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Eni: Berenberg updates estimates

( - Eni has updated its strategic plan for 2023-26 at its meeting on 23 February, highlighting increases in production and capex.

Following these announcements, Berenberg has confirmed its buy rating with a target price of E16.50 (cp: E12, -3%).

The company expects upstream production to grow by 3%-4% through to 2026 and aims to double contracted LNG volumes to 18 mtpa by 2026. It is targeting biorefinery production of 3mtpa by 2025, and renewable energy capacity of over 7GW by 2025.

The analyst says that Eni released its Q4 results yesterday, with adjusted operating profit of E3,587m, 4% below the consensus it provided.

"We update our estimates, and EPS falls 13% for 2023E, reflecting somewhat weaker macro conditions, while EPS increases 9% for 2024 due mainly to stronger gas and E&P results expected," the broker adds.

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