olivLaw · European equity research
FNM S.p.A. FNM.MI
Italy · Euronext Milan · ISIN IT0000060886 · Vertical: Listed companies from Italy
FNM is an Italian group in infrastructure and mobility that runs motorways, a rail network, local public transport, renewable energy production and mobility services. In 2024 consolidated revenue reached 311.3 million euros, up 4.7%, as the group seeks to strengthen its role in the energy transition and sustainable mobility.
At the close of 05 Nov 2026, FNM S.p.A. (FNM.MI) stock was 0.42 EUR (+0.12% on the day), with beta 0.31, 52-week range 0.40–0.54 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.0
- strong (55–70)
- Bollinger (20, 2)
- 0.39 – 0.43
- in the upper half of the band · %B 0.86 · band width 9.8%
- SMA 50 / 200
- 0.43 / 0.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −3.9% | −0.6% | −3.2 pp | — |
| 3 months | −7.4% | −4.2% | −3.3 pp | — |
| 6 months | −17.5% | +4.3% | −21.8 pp | — |
| Year to date | −10.0% | +7.5% | −17.5 pp | — |
| 1 year | −8.2% | +9.9% | −18.1 pp | −5.5% |
| 3 years | +4.4% | +49.8% | −45.4 pp | +8.9% |
| 5 years | −36.9% | +42.8% | −79.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 351.8 m | 236.9 m | 395.2 m | 499.4 m | esef· 15 Apr 2025verified |
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
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
FNM S.P.A. (FNM.MI). No full fiscal year in our data.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| 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% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| 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 FNM.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
Scenarios are not available. input data missing
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
FNM is an Italian group in infrastructure and mobility that runs motorways, a rail network, local public transport, renewable energy production and mobility services. In 2024 consolidated revenue reached 311.3 million euros, up 4.7%, as the group seeks to strengthen its role in the energy transition and sustainable mobility.
SWOT
Strengths
- The group holds a dominant position on the motorway network around Milan and a revenue stream based on tolls and long-term contracts.
- Diversification across four segments reduces dependence on a single revenue model and allows activities to offset each other.
- The ISO 37001 anti-bribery certification and compliance systems support reputation in a strictly regulated public sector.
Weaknesses
- Margins in rail and in the terminal remain low, and the Sacconago terminal still generates losses.
- The RO.S.CO segment saw a significant EBITDA decline after the Nordcom consolidation and rising costs.
- Labour costs and the difficulty of finding qualified staff limit operational flexibility.
Opportunities
- Hydrogen development and renewable production could open new revenue streams.
- New rail freight contracts at the terminal could improve use of existing infrastructure.
- Sustainability and decarbonisation targets set by authorities could support new mobility investments.
Threats
- The absence of a motorway tariff adjustment in 2025 could reduce revenue if the economic plan is not updated.
- Inflation pressure and raw material prices could raise maintenance and operating costs.
- Cyber attacks and the new NIS 2 directive could generate additional compliance and security costs.
Risks
- Dependence on regulatory decisionshigh
Tariffs and investments depend on the grantor; an unfavourable decision could affect the financial balance of the motorway segment.
- Labour costhigh
Increases in the unit cost of staff could reduce margins, given limited flexibility in labour regulation.
- Shortage of qualified staffmedium
Difficulty recruiting drivers and specialists could limit service production and raise subcontracting costs.
- Inflation and supply cost riskmedium
Rising energy and raw material prices and supply delays could affect maintenance costs and investment.
- Cyber riskmedium
Rising cyber attacks and the new NIS 2 framework could impose additional costs and operational exposure.
Investment thesis
What would need to be true (bull case)
- If motorway traffic keeps growing and tariffs are updated under the economic plan, the motorway segment could support group revenue and margins.
- If the rail terminal extension is completed and new traffic is attracted, the infrastructure segment could reduce its losses and move out of the loss zone.
- Growth in renewable capacity and hydrogen projects could diversify group revenue towards faster-growing activities.
What would break the thesis
- The lack of a tariff adjustment for 2025 could pressure motorway revenue if the economic plan does not offset it.
- The services and mobility segments remain exposed to labour costs and driver shortages, which could keep margins low.
- Lower energy prices could reduce market sales revenue, and additional compliance costs could weigh on net results.
What to watch
- Update of the motorway economic-financial plan and any tariff adjustment2025
- Completion of the Sacconago terminal extension and start of new rail trafficMarch-April 2025
- Trend in staff costs and driver shortage in Mobility and servicesQ1 2025
- Formalisation of the group climate transition plan2026
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
FNM S.p.A. is the holding company of a group operating in Lombardy and nearby areas, with four main segments: Motorways (concessionaire Milano Serravalle – Milano Tangenziali), Rail infrastructure (FERROVIENORD), Energy (Viridis) and Mobility and services (ATV, FNM Autoservizi). The group operates in a strongly regulated framework in which the public grantor and service contracts set tariffs, service levels and investments. The Piano Strategico 2024-2029 aims at a role as an enabler of the energy transition and sustainable mobility, in line with the Paris Agreement objectives 1.
Revenues are structured by segment with different models: motorways rely on tolls and tariff adjustments approved by the authority, rail on contracts and public contributions. Energy comes from electricity sales and Conto Energia incentivised tariffs, and public transport from contracts and ticket sales. This mix provides a significant share of predictable revenue but makes the group sensitive to regulatory decisions and to labour, energy and subcontracting costs 1.
In 2024 consolidated adjusted EBITDA was supported mainly by motorways, while the mobility and services segment returned to positive profitability and the RO.S.CO segment saw margin compression after the full consolidation of Nordcom. The group flags that dependence on public funding and on the availability of qualified staff remains a critical factor for executing the strategic plan 1.
Market context
The Italian electricity market corrected in 2024, with the PUN falling 14.9% to 108.4 euros/MWh, which reduces revenue from market-priced sales, although fixed-price contracts and incentivised tariffs cushion the impact on the Energy segment 1. In mobility, demand for road public transport remains below 2019 levels and the shortage of drivers limits service production 1.
The Italian motorway and rail market is regulated, with tariffs set through annual adjustments approved by the grantor. Motorway tariffs rose 2.3% in 2024, but for 2025 the authority confirmed no tariff adjustment for concessionaires whose regulatory period has expired, which could weigh on future revenue unless financial balance is applied at the next plan update 1.
Trends
- Motorway tariff adjustmentmixed
Tariffs rose in 2024 by 2.3%, but no adjustment is foreseen for 2025, which could limit toll revenue growth if the framework is not updated 1.
- Traffic growthtailwind
Motorway and ring-road traffic rose in 2024, with the effect of the Rho-Monza link especially visible on the Tangenziale Nord 1.
- Energy pricesheadwind
The 14.9% fall in electricity prices reduces revenue from market sales, but fixed-price contracts and incentivised tariffs limit the impact on Viridis 1.
- Shortage of skilled staffheadwind
The lack of drivers and specialised personnel raises subcontracting costs and limits transport service production, which could hit margins if the situation persists 1.
Competitive position
Competition depends on the segment. In motorways the group is a regional concessionaire with traffic concentrated in Lombardy, and direct competition is limited by concessions. In energy, Viridis competes with regional producers and with traders on the spot market. In public and rail transport, competition comes from other service operators and from the procurement choices of regional authorities 1.
The analysed sources do not identify competitors listed on a US exchange; the competitors below are those mentioned in the context of the Italian market and business model, and the absence of a US ticker is indicated accordingly.
- Other Italian motorway operators
Regional or national concessionaires competing for public funds and economic-financial plans, with no listing identified in the source.
- Local public transport operators
Companies competing for service contracts in Lombardy and other regions, including through subcontracting.
- Regional renewable energy producers
Competitors in electricity sales and in the incentivised tariff mechanisms in Italy.
- Rail and logistics operators
Companies active in freight transport and terminals, relevant to the development of the Sacconago terminal.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / FNM 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.