DCF Tool

E

Eni Spa – Crude Petroleum and Natural Gas Extraction
Analysis Results
Intrinsic Value $2,257.72
Latest Price $23.55
Relative Value 99% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 59.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 59.3%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 24.1 23.2
2023 38.4 35.6
2024 61.1 54.5
2025 97.4 83.7
2026 155 128
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 4650 billion. This corresponds to a present value of 3710 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 325 billion. Adding in the terminal value gives a total present value of 4030 billion.

There are presently 1.79 billion outstanding shares, so the intrinsic value per share is 2257.72.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 65,166,025,530
Current Cash 9,335,931,800
Current Liabilities 48,808,350,985
Current Debt 5,687,068,704
Non-Cash Working Capital (NCWC) 12,708,811,449
Change in NCWC 6,079,694,213
EBIT 13,351,264,716
Tax Provision 5,480,081,120
Depreciation and Amortization 7,988,815,883
Capital Expenditure -5,922,333,281
Unlevered Free Cash Flow 15,443,452,055
Current Assets 40,381,819,454
Current Cash 11,568,387,197
Current Liabilities 29,115,761,297
Current Debt 6,931,446,275
Non-Cash Working Capital (NCWC) 6,629,117,235
Change in NCWC 164,945,312
EBIT -1,850,843,633
Tax Provision 3,256,796,565
Depreciation and Amortization 8,976,468,722
Capital Expenditure -5,707,382,358
Unlevered Free Cash Flow 1,583,188,043
Current Assets 39,122,360,902
Current Cash 6,717,449,117
Current Liabilities 33,221,898,839
Current Debt 7,281,158,978
Non-Cash Working Capital (NCWC) 6,464,171,923
Change in NCWC 7,077,950,743
EBIT 9,727,637,360
Tax Provision 6,265,808,811
Depreciation and Amortization 9,084,358,116
Capital Expenditure -9,369,014,785
Unlevered Free Cash Flow 7,055,699,885
Current Assets 45,090,455,226
Current Cash 19,874,089,619
Current Liabilities 32,439,982,262
Current Debt 6,609,837,834
Non-Cash Working Capital (NCWC) -613,778,820
Change in NCWC -3,771,170,599
EBIT 11,917,824,503
Tax Provision 6,823,574,593
Depreciation and Amortization 7,987,125,503
Capital Expenditure -10,422,810,170
Unlevered Free Cash Flow -1,328,648,085
Current Assets 43,507,282,407
Current Cash 16,219,249,297
Current Liabilities 29,537,853,878
Current Debt 5,407,212,547
Non-Cash Working Capital (NCWC) 3,157,391,779
Change in NCWC -1,988,362,483
EBIT 5,169,572,243
Tax Provision 4,140,195,649
Depreciation and Amortization 8,935,991,937
Capital Expenditure -10,366,610,451
Unlevered Free Cash Flow -868,185,341
Current Assets 40,104,563,857
Current Cash 12,756,654,348
Current Liabilities 29,252,218,814
Current Debt 7,050,063,568
Non-Cash Working Capital (NCWC) 5,145,754,262
Change in NCWC -3,902,200,437
EBIT 1,535,699,240
Tax Provision 2,044,782,482
Depreciation and Amortization 7,983,734,908
Capital Expenditure -9,695,817,761
Unlevered Free Cash Flow -6,123,366,532
Current Assets 43,637,554,260
Current Cash 11,470,929,300
Current Liabilities 32,268,127,950
Current Debt 9,149,457,690
Non-Cash Working Capital (NCWC) 9,047,954,700
Change in NCWC -5,444,805,450
EBIT -4,313,331,360
Tax Provision 3,434,730,210
Depreciation and Amortization 10,536,665,220
Capital Expenditure -12,612,565,080
Unlevered Free Cash Flow -11,834,036,670
Current Assets 66,188,835,850
Current Cash 14,470,862,250
Current Liabilities 45,224,029,700
Current Debt 7,998,816,250
Non-Cash Working Capital (NCWC) 14,492,760,150
Change in NCWC -1,479,168,270
EBIT 9,778,628,900
Tax Provision 7,897,842,600
Depreciation and Amortization 12,129,003,500
Capital Expenditure -12,998,836,750
Unlevered Free Cash Flow -1,216,907,463
Current Assets 69,437,363,660
Current Cash 14,682,560,200
Current Liabilities 45,229,716,140
Current Debt 6,446,841,100
Non-Cash Working Capital (NCWC) 15,971,928,420
Change in NCWC 179,009,820
EBIT 12,535,906,600
Tax Provision 12,391,420,300
Depreciation and Amortization 12,963,861,260
Capital Expenditure -17,613,568,000
Unlevered Free Cash Flow -18,852,116

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