Eni will become more like its oil peers thanks to divestment
in Snam , as it will focus on exploration and production activities, Bernstein
Research says. Although the Snam sale will reduce cash flows, Eni will improve
its debt position and be exposed to the higher returns deriving from E&P.
Bernstein expects Eni to fall short of its targeted compound annual growth
output rate of 3% to 2015.
Part of the reason for lower growth is years of
delay to the start of the Kashagan project in Kazakhstan. Bernstein keeps Eni rated at market perform
with a target price of EUR20. Shares are down 0.9% at EUR17.13.