Eni S.p.A., a European oil major, is trading at a discount despite strong profits, a $40 billion market cap, and a unique energy asset portfolio. The company has achieved 4% YoY production growth, an 8% dividend yield, and is engaging in aggressive share repurchases. Eni's transition strategy includes a $3 billion KKR investment in Enilive, expanding biofuel and renewable energy capacities, and considering public listings for divisions.