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E - Eni: Positive FCF Despite Unfavorable Environment
ENI S.p.A.
On October 25, Eni (E), an Italian integrated energy company, presented its 3Q19 report. A gamut of start-ups bolstered the firm's production, but commodity prices put pressure on the top line and margins, making it much tougher to show sizeable revenue and profit improvement. However, I rate the results as mostly positive despite EPS and revenue miss, which was interpreted by the market as a stark sell signal. The magnitude of the sell-off was, however, not substantial, as the stock dipped only ~0.69% on the Milan Stock Exchange and ~0.7% on the