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E.N

ISIN: US26874R1086
SEDOL: 2297435

Rating:

HOLD

Target Price:

42.67 USD

Investment Horizon:

6 to 12 months
24th Apr 2009 View Report   Download

1Q 09 News Alert

Eni S.p.A. (Eni) witnessed a decline in its 1Q 09 revenues due to lower realized hydrocarbon prices. Higher operating costs depressed the company’s operating performance. However, revenues and operating performance were above our expectations for 1Q 09 due to higher-than-expected realized prices and lower-than-expected operating costs. We remain concerned about the negative impact of the global economic downturn on hydrocarbon demand…

2nd Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Uncertainties surrounding the global economy will continue to impact hydrocarbon demand and prices during FY 2009, limiting the performance of companies in the oil and gas industry. In light of this, we expect Eni’s revenues and margins to decline during FY 2009. Furthermore, although an anticipated recovery in the global economy and upturn in hydrocarbon demand and pieces will support the company’s revenue growth…

13th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

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Eni S.p.A.’s (Eni) 4Q 08 results fell below our expectations as revenue growth was impacted by a decline in average realized hydrocarbon prices in its Exploration & Production (E&P;) segment as well as a decline in sales volumes and average realized prices in the Refining & Marketing (R&M;) segment. In addition, a rise in operating costs impacted margins…

3rd Dec 2008 View Report   Download

3Q 08 Update Report

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Eni S.p.A. (Eni) registered strong top-line growth y-o-y during 3Q 08 given higher realized hydrocarbon prices. However, this fell below our expectation given lower-than-expected revenues from its Refining & Marketing (R&M;) segment. Adjusted2 operating margin improved on a y-o-y basis with a decline in depreciation, depletion, amortization and impairment costs. Going forward, we believe that a decline in hydrocarbon prices will negatively…

31st Oct 2008 View Report   Download

3Q 08 News Alert

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Eni S.p.A (Eni) registered a strong y-o-y increase in its revenue and earnings during 3Q 08. Top-line growth was supported by an increase in production levels and crude oil prices, while lower depreciation, depletion, amortization and impairment costs supported its bottom-line performance. Going forward, we believe the company remains fundamentally strong and believe that the common stock is undervalued at current price levels....