Eni S.p.A. (E) DCF Valuation
TGM's two-stage DCF values Eni S.p.A. (E) between $91.84 and $199.51 depending on assumptions, with a base case of $133.28. 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?
$46.08 is justified only if free cash flow grows about -3.8% 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 | 12.9%/yr | 8.5% | $91.84 |
| Base case | 15.9%/yr | 7.5% | $133.28 |
| Optimistic | 18.9%/yr | 6.5% | $199.51 |
| Analyst DCF (FMP) | independent reference — different model | $70.85 | |
Current Price
$46.08
Market-Implied Growth
-3.8%/yr
vs +19.8% 5Y actual
Model Scenario Range
$91.84 – $199.51
model output — not a price target
E DCF Fair Value Calculator
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 · 1.46B shares · net debt $29.8B
Estimated Fair Value
$231.16
+401.6% vs $46.08
Sensitivity — fair value by discount rate × terminal growth
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 15.9%/yr FCF growth and 10-year horizon fixed. Green = above today's $46.08; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 5.5% | $331 | $372 | $427 | $504 | $619 |
| 6.5% | $251 | $275 | $304 | $342 | $392 |
| 7.5% | $199 | $213 | $231 | $253 | $280 |
| 8.5% | $162 | $171 | $183 | $197 | $213 |
| 9.5% | $134 | $141 | $149 | $158 | $169 |
About Eni S.p.A.
Eni S.p.A. is an international energy company primarily engaged in the discovery, development, and extraction of crude oil and natural gas resources. Its operations are organized into distinct divisions: Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities. The Exploration & Production division is responsible for the research, development, and output of oil, condensates, and natural gas, additionally undertaking initiatives in forestry conservation and carbon dioxide capture and storage. Its Global Gas & LNG Portfolio division oversees the procurement and wholesale distribution of natural gas via pipelines, including international transport, along with the acquisition and sale of liquefied natural gas (LNG). The Refining & Marketing and Chemicals segment manages the processing, supply, distribution, and commercialization of various fuels and chemical products. The Plenitude and Power segment, formerly known as Eni gas e luce, handles the retail provision of gas and electricity, alongside related services, and is involved in generating and wholesaling electricity from both thermoelectric and renewable power facilities. As of December 31, 2021, the company declared net proved reserves totaling 6,628 million barrels of oil equivalent and possessed an operational capacity of 4.5 gigawatts (GW). Established in 1953, Eni's corporate headquarters are situated in Rome, Italy.
- Sector
- Energy
- Industry
- Oil & Gas Integrated
- CEO
- Claudio Descalzi