ENI SpA : Solid growth combined with more substantial cash returns to shareholders
>E&P: long-term growth revised up with new, more profitable projects - In its strategic presentation, Eni confirmed its previous growth guidance of 3.5% for 2019e-2022e and revised it upwards from 3% to 3.5% for the 2022e-2025e period, exactly in line with our assumptions (see preview of 5 March 2019), i.e. a total increase of 30% over 2018-2025e. Growth in 2019 will nonetheless be moderate at 1.62% but will accelerate subsequently. Eni should benefit from the ramp-up...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.
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.
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