Dividend YieldThe shares are trading at the lowest total distribution yield across the European majors, at the same time that distributions seem maxed out for now.
Financial PerformanceCash conversion did not match earnings strength in the quarter, and further proof points suggest organic cash flows will fall short of funding distributions in the current macro environment.
Market ComparisonEni 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.