Cash FlowCash conversion did not match earnings strength, and organic cash flows will fall short of funding distributions in the current macro environment.
Financial PerformanceAdjusted operating profit (EBIT) down 29% owing to: 4% lower production, a lower oil price, seasonally lower gas trading and the refining result worsening to a loss.
ValuationEni is priced at a premium to peers, with Buy rated peers offering stronger balance sheets, lower oil price break-evens, and more attractive free cash flow yields.