Report
Ahmed Ben Salem

ENI SpA : EBIT supérieur aux attentes mais déception sur le RNpg - guidances revues en baisse et dividendes maintenus pour le moment

>EBIT supérieur au consensus mais RNpg largement inférieur - L’EBIT ajusté ressort à 1.307 Md€ au T1 2020, 18% supérieur aux attentes (ODDO BHF: 786 M€; Cs: 1 100 M€). Le RNpg ressort à 59 M€, -89% QoQ/-94% YoY et largement inférieur aux attentes avec une hausse du taux d’impôt à 92.1% vs 69.2% au T4 2019, une spécificité du groupe et guide désormais sur un taux d’impôt de 100% en 2020 (25% au niveau du cash). E&P en ligne, guidance de production à nouve...
Underlying
Eni S.p.A.

Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Ahmed Ben Salem

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