Report
Ahmed Ben Salem

ENI SpA : Résultats supérieurs aux attentes, baisse des dividendes avec un mécanisme progressif mais complexe

>EBIT et RNpg dans le rouge mais supérieurs aux attentes - L’EBIT ajusté ressort à -434 M€ au T2 2020, 33% supérieur aux attentes (ODDO BHF: -1 070 M€; Cs: 1 100 M€). Le RNpg ressort dans le rouge à -714 M€ et 23% supérieurs aux attentes. Le taux d’impôt sera complexe à quantifier selon le groupe au niveau du compte de résultat mais baissera à 20% au niveau du cash vs 30% historiquement. E&P inférieur aux attentes guidance de production revue en baisse...
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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