Discounted Cash Flow (DCF) Analysis Unlevered

Eni S.p.A. (E)

$32.97

-0.17 (-0.51%)

All numbers are in Millions, Currency in USD

Stock DCF: 186.92 | 32.97 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	75,822	69,881	43,987	76,575	133,440	167,952.98	211,392.41	266,067.04	334,882.74	421,496.95
Revenue (%)
EBITDA	22,251	20,457	9,565	22,869	30,318	44,658.91	56,209.51	70,747.57	89,045.75	112,076.58
EBITDA (%)
EBIT	15,263	12,351	2,261	15,806	23,113	27,177.02	34,206.09	43,053.17	54,188.46	68,203.79
EBIT (%)
Depreciation	6,988	8,106	7,304	7,063	7,205	17,481.89	22,003.42	27,694.39	34,857.28	43,872.79
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	17,688	13,138	15,169	18,863	19,910	39,021.51	49,114.05	61,816.94	77,805.30	97,928.89
Total Cash (%)
Account Receivables	14,853	13,065	11,110	19,045	21,157	35,024.56	44,083.33	55,485.06	69,835.74	87,898.08
Account Receivables (%)
Inventories	4,651	4,734	3,893	6,072	7,709	11,913.05	14,994.25	18,872.36	23,753.52	29,897.14
Inventories (%)
Accounts Payable	16,747	15,544	12,936	21,720	25,710	40,769.21	51,313.78	64,585.60	81,290.04	102,314.94
Accounts Payable (%)
Capital Expenditure	-9,119	-8,376	-4,632	-5,236	-783	-14,097.25	-17,743.37	-22,332.52	-28,108.62	-35,378.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 32.97
Beta	1.149
Diluted Shares Outstanding	1,745
Cost of Debt
Tax Rate	37.02
After-tax Cost of Debt	18.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.579
Total Debt	31,868
Total Equity	57,532.65
Total Capital	89,400.65
Debt Weighting	35.65
Equity Weighting	64.35
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	75,822	69,881	43,987	76,575	133,440	167,952.98	211,392.41	266,067.04	334,882.74	421,496.95
EBITDA	22,251	20,457	9,565	22,869	30,318	44,658.91	56,209.51	70,747.57	89,045.75	112,076.58
EBIT	15,263	12,351	2,261	15,806	23,113	27,177.02	34,206.09	43,053.17	54,188.46	68,203.79
Tax Rate	59.18%	97.42%	-44.33%	45.52%	37.02%	38.96%	38.96%	38.96%	38.96%	38.96%
EBIAT	6,230.84	318.13	3,263.28	8,610.83	14,557.13	16,588.24	20,878.63	26,278.69	33,075.42	41,630.07
Depreciation	6,988	8,106	7,304	7,063	7,205	17,481.89	22,003.42	27,694.39	34,857.28	43,872.79
Accounts Receivable	-	1,788	1,955	-7,935	-2,112	-13,867.56	-9,058.77	-11,401.73	-14,350.68	-18,062.35
Inventories	-	-83	841	-2,179	-1,637	-4,204.05	-3,081.20	-3,878.12	-4,881.16	-6,143.62
Accounts Payable	-	-1,203	-2,608	8,784	3,990	15,059.21	10,544.57	13,271.82	16,704.45	21,024.89
Capital Expenditure	-9,119	-8,376	-4,632	-5,236	-783	-14,097.25	-17,743.37	-22,332.52	-28,108.62	-35,378.64
UFCF	4,099.84	550.13	6,123.28	9,107.83	21,220.13	16,960.49	23,543.29	29,632.53	37,296.70	46,943.14
WACC
PV UFCF						15,043.90	18,522.99	20,679.24	23,086.51	25,774.01
SUM PV UFCF										103,106.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.74
Free cash flow (t + 1)	47,882
Terminal Value	445,828.68
Present Value of Terminal Value	244,781.08

Intrinsic Value

Enterprise Value	347,887.73
Net Debt	21,713
Equity Value	326,174.73
Shares Outstanding	1,745
Equity Value Per Share	186.92