Report
Ahmed Ben Salem

ENI SpA : Results better than expected, cut to the dividend with a progressive but complex mechanism

>EBIT and net result in the red but better than expected - Adjusted EBIT came in at a loss of -€ 434m in Q2 2020, 33% ahead of expectations (ODDO BHF: -€ 1,070m; consensus: € 1,100m). The net result was a loss of -€ 714m and 23% higher than expected. The tax rate will be complicated to quantify according to the group at the level of the P&L but will fall to 20% at the cash level vs 30% historically. E&P below expectations, production guidance revised do...
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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