EIPAF - Eni: New Evidence Validate Our Upside Case
2025-07-16 05:21:25 ET
Our decision to remain overweight on Eni S.p.A. (E) proved well-founded, as the company's share price delivered a plus 17.13% (including dividend - Fig. 1) and benefited from supportive market dynamics (higher oil price development). We have maintained a long-standing Buy rating, driven by our conviction that the ongoing satellite strategy has the potential to unlock significant intrinsic value over time. Additionally, Eni has lower sensitivity to Brent's price in both directions, which is very well combined with its Gas Diversification and a tasty total return. In light of recent developments related to our equity story—Satellite strategy and Plenitude —we issued a follow-up note today to reassess the investment case and highlight the evolving catalysts....
Eni: New Evidence Validate Our Upside Case