(News Bulletin 247) – Eni updated its strategic plan for 2023-26 during its day on February 23, highlighting the increase in production and investments. Following this announcement, Berenberg confirmed his advice to buy with a target of 16.50 E.
The company expects upstream production to grow 3-4% through 2026 and aims to double contracted LNG volumes to 18 mtpa by 2026. It is targeting production of 3 million tonnes per year in the field of biorefining by 2025, and a renewable energy production capacity of more than 7 GW by 2025.
The analyst points out that Eni published its 4th quarter results yesterday, with adjusted operating income of 3,587 ME, 4% below the consensus compiled by the company.
‘ We update our estimates, and EPS is down 13% for 2023E, reflecting somewhat weaker macro conditions, while EPS is up 9% for 2024 mainly due to stronger expected gas and oil results. ‘E&P’ indicates the analysis office.
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