(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Eni with a target price raised from 18 to 18.5 euros, after the announcement on Friday by the Italian company of an agreement to acquire Neptune Energy Group , from Vår Energi.
The broker sees the acquisition – ie the assets comprising the entire Neptune portfolio other than the activities in Germany and Norway – as a good target in terms of geographical presence and mix of gas and oil reserves.
Stifel calculates an expected accretive effect on EPS and cash flow from the first year of consolidation (approximately +1% in 2024, then rising to +5% in 2026) thanks to the synergies expected from this operation.
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