E Intrinsic Value

E

Eni Spa – Crude Petroleum and Natural Gas Extraction

Eni S.p.A. is an Italian multinational oil and gas company headquartered in Rome. Considered one of the seven supermajor oil companies in the world, it has operations in 69 countries.

Analysis Results

Intrinsic Value	$651.84
Latest Price	$32.97
Relative Value	95% undervalued

Share results:

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Cash Flow (Billions)

Analysis Parameters

New Ticker

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 24.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 24.8%, 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)
2023	16.4	15.9
2024	20.4	19.2
2025	25.5	23.1
2026	31.8	27.9
2027	39.7	33.8

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 1190 billion. This corresponds to a present value of 980 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 120 billion. Adding in the terminal value gives a total present value of 1100 billion.

There are presently 1.69 billion outstanding shares, so the intrinsic value per share is 651.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets	66,070,917,148
Current Cash	10,892,755,432
Current Liabilities	52,256,264,541
Current Debt	9,039,217,137
Non-Cash Working Capital (NCWC)	11,961,114,311
Change in NCWC	-747,697,138
EBIT	22,571,762,931
Tax Provision	8,675,588,965
Depreciation and Amortization	7,728,439,477
Capital Expenditure	-8,644,482,130
Unlevered Free Cash Flow	12,628,263,577

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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