SRG Stock Analysis: Snam | MI
Utilities - Regulated Gas | MI, Italy | Market Cap: 18.836m EUR | 12M Return: 15.1% | IT0003153415 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 28.2M
Qual. Beats: 1
Rev. Trend: -42.3%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Snam S.p.A. is one of Europes largest natural gas infrastructure operators, headquartered in Milan and listed on the Italian stock exchange. The company operates through four core segments: natural gas transportation, natural gas storage, LNG regasification, and market solutions. Its core business is the regulated transportation and dispatching of natural gas, alongside the operation of an integrated storage system comprising deposits, wells, treatment and compression plants, and dispatching infrastructure located primarily in Lombardy, Emilia-Romagna, and Abruzzo.
Beyond its traditional gas transport and storage activities, Snam owns and manages LNG regasification plants and has expanded into adjacent growth areas, including energy efficiency services for corporate, residential, and public-sector clients, the development of biogas and biomethane plants, and the sale of automotive CNG compressors and related technical consulting. The company operates a natural gas transportation network spanning multiple countries across Italy, Austria, the UAE, France, Greece, and the United Kingdom, giving it a cross-border infrastructure footprint unusual among European gas utilities.
The company operates as a regulated network utility, earning revenues largely through tariff structures set by national energy regulators, which provides predictable cash flows but ties performance to regulatory frameworks and approved rate bases. Snams strategic positioning is particularly relevant in the European context, where natural gas infrastructure is viewed as a transitional bridge in the energy mix, while the build-out of biomethane, hydrogen-ready transport, and LNG import capacity reflects the sectors adaptation to shifting supply dynamics and decarbonization targets.
- Italian gas demand decline pressures transport segment revenues
- ARERA tariff review pressures regulated return on invested capital
- Hydrogen pipeline capex expands growth beyond traditional gas transport
| Net Income: 1.83b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.00 > 0.02 and ΔFCF/TA 2.32 > 1.0 |
| NWC/Revenue: -43.66% < 20% (prev -26.55%; Δ -17.11% < -1%) |
| CFO/TA 0.07 > 3% & CFO 2.69b > Net Income 1.83b |
| Net Debt (20.0b) to EBITDA (3.89b): 5.13 < 3 |
| Current Ratio: 0.76 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.36b) vs 12m ago 0.19% < -2% |
| Gross Margin: 62.81% > 18% (prev 62.22%; Δ 0.59% > 0.5%) |
| Asset Turnover: 15.92% > 50% (prev 15.21%; Δ 0.71% > 0%) |
| Interest Coverage Ratio: 6.12 > 6 (EBIT TTM 2.77b / Interest Expense TTM 452.0m) |
| A: -0.07 (Total Current Assets 8.09b - Total Current Liabilities 10.7b) / Total Assets 38.2b |
| B: 0.13 (Retained Earnings 4.99b / Total Assets 38.2b) |
| C: 0.07 (EBIT TTM 2.77b / Avg Total Assets 37.1b) |
| D: 0.28 (Book Value of Equity 8.27b / Total Liabilities 29.9b) |
| Altman-Z'' = 0.78 = B |
| DSRI: 1.14 (Receivables 3.03b/2.46b, Revenue 5.90b/5.47b) |
| GMI: 0.99 (GM 62.22% / 62.81%) |
| AQI: 0.84 (AQ_t 0.17 / AQ_t-1 0.20) |
| SGI: 1.08 (Revenue 5.90b / 5.47b) |
| TATA: -0.02 (NI 1.83b - CFO 2.69b) / TA 38.2b) |
| Beneish M = -2.96 (Cap -4..+1) = A |
As of October 08, 2026, the stock is trading at EUR 5.54 with a total of 4,495,009 shares traded. Over the past week, the price has changed by -0.82%, over one month by +0.11%, over three months by -11.30% and over the past year by +15.06%.
Current recommended Stop Loss: 5.40 (which is 2.5% or 1.6 ATR below the current price).
Snam has no consensus analysts rating.
P/E Trailing = 17.0061
P/E Forward = 13.089
P/S = 4.7032
P/B = 2.0367
P/EG = 2.0775
Revenue TTM = 5.90b EUR
EBIT TTM = 2.77b EUR
EBITDA TTM = 3.89b EUR
Long Term Debt = 16.0b EUR (from longTermDebt, last quarter)
Short Term Debt = 5.73b EUR (from shortTermDebt, last quarter)
Debt = 22.9b EUR (from shortLongTermDebtTotal, last quarter) + Leases 119.0m
Net Debt = 20.0b EUR (calculated: Debt 22.9b - CCE 2.94b)
Enterprise Value = 38.8b EUR (18.8b + Debt 22.9b - CCE 2.94b)
Interest Coverage Ratio = 6.12 (Ebit TTM 2.77b / Interest Expense TTM 452.0m)
EV/FCF = -1000.0x (Enterprise Value 38.8b / FCF TTM -21.0m)
FCF Yield = -0.05% (FCF TTM -21.0m / Enterprise Value 38.8b)
FCF Margin = -0.36% (FCF TTM -21.0m / Revenue TTM 5.90b)
Net Margin = 31.0% (Net Income TTM 1.83b / Revenue TTM 5.90b)
Gross Margin = 62.81% ((Revenue TTM 5.90b - Cost of Revenue TTM 2.19b) / Revenue TTM)
Gross Margin QoQ = 62.32% (prev 77.58%)
Tobins Q-Ratio = 1.02 (Enterprise Value 38.8b / Total Assets 38.2b)
Interest Expense / Debt = 1.97% (Interest Expense 452.0m / Debt 22.9b)
Taxrate = 20.99% (517.0m / 2.46b)
NOPAT = 2.19b (EBIT 2.77b * (1 - 20.99%))
Current Ratio = 0.76 (Total Current Assets 8.09b / Total Current Liabilities 10.7b)
Debt / Equity = 2.77 (Debt 22.9b / totalStockholderEquity, last quarter 8.27b)
Debt / EBITDA = 5.13 (Net Debt 20.0b / EBITDA 3.89b)
Debt / FCF = -951.7 (out of range, set to none) (Net Debt 20.0b / FCF TTM -21.0m)
Total Stockholder Equity = 9.05b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.93% (Net Income 1.83b / Total Assets 38.2b)
RoE = 20.22% (Net Income TTM 1.83b / Total Stockholder Equity 9.05b)
RoCE = 11.05% (EBIT 2.77b / Capital Employed (Equity 9.05b + L.T.Debt 16.0b))
RoIC = 6.63% (NOPAT 2.19b / Invested Capital 32.9b)
WACC = 3.25% (E(18.8b)/V(41.8b) * Re(5.30%) + D(22.9b)/V(41.8b) * Rd(1.97%) * (1-Tc(0.21)))
Discount Rate = 5.30% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 61.14 | Cagr: 0.07%
[DCF] Fair Price = unknown (Cash Flow -21.0m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.25 | # QB: 1
Revenue Correlation: -42.32 | Revenue CAGR: -2.51% | SUE: 2.08 | # QB: 1
EPS current Quarter (2025-06-30): EPS=0.10 | Chg30d=-2.15% | Revisions=+25% | Analysts=3
EPS next Quarter (2025-09-30): EPS=0.10 | Chg30d=+0.00% | Revisions=+0% | Analysts=3
EPS current Year (2025-12-31): EPS=0.42 | Chg30d=+2.26% | Revisions=+57% | GrowthEPS=+9.5% | GrowthRev=+7.3%
EPS next Year (2026-12-31): EPS=0.43 | Chg30d=+0.12% | Revisions=+29% | GrowthEPS=+1.3% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: +50% (up=9, down=2)