Eni Spa ADR (E) is slightly undervalued and TotalEnergies SE (TTE) is undervalued.
Against our estimates of intrinsic value, TTE trades at the wider discount: a margin of safety of +50%, against +17% for E.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 6.8% (average of 3 methods) values the shares at $179.02; the price of $89.85 is 50% below that value, and 84% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | E | TTE |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $53.26 | $89.85 |
| Intrinsic value | $64.31 | $179.02 |
| Margin of safety | +17% | +50% |
| Leak Score | 35/100 (3/12) | 100/100 (3/12) |
| Market cap | $77.6B | $199.8B |
| Revenue growth, 5 years | 13.1% | 8.8% |
| Operating margin | 7.4% | 14.2% |
| Net margin | 6.4% | 9.1% |
| Return on equity | 7.0% | 14.6% |
| Debt to equity | 0.93 | 0.49 |
| P/E | 13.4x | 11.1x |
| Forward P/E | 9.4x | 8.9x |
| P/B | 1.5x | 1.6x |
| Dividend yield | 4.9% | 4.5% |