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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

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  • 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

Keep reading...Show less