Is It Too Late To Consider Eni (BIT:ENI) After A 38% One Year Surge?

Simply Wall St

Wed, February 18, 2026 at 2:10 PM GMT+9 4 min read

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Wondering if Eni shares are still offering value after a strong run, or if the easy gains are behind it? This article walks through the key numbers so you can judge the current price with more confidence.

Eni's share price closed at €18.13, with returns of 1.0% over 7 days, 9.4% over 30 days, 10.8% year to date and 38.0% over the past year, while the 3 year and 5 year returns sit at 55.8% and 168.7% respectively.

Recent news coverage around Eni has focused on its position within the global energy sector and ongoing interest in how large integrated oil and gas companies are aligning capital allocation with long term energy trends. This provides an important backdrop for assessing whether the current share price reflects the risks and opportunities that investors are watching.

On our simple 6 point valuation checklist, Eni scores a 3 out of 6 valuation score. Next we will compare what different valuation approaches say about the shares, and then finish with a broader framework that many investors find useful for judging value.

Eni delivered 38.0% returns over the last year. See how this stacks up to the rest of the Oil and Gas industry.

Approach 1: Eni Discounted Cash Flow (DCF) Analysis

A Discounted Cash Flow model takes a series of future cash flow projections and works out what they are worth in today’s money, using a discount rate to reflect risk and the time value of money.

For Eni, the model used is a 2 Stage Free Cash Flow to Equity approach based on cash flow projections. The latest twelve month free cash flow is about €4.4b. Analyst inputs are used for the next few years, then Simply Wall St extrapolates further out, with projected free cash flow of €4.7b in 2026 and €6.5b in 2030. Beyond 2030, the model continues with gradually changing free cash flows through to 2035, all discounted back to today.

On this basis, the estimated intrinsic value comes out at €34.05 per share. Compared with the recent share price of €18.13, the DCF output implies the shares trade at a 46.8% discount to this estimate. This points to Eni looking undervalued on this method alone.

Result: UNDERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Eni is undervalued by 46.8%. Track this in your watchlist or portfolio, or discover 224 more high quality undervalued stocks.

ENI Discounted Cash Flow as at Feb 2026

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Eni.

Approach 2: Eni Price vs Earnings

For a profitable company like Eni, the P/E ratio is a useful way to relate what you pay per share to the earnings the business is currently generating. It gives you a quick sense of how much the market is willing to pay for each euro of earnings.

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What counts as a “normal” P/E depends on what investors expect for future growth and how they view the company’s risk profile. Higher expected growth or lower perceived risk can justify a higher P/E, while lower growth or higher risk usually means a lower multiple is seen as reasonable.

Eni currently trades on a P/E of 21.0x. That sits above both the Oil and Gas industry average of 14.6x and the peer average of 14.2x. Simply Wall St’s Fair Ratio for Eni is 22.8x. This is its proprietary view of what P/E might make sense after considering factors like earnings growth, profit margins, industry, market cap and risk. This Fair Ratio aims to be more tailored than a simple comparison with peers or the broad industry, because it adjusts for Eni’s specific characteristics rather than treating all companies as alike. With the current 21.0x P/E modestly below the 22.8x Fair Ratio, this framework points to the shares looking undervalued on this metric.

Result: UNDERVALUED

BIT:ENI P/E Ratio as at Feb 2026

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Upgrade Your Decision Making: Choose your Eni Narrative

Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives. These are simple stories you create about Eni that link your view on its LNG growth, biorefining and renewables, margins and risks to a set of revenue, earnings and margin forecasts. You can turn those into a fair value on Simply Wall St’s Community page, and then keep that fair value automatically updated when fresh news or earnings arrive. This allows you to compare it with the current price and see, for example, why one investor might see Eni as attractive only around €13.50 while another thinks it makes sense closer to €17.50.

Do you think there’s more to the story for Eni? Head over to our Community to see what others are saying!

BIT:ENI 1-Year Stock Price Chart

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include ENI.MI.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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