TGM's two-stage DCF values Eni S.p.A. (E) between $66.76 and $150.04 depending on assumptions, with a base case of $98.81. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth), fading to 2.5% long-run; the discount rate (7.5%) reflects its beta.
What would today's price require?
$54.99 is justified only if free cash flow grows about -1.1% a year (fading to 2.5% long-run) at a 7.5% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 6.6%/yr | 8.5% | $66.76 |
| Base case | 9.6%/yr | 7.5% | $98.81 |
| Optimistic | 12.6%/yr | 6.5% | $150.04 |
| Third-party model estimate (FMP) | independent reference · retrieved Aug 12, 2026 · assumptions not provided | $72.00 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$54.99
Market-Implied Growth
-1.1%/yr
vs +10.1% 5Y actual
Model Scenario Range
$66.76 – $150.04
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for E (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $6.2B · 1.45B shares · net debt $29.8B
Estimated Fair Value
$98.81
+79.7% vs $54.99
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 9.6%/yr FCF growth and 10-year horizon fixed. Green = above today's $54.99; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 5.5% | $135 | $155 | $181 | $218 | $273 |
| 6.5% | $103 | $115 | $130 | $149 | $174 |
| 7.5% | $81.70 | $89.48 | $98.81 | $110 | $124 |
| 8.5% | $66.48 | $71.93 | $78.28 | $85.78 | $94.76 |
| 9.5% | $55.09 | $59.09 | $63.65 | $68.90 | $75.02 |
