olivLaw · European equity research
Snam S.p.A. SRG.MI
Italy · Euronext Milan · ISIN IT0003153415 · Vertical: Listed companies from Italy
Snam is Europe's gas infrastructure operator, active in transport, storage and regasification, now extending its portfolio toward multi-molecule systems including hydrogen and CO2. The company plans large investments over the 2025-2029 strategic plan amid a complex energy transition.
At the close of 05 Nov 2026, Snam S.p.A. (SRG.MI) stock was 6.28 EUR (+0.38% on the day), with market capitalisation 21.2 bn EUR, P/E 16.8 on diluted EPS of 0.37 EUR over the last 12 months, beta 0.08, 52-week range 5.44–6.81 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 78.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 5.54 – 6.37
- in the upper half of the band · %B 0.88 · band width 14.1%
- SMA 50 / 200
- 5.74 / 6.14
- mixed trend
- MACD (12, 26, 9)
- 0.15 / 0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.1% | −0.6% | +13.8 pp | — |
| 3 months | +8.2% | −4.2% | +12.4 pp | — |
| 6 months | −2.3% | +4.3% | −6.7 pp | — |
| Year to date | +11.0% | +7.5% | +3.5 pp | — |
| 1 year | +13.2% | +9.9% | +3.2 pp | −6.1% |
| 3 years | +42.8% | +49.8% | −7.0 pp | +7.7% |
| 5 years | +23.1% | +42.8% | −19.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 11.5, median 12.6, max 13.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 4.2 bn | 3.5 bn |
| Revenue YoY | unavailable | −16.4% |
| Net income | 1.1 bn | 1.3 bn |
| Net income YoY | unavailable | +10.9% |
| Diluted EPS | 0.34 | 0.37 |
| Diluted EPS YoY | unavailable | +10.4% |
| net % | 26.7% | 35.5% |
| Free cash flow | -1.7 bn | -724.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.8 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 9.0 bn EUR
- Total assets
- 35.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.83x
- ROE
- 15.1%
- ROA
- 3.6%
- FCF margin
- -20.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.2 bn | 3.5 bn | esef· 24 Sept 2025verified |
| Operating income | 1.3 bn | 1.7 bn | esef· 24 Sept 2025verified |
| Interest expense | 314.0 m | 526.0 m | esef· 24 Sept 2025verified |
| Pre-tax income | 1.5 bn | 1.7 bn | esef· 24 Sept 2025verified |
| Income tax | 389.0 m | 422.0 m | esef· 24 Sept 2025verified |
| Net income | 1.1 bn | 1.3 bn | esef· 24 Sept 2025verified |
| Diluted EPS | 0.34 | 0.37 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 1.4 bn | 1.8 bn | esef· 24 Sept 2025verified |
| Receivables | 4.5 bn | 3.5 bn | esef· 24 Sept 2025verified |
| Inventories | 2.8 bn | 2.2 bn | esef· 24 Sept 2025verified |
| Current assets | 8.9 bn | 8.5 bn | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 18.9 bn | 20.7 bn | esef· 24 Sept 2025verified |
| Total assets | 33.5 bn | 35.8 bn | esef· 24 Sept 2025verified |
| Accounts payable | 6.5 bn | 6.0 bn | esef· 24 Sept 2025verified |
| Current liabilities | 12.1 bn | 10.2 bn | esef· 24 Sept 2025verified |
| Total liabilities | 25.8 bn | 26.8 bn | esef· 24 Sept 2025verified |
| Equity | 7.7 bn | 9.0 bn | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 3.4 bn | 3.4 bn | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -135.0 m | 1.8 bn | esef· 24 Sept 2025verified |
| Capex | 1.5 bn | 2.5 bn | esef· 24 Sept 2025verified |
| Free cash flow | -1.7 bn ≈ | -724.0 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -2.2 bn | -2.7 bn | esef· 24 Sept 2025verified |
| Financing cash flow | 2.0 bn | 1.3 bn | esef· 24 Sept 2025verified |
| Share repurchases | 3.0 m | 2.0 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 21.2 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.35 – 8.52 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.35 – 8.52 (Mid 4.94)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 35.5% | 92 (vs peers) | 13% |
| FCF conversion · Quality | -57.5% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 16.8x | 50 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.4% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation28/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SNAM S.P.A. (SRG.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 3.5 bn EUR in 2024; YoY growth -16.4%; net margin 35.5%; ROE 15.2%.
The estimated value range is 2.35–8.52 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.94 EUR, the price of 6.28 EUR leaves a potential of -21.2% (value / price − 1) and a margin of safety of -26.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.5%
What contradicts it
- FCF conversion: -57.5%
- Interest coverage: 3.2x
- Current ratio: 0.8x
- FCF yield: -3.4%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SRG.MISnam S.p.a. | 21.2 bn | 16.8 | 15.2% | 35.5% | −16.4% | +9% / +36% |
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for SRG.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.36 Total return -47% · Per year -47% | 5.96 Total return -5% · Per year -5% | 9.02 Total return 44% · Per year 44% |
| 3 years | 2.66 Total return -58% · Per year -25% | 5.38 Total return -14% · Per year -5% | 9.02 Total return 44% · Per year 13% |
| 5 years | 2.12 Total return -66% · Per year -20% | 4.86 Total return -23% · Per year -5% | 9.02 Total return 44% · Per year 8% |
- Exit P/E± 1.35
- Net margin± 0.94
- Annual revenue growth± 0.85
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Snam is Europe's gas infrastructure operator, active in transport, storage and regasification, now extending its portfolio toward multi-molecule systems including hydrogen and CO2. The company plans large investments over the 2025-2029 strategic plan amid a complex energy transition 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Exposure to global LNG markethigh
Dependence on LNG, more sensitive to global dynamics, can affect supply security and prices 1.
- Technological innovation and AImedium
A development not focused on technology neutrality could accelerate the decline in gas demand and require a strategy review 1.
- Risks from foreign associatesmedium
Associates abroad may be affected by political instability, regulation and climate risks, with impact on profits 1.
- Future investments and acquisitionsmedium
Integrating acquisitions may require additional costs and may not generate the expected returns 1.
- Rising debtlow
Net debt could increase considerably with investment, putting pressure on financial flexibility 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Delivery of the 2025-2029 investment plan2027
- Trend in net debt and average cost of debtnext 10-K
- Contribution from associates, especially TAG and TAP2027
- Progress of CCS and hydrogen projects2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Snam operates mainly in regulated gas infrastructure, where revenues are tied to the regulated asset base (RAB). In fiscal 2024, adjusted EBITDA reached 2,753 million euros and adjusted net profit 1,289 million euros 1. The company also aims to act as a system operator, with the objective of distributing more than 1 billion euros per year locally 1.
Segments
Regulated gas infrastructure
The core segment includes natural gas transport and storage, with regulated revenues of 3,201 million euros in 2024 1. Growth was driven by higher WACC and the implementation of the investment plan 1.
Energy transition activities
Energy transition revenues fell sharply in 2024 due to legislative changes to the Superbonus regime, reducing the segment's contribution 1. The company remains committed to CCS and hydrogen projects.
Market context
Snam operates within a framework regulated by ARERA, and the 2025-2029 plan envisages average annual RAB growth of 6.4% 1. The gas market has shifted from regional to global, more competitive, especially through LNG 1.
The regulatory framework and diversification of import sources may support infrastructure investment, but volatile energy prices and high interest rates remain pressure factors 1.
Trends
- Import diversification and LNG growthtailwind
Reliance on Russian gas has been replaced by LNG, increasing demand for regasification and transport capacity. This could support investment in FSRU terminals 1.
- Shift toward multi-molecule systemsmixed
Hydrogen and CO2 development could extend the network's role, if returns are adequate and regulation is favourable 1.
- Digitalization and artificial intelligencetailwind
Using AI for predictive maintenance and network monitoring could reduce operating costs and fuel consumption 1.
- Declining gas demandheadwind
If non-gas technologies advance faster than expected, gas demand could fall sooner, affecting the growth strategy 1.
Competitive position
Snam operates in a sector with limited competition, since transport infrastructure is largely regulated and regional. However, LNG markets and hydrogen projects attract new operators and parallel investment 1.
Snam's position rests on its integrated network and partnerships in associates, which allow it to take part in multiple energy corridors 1.
- Terna
Italian electricity grid operator, cited in energy scenarios shared with Snam 1.
- European gas transport operators
Operators in Germany, Greece and the Balkans developing similar corridors and hydrogen projects 1.
- LNG terminal operators
Companies developing regasification capacity, competing for LNG imports 1.
- Storage and CCS developers
Companies active in underground storage and carbon capture, sometimes in partnership with Snam 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Snam S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.