Eni: Berenberg maintains buy rating, cuts target price

(CercleFinance.com) - Berenberg is maintaining its "buy" rating on Eni shares, although has reduced its target price for them to 16.
5 euros (from 17.5 euros), based on a lower 2024 EV/DACF multiple of 4.2 times (previously 4.5 times) to reflect the increased risk associated with Russian gas.

"Q2 2022 was a strong beat for Eni, with a higher buyback announced and FY22 guidance revised higher for refining and marketing and operating cash flow," the broker points out.

Analysts have adjusted their earnings estimates for the Italian group, raising EPS estimates by 23%/19%/4% for 2022 to 2024 respectively, "due to sharply higher downstream results expected, along with a stronger Global Gas portfolio".


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