCredit, and Pierpaolo Di Stefano, Marco Campo, Michele Cohen, Lorenzo Cabizza, Livio Berti and Pietro Cusumano of Deutsche Bank acted as financial advisor to Ares Alternative Credit Management LLC. Calvin Ng,Michelle Kelban, Jeremy Trinder, James Beeson, Charles Armstrong, Adrien Giraud, Tyler Brown, Philipp Studt, Matthew, Ruchi Gill, Cataldo Piccarreta, and Erika Brini Raimondi of Latham & Watkins acted as legal advisor to Ares Alternative. Equita SIM S.p.A. acted as a financial advisor to Eni. Pietro Scarfone, Luca Maffia, Elia Ferdinando Clarizia, Emanuele Trucco, Fiona Cumming of A&O Shearman advised the banks in the financing supporting the transaction.
Ares Alternative Credit Management managed by Ares Management LLC completed the acquisition of 20% stake in Eni Plenitude S.P.A. Societa' Benefit from Eni S.p.A. (BIT:ENI) on November 4, 2025. The transaction was completed following the approval of the transaction by the competent authorities. Aankondiging • Oct 30
Eni S.P.A. Raises Production Guidance for the the Year 2025 Eni S.p.A. raised production guidance for the the year 2025. For the period, the company is raising expected oil and gas production guidance for 2025 to a 1.71 mln -1.72 mln boe/d range, implying a Fourth Quarter level of around 1.8 mln boe/d. Reported Earnings • Oct 26
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: €0.27 (up from €0.17 in 3Q 2024). Revenue: €20.5b (down 2.2% from 3Q 2024). Net income: €803.0m (up 54% from 3Q 2024). Profit margin: 3.9% (up from 2.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Declared Dividend • Sep 25
Dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 24th November 2025 Payment date: 26th November 2025 Dividend yield will be 6.7%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (139% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. EPS is expected to grow by 71% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Sep 17
Now 20% undervalued Over the last 90 days, the stock has risen 4.2% to €14.86. The fair value is estimated to be €18.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 65%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Upcoming Dividend • Sep 15
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 24 September 2025. The company is paying out more than 100% of its profits and is paying out 79% of its cash flow. Trailing yield: 7.1%. Within top quartile of Italian dividend payers (5.0%). Higher than average of industry peers (6.4%). Aankondiging • Aug 19
Global Infrastructure Management, LLC agreed to acquire Eni CCUS Holding from Eni S.p.A. (BIT : ENI). Global Infrastructure Management, LLC agreed to acquire Eni CCUS Holding from Eni S.p.A. (BIT : ENI) on August 18, 2025. The transaction is subject to due diligence. The closing of the transaction is subject to the approvals provided by law. Aankondiging • Jul 31
Eni S.P.A. Provides Production Guidance for the the Third Quarter and Fiscal Year 2025 Eni S.p.A. provided production guidance for the the third quarter and fiscal year 2025. For the third quarter, the company production is seen at between 1.7 and 1.72 million boe/d.
For the year, the company continue to expect oil and gas production at 1.7 million boe/d, in line with original assumptions. Reported Earnings • Jul 27
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: €0.18 (down from €0.21 in 2Q 2024). Revenue: €19.1b (down 17% from 2Q 2024). Net income: €543.0m (down 18% from 2Q 2024). Profit margin: 2.8% (down from 2.9% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Aankondiging • May 29
Eni S.p.A. (BIT:ENI) commences an Equity Buyback for 315,000,000 shares, for €3,500 million, under the authorization approved on May 14, 2025. Eni S.p.A. (BIT:ENI) commences share repurchases on May 20, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 14, 2025. As per the mandate, the company is authorized to repurchase up to 315,000,000 shares, for €3,500 million. The shares will be repurchased at a price which shall not be more than 10% greater or lower than the official price registered by the stock in the trading session of the Euronext Milan, organized and operated by Borsa Italiana S.p.A on the day before each individual transaction. The repurchased will be funded out of distributable profit and available reserves as reported in the most recent regularly approved financial statements. The share repurchase program is valid till April 2026.
On May 16, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to €1,500 million (€3,500 million, in case of upside scenarios). The program will be valid till April 2026. Declared Dividend • May 22
Dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 22nd September 2025 Payment date: 24th September 2025 Dividend yield will be 7.9%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is covered by cash flows (59% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 6.4% to bring the payout ratio under control. EPS is expected to grow by 71% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Aankondiging • May 17
Eni S.p.A. Approves Dividend for the Year 2025, First and Second Tranche Payable on September 24, 2025 and November 26, 2025 Respectively The Ordinary and Extraordinary Meeting of Eni’s Shareholders, held 14 May 2025, approved the distribution for and in place of the payment of the dividend relating to financial year 2025 of a sum of €1.05 per share in tranches in the months of September 2025 (€0.26 per share), November 2025 (€0.26 per share), March 2026 (€0.26 per share) and May 2026 (€0.27 per share), using the available reserves, making use, if necessary or appropriate and in the interest of the Shareholders, of the amount of the revaluation reserve ex Lege 342/2000 within the limits of use subject to resolution by the Extraordinary Shareholders’ Meeting; The first tranche will be paid on September 24, 2025 (ex-dividend date: September 22, 2025; record date: September 23, 2025) and the second tranche will be paid on November 26, 2025 (ex-dividend date: November 24, 2025; record date: November 25, 2025). Upcoming Dividend • May 12
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 8.1%. Within top quartile of Italian dividend payers (5.5%). Higher than average of industry peers (6.9%). Major Estimate Revision • May 02
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €84.6b to €83.3b. EPS estimate also fell from €1.54 per share to €1.28 per share. Net income forecast to grow 71% next year vs 4.4% growth forecast for Oil and Gas industry in Italy. Consensus price target down from €15.46 to €15.08. Share price was steady at €12.70 over the past week. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €11.56, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 1.2% over the past three years. Declared Dividend • Apr 07
Dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 8.3%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (127% earnings payout ratio). However, it is covered by cash flows (66% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 41% to bring the payout ratio under control. EPS is expected to grow by 59% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Apr 06
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €0.79 (down from €1.41 in FY 2023). Revenue: €91.2b (down 3.8% from FY 2023). Net income: €2.49b (down 47% from FY 2023). Profit margin: 2.7% (down from 4.9% in FY 2023). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 2993 MMbbls Gas reserves Proven reserves: 18330 Bcf Combined production Oil equivalent production: 625.3 MMboe (604.2 MMboe in FY 2023) Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 17
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 24 March 2025. Payment date: 26 March 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.9%. Within top quartile of Italian dividend payers (5.5%). In line with average of industry peers (6.8%). Aankondiging • Mar 06
KKR & Co. Inc. (NYSE:KKR) completed the acquisition of unknown minority stake in Enilive SpA from Eni S.p.A. (BIT:ENI) for €2.5 billion. KKR & Co. Inc. (NYSE:KKR) signed a temporary exclusivity agreement to acquire unknown minority stake in Enilive SpA from Eni S.p.A. (BIT:ENI) on July 23, 2024. KKR & Co. Inc. (NYSE:KKR) have signed an agreement to acquire 25% stake in Enilive SpA from Eni S.p.A. (BIT:ENI) for €2.4 billion on October 24, 2024. In a related transaction, KKR made subscription of a capital increase in Enilive reserved to KKR amounting to €500 million. Under the terms of temporary exclusivity agreement, the sale has been agreed valuing the company between €11.5 billion and €12.5 billion. Under the terms of agreement, the transaction will be funded through: 1) the subscription of a capital increase in Enilive reserved to KKR amounting to €500 million; 2) the purchase of Enilive’s shares from Eni for a value of €2.438 billion, corresponding to a post-money valuation of €11.75 billion of Equity Value for 100% of Enilive's share capital. Both companies have attracted significant interest from leading international partners and have achieved high stock market valuations, indicating that our approach to the energy transition is appreciated. Furthermore, according to the agreement, Eni will undertake a capital increase of €500 million prior to the completion of the transaction to set a debt-free company. The transaction also confirms the effectiveness of Enilive’s distinctive integrated model and strengthens at the same time its financial structure. The transaction brings together Eni’s proven ability to develop high-growth energy businesses and KKR’s expertise as a long-term investor with a strong track record in the energy and infrastructure sectors, further contributing to the growth of Enilive.
The transaction is subject to agreeing definitive documentation and to negotiate the terms of a potential transaction. Closing of the transaction is subject to customary regulatory approvals and is also subject to customary approvals provided by law. J.P. Morgan acted as financial advisor to Eni S.p.A. (BIT:ENI). Deutsche Bank and Unicredit acted as financial advisor with Toby Parkinson, Sara Pickersgill, Nick Appleton, Serra Tar, Sinead O'Shea, James Boswell, Jia Meng and James McGivern of Kirkland & Ellis and Gianni & Origoni serving as legal counsel to KKR on this transaction. Giovan Battista Santangelo, Damiano Battaglia and Damiano Battaglia of Pedersoli e Associati acted as legal advisor to Eni S.p.A.
KKR & Co. Inc. (NYSE:KKR) completed the acquisition of unknown minority stake in Enilive SpA from Eni S.p.A. (BIT:ENI) for €2.5 billion on March 6, 2025. Upon receipt of the necessary regulatory approvals, Eni and KKR have closed the transaction contemplated by the investment agreement, announced last October, for the acquisition by KKR of a 25% stake in Enilive’s share capital. Declared Dividend • Mar 02
Fourth quarter dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 24th March 2025 Payment date: 26th March 2025 Dividend yield will be 7.1%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €0.83 (down from €1.41 in FY 2023). Revenue: €91.2b (down 3.8% from FY 2023). Net income: €2.64b (down 43% from FY 2023). Profit margin: 2.9% (down from 4.9% in FY 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Aankondiging • Feb 20
KKR & Co. Inc. (NYSE:KKR) signed an agreement to acquire an additional 5% stake in Enilive S.p.A. from Eni S.p.A. (BIT:ENI) for approximately €590 million. KKR & Co. Inc. (NYSE:KKR) signed an agreement to acquire an additional 5% stake in Enilive S.p.A. from Eni S.p.A. (BIT:ENI) for approximately €590 million on February 18, 2025. A cash consideration of €587.5 million will be paid by KKR & Co. Inc. As part of consideration, €587.5 million is paid towards common equity of Enilive S.p.A. The acquisition is based on the same post-money valuation of €11.75 billion of Equity Value for 100% of Enilive's share capital. Following the completion KKR & Co. Inc will hold 30% stake in Enilive S.p.A. The transaction is in line with the agreement signed between KKR and Eni last October for KKR's acquisition of a 25% stake in Enilive's share capital, which is expected to close by next month.
The closing of the acquisition of the additional 5% stake is subject to regulatory approvals of the competent authorities.
Claudia Fornaro and Stefano Cozzi of Mediobanca Banca di Credito Finanziario S.p.A. acted as financial advisor to Eni S.p.A. Francesco Cardinali of Jpmorgan Asset Management Europe Sarl (Italy Branch) acted as financial advisor for Eni S.p.A. (BIT:ENI). Toby Parkinson, Sara Pickersgill, Nick Appleton, Serra Tar, Sinead O'Shea, James Boswell, Jia Meng, James McGivern of Kirkland & Ellis International LLP acted as legal advisor to KKR & Co. Inc. Upcoming Dividend • Nov 13
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 20 November 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 6.9%. Within top quartile of Italian dividend payers (5.5%). In line with average of industry peers (7.2%). Buy Or Sell Opportunity • Nov 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to €13.93. The fair value is estimated to be €17.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Recent Insider Transactions • Nov 07
CEO, GM & Director recently sold €1.2m worth of stock On the 31st of October, Claudio Descalzi sold around 89k shares on-market at roughly €13.96 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Claudio's only on-market trade for the last 12 months. Aankondiging • Nov 06
Hilcorp Energy Company completed the acquisition of Nikaitchuq and Oooguruk Assets in Alaska, US from Eni S.p.A. (BIT:ENI) for $1 billion. Hilcorp Energy Company signed binding agreement to acquire Nikaitchuq and Oooguruk Assets in Alaska, US from Eni S.p.A. (BIT:ENI) on June 27, 2024. The value of the transaction will be announced upon its closing.
The closing of this transaction is subject to appropriate regulatory approvals and other customary terms and conditions. David M. Castro, Jr., P.C, Chad M. Smith, P.C, R.J. Malenfant, Albert Y. Kim and Kelsey Laugel of Kirkland & Ellis LLP acted as legal advisor to Hilcorp Energy Company. Jefferies LLC acted as financial advisor to Eni S.p.A. (BIT:ENI).
Hilcorp Energy Company completed the acquisition of Nikaitchuq and Oooguruk Assets in Alaska, US from Eni S.p.A. (BIT:ENI) for $1 billion on November 4, 2024. Eni will continue to be present in the USA in the upstream of Gulf of Mexico as well as in energy transition projects in the renewables, biofuels and magnetic fusion. The transaction has received the approval of all relevant authorities. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €91.2b to €89.9b. EPS estimate also fell from €1.80 per share to €1.49 per share. Net income forecast to grow 122% next year vs 28% growth forecast for Oil and Gas industry in Italy. Consensus price target broadly unchanged at €16.54. Share price was steady at €13.99 over the past week.