Eni: Berenberg lowers target price

(CercleFinance.com) - While maintaining its 'hold' recommendation on Eni, Berenberg has lowered its target price from E15.
8 to E15.5, following a 5%/6% reduction in its estimated EPS for 2024/2025 respectively, mainly due to lower downstream profits.

While the broker considers the Italian energy group's latest quarterly publication to be solid, it believes that downstream remains a drag on earnings, with lower refining margins and chemicals still heavily loss-making by 2025.

While the company is making strategic progress (in particular, the sale of 25% of Enilive), we anticipate a FCF yield of around 9% for 2025 and, consequently, consider the share to be correctly valued for the time being, he adds.


Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.