Eni S.p.A.

DB:ENI Stock Report

Market Cap: €43.1b

Eni Valuation

Is ENI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ENI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ENI (€13.89) is trading below our estimate of fair value (€19.15)

Significantly Below Fair Value: ENI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ENI?

Key metric: As ENI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ENI. This is calculated by dividing ENI's market cap by their current earnings.
What is ENI's PE Ratio?
PE Ratio17.5x
Earnings€2.46b
Market Cap€43.13b

Price to Earnings Ratio vs Peers

How does ENI's PE Ratio compare to its peers?

The above table shows the PE ratio for ENI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.4x
OXY Occidental Petroleum
13.8x8.5%US$48.7b
LKOH PJSC LUKOIL
3.3xn/a₽2.5t
SU Suncor Energy
9.1x-12.5%CA$73.0b
IMO Imperial Oil
11.3x-5.7%CA$55.9b
ENI Eni
17.8x17.3%€43.7b

Price-To-Earnings vs Peers: ENI is expensive based on its Price-To-Earnings Ratio (17.8x) compared to the peer average (11.4x).

Price to Earnings Ratio vs Industry

How does ENI's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ENI 17.5xIndustry Avg. 9.2xNo. of Companies17PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ENI is expensive based on its Price-To-Earnings Ratio (17.8x) compared to the European Oil and Gas industry average (9.2x).

Price to Earnings Ratio vs Fair Ratio

What is ENI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ENI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.5x
Fair PE Ratio29.4x

Price-To-Earnings vs Fair Ratio: ENI is good value based on its Price-To-Earnings Ratio (17.8x) compared to the estimated Fair Price-To-Earnings Ratio (29.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ENI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.72
€16.43
+19.8%
8.4%€18.50€13.00n/a23
Nov ’25€14.16
€16.54
+16.8%
8.6%€18.50€13.00n/a23
Oct ’25€13.96
€16.90
+21.1%
8.7%€19.50€14.80n/a22
Sep ’25€14.90
€17.06
+14.5%
9.3%€19.50€13.50n/a22
Aug ’25€14.50
€17.01
+17.4%
9.5%€19.50€13.50n/a22
Jul ’25€14.48
€17.00
+17.4%
9.4%€19.50€14.00n/a21
Jun ’25€14.47
€16.94
+17.0%
9.5%€19.50€14.00n/a21
May ’25€15.12
€16.84
+11.3%
9.0%€19.50€14.00n/a21
Apr ’25€14.66
€16.60
+13.3%
10.0%€19.50€13.00n/a21
Mar ’25€14.35
€17.31
+20.6%
9.7%€20.00€14.00n/a24
Feb ’25€14.75
€17.44
+18.2%
9.8%€20.00€14.00n/a24
Jan ’25€15.45
€17.40
+12.6%
9.4%€20.00€14.50n/a24
Dec ’24€15.23
€17.46
+14.6%
8.6%€20.00€14.80n/a24
Nov ’24€15.60
€17.29
+10.9%
9.8%€20.00€14.80€14.1624
Oct ’24€15.29
€16.66
+9.0%
10.5%€19.50€13.50€13.9624
Sep ’24€14.56
€16.40
+12.6%
11.0%€19.50€13.50€14.9024
Aug ’24€13.88
€16.22
+16.9%
11.8%€19.50€13.01€14.5025
Jul ’24€13.15
€16.30
+24.0%
11.1%€19.50€13.01€14.4825
Jun ’24€12.72
€16.35
+28.5%
10.8%€19.50€13.01€14.4727
May ’24€13.81
€16.35
+18.4%
12.2%€20.00€12.00€15.1227
Apr ’24€12.89
€16.48
+27.9%
12.8%€20.00€12.50€14.6627
Mar ’24€13.19
€16.66
+26.3%
12.1%€20.00€12.50€14.3527
Feb ’24€13.80
€17.04
+23.5%
10.5%€20.00€14.00€14.7527
Jan ’24€13.49
€17.01
+26.1%
9.9%€19.10€13.90€15.4526
Dec ’23€14.10
€16.97
+20.4%
10.2%€20.00€13.90€15.2325
Nov ’23€13.64
€16.32
+19.7%
12.7%€20.00€12.00€15.6023

Analyst Forecast: Target price is less than 20% higher than the current share price.

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