After the spin-off of renewable energies, sustainable mobility and electricity and gas retail customers, Eni is now preparing to list the company – Plenitude – which collects these activities on the Stock Exchange. Everything will depend on the trend, so far very volatile, of the financial markets. But if the signs coming from inflation, central bank monetary policy and of course the developments in the war between Russia and Ukraine and a possible ceasefire are encouraging, the debut of Plenitude in Piazza Affari could arrive by the summer and, according to the most optimistic, even between June and July.
Plenitude aims for a market capitalization of over 10 billion euros
Eni makes no secret of betting heavily on Plenitude which can satisfy the market's hunger for investments in renewables. A number is worth more than many speeches and the goal that Eni has in mind for Plenitude is a market capitalization of 10 billion euros and even more. After all, the energy sector is one of the few which, in times of depressed markets, has given some satisfaction to investors also in 2022. This is why Eni moves fast and why it structured the Plenitude operation in just one year, strengthening it with the 'acquisition of Be Power last October. Eni thus intends to reach 31 electric charging points and 15 million customers with an EBITDA that should rise from 600 million in 2021 to 1,3 billion euros in 2025 and an investment plan of 1,5 billion between 2022 and 2025.
A newco in sight for biofuels Eni
The listing of Plenitude is naturally the most significant operation in Eni's short-term plans but not the only one. According to reports from the weekly MF-Milan Finance, the group led by Claudio Descalzi, is in fact thinking of replicate in biofuels the Plenitude operation. The idea is to create a newco into which agricultural activities, biorefineries, service areas and joint ventures operating in these sectors converge with the aim of enhancing biofuels. The scheme would be the one already practiced with Plenitude: first the spin-off and then the listing on the Stock Exchange (or, alternatively, the transfer of a minority stake to a financial partner).
Some choices are still to be perfected, but Eni promises aeffervescent summer, as the Stock Exchange has already demonstrated that it understands well given that since the beginning of the year the stock – thanks above all to the rise in oil prices – has risen by 16,68% while the Ftse Mib has lost more than 11%.
