We forecast 2026E EBITDAs of €0.8Bn, €0.8Bn and €0.25Bn for Plenitude's Renewables, Retail and EV charging businesses and apply EV/EBITDA multiples (26E) of 6.9x, 5.9x and 4.6x from trading comparables. Consequently, we arrive at for these. Moreover, we expect ENI to further crystallise the value of another 'satellite' in 2025 through an IPO of its Bioenergy & Mobility business, Enilive (previously Sustainable Mobility). After doubling biorefining capacity from 1.6MTA today to 3MTA by 2025 (5MTA by 2030), adding +300 new service stations and doubling convenience earnings, Enilive's EBITDA will grow at a +20% CAGR from €0.9Bn in 2023 to €1.5Bn by 2026. EV/EBITDA multiple of 8.0x, this implies Enilive could realise an EV of up to ~€12Bn.