Independent equity research
Is Eni S.p.A. (ENI) a Buy, Hold or Sell?
Eni S.p.A. — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€23.89
To fair value
0%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
Third-party marks on Plenitude, Enilive and Var Energi plus a mid-cycle DCF of the consolidated core at a 12.6% cost of equity already account for the whole EUR 23.81 price; the shares only work from here if Brent holds above USD 85 into 2027 or the transition stakes re-mark higher
How we value it
We value Eni S.p.A. using Sum-of-the-parts: mid-cycle core DCF plus satellites marked to transaction and market. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Eni S.p.A. report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.