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Eni FY Earnings Preview

ENERGY SECTOR


  • For Q4 the market is looking for Rev of EUR 27bn (-16% YoY) YoY, BOE/Day of 1.7bn, adj-Op Inc of EUR 3bn (-17%) and adj-Income of EUR 1.6bn (-35%).
  • Eni is expected to meet it’s FY23 guidance across most metrics, though the market sees FY24 slightly slower.
  • Eni’s largest EUR line, their 4.3% 2028s, while broadly flat since, have underperformed peers since Q3 earnings – underlying credit quality looks strong for their Baa1/A rating but upgrades are constrained by the Italian sovereign rating. Also again flagging the below from our policy service:
  • {QB}{QB}{QB}{IT} MNI speaks to Italian officials about upcoming privatisations including a potential sale of a stake in energy company ENI - On MNI Policy MainWire now, for more details please contact sales@marketnews.com

FY23 Guidance

FY23 Consensus

FY24 Consensus

EBIT

EUR 14bn

EUR 13.9bn

EUR 13bn

CFO Before WC

EUR 16.5bn

EUR 16.6bn

EUR 16bn

CapEx

EUR 9bn

EUR 8.9bn

EUR 9.3bn

Leverage

0.1x-0.2x

0.25x

0.22x



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