BP plc ADR (BP) is undervalued and Eni Spa ADR (E) is slightly undervalued.
Against our estimates of intrinsic value, BP trades at the wider discount: a margin of safety of +54%, against +17% for E.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $94.47; the price of $43.10 is 54% below that value, and 81% of that value comes from beyond year five.
Leak Score 56/100 on 2 of 12 signals
Discounting its cash flows at 6.9% (average of 3 methods) values the shares at $64.31; the price of $53.26 is 17% below that value, and 84% of that value comes from beyond year five.
Leak Score 35/100 on 3 of 12 signals
| Metric | BP | E |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $43.10 | $53.26 |
| Intrinsic value | $94.47 | $64.31 |
| Margin of safety | +54% | +17% |
| Leak Score | 56/100 (2/12) | 35/100 (3/12) |
| Market cap | $111.0B | $77.6B |
| Revenue growth, 5 years | 12.4% | 13.1% |
| Operating margin | 11.1% | 7.4% |
| Net margin | 2.5% | 6.4% |
| Return on equity | 9.3% | 7.0% |
| Debt to equity | 1.24 | 0.93 |
| P/E | 20.8x | 13.4x |
| Forward P/E | 9.7x | 9.4x |
| P/B | 1.9x | 1.5x |
| Dividend yield | 4.7% | 4.9% |