FNM S.p.A. (IT:FNM)
:FNM
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FNM S.p.A.
(FNM)
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Rating:62Neutral
Price Target:
€0.56
▲(6.42% Upside)
Action:DowngradedDate:04/12/26
The score is anchored by mixed financial performance, with revenue contraction, margin pressure, elevated leverage, and weaker cash conversion offsetting strong reported profitability. Very low valuation (P/E 2.78) and a solid dividend yield support the rating, while technicals show an uptrend but overbought momentum signals temper near-term attractiveness.
Positive Factors
High operating profitability
A sustained EBITDA margin near 48.4% indicates the core transport operations generate robust operating profitability versus revenue. For a rail operator this margin provides a structural cushion against fare or contract volatility and supports ongoing reinvestment and debt service over multiple cycles.
Negative Factors
Revenue contraction
A 12% TTM revenue decline after prior expansion indicates persistent demand, ridership, or contract headwinds rather than a transitory blip. For a regulated or concession-based operator, falling top line reduces scale economics, risks pressuring margins and limits the firm's ability to self-fund network maintenance and service improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
High operating profitability
A sustained EBITDA margin near 48.4% indicates the core transport operations generate robust operating profitability versus revenue. For a rail operator this margin provides a structural cushion against fare or contract volatility and supports ongoing reinvestment and debt service over multiple cycles.
Read all positive factors
FNM S.p.A. (FNM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€220.50M
Dividend Yield3.86%
Average Volume (3M)273.53K
Price to Earnings (P/E)2.8
Beta (1Y)0.58
Revenue Growth5.13%
EPS Growth24.12%
CountryIT
Employees2,675
SectorGeneral
Sector StrengthN/A
IndustryRailroads
Share Statistics
EPS (TTM)0.03
Shares Outstanding434,902,560
10 Day Avg. Volume229,859
30 Day Avg. Volume273,530
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.45
Price to Sales (P/S)0.32
P/FCF Ratio5.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€0.68Price Target Upside28.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.08
Revenue Forecast (FY)€692.95M
FNM S.p.A. Business Overview & Revenue Model
Company Description
FNM S.p.A. manages and maintains railway network in Italy. The company offers road passenger transport and motorway infrastructure management services; engineering services; design, and works and project management services; and regular transport ...
How the Company Makes Money
FNM generates revenue primarily through (1) operating regional passenger transport services and (2) managing rail infrastructure, alongside additional contributions from mobility-related and ancillary businesses held through subsidiaries. In passe...
FNM S.p.A. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
43
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 631.20M | 891.85M | 750.97M | 661.10M | 567.93M |
| Gross Profit | 32.20M | 235.12M | 243.28M | 198.05M | 170.23M |
| EBITDA | 226.50M | 239.52M | 228.94M | 195.87M | 150.51M |
| Net Income | 73.60M | 59.33M | 80.86M | 68.48M | 40.88M |
Balance Sheet | |||||
| Total Assets | 2.28B | 2.35B | 2.11B | 2.02B | 1.92B |
| Cash, Cash Equivalents and Short-Term Investments | 410.20M | 504.16M | 398.55M | 244.64M | 365.14M |
| Total Debt | 806.78M | 925.76M | 846.31M | 905.44M | 972.14M |
| Total Liabilities | 1.79B | 1.94B | 1.74B | 1.71B | 1.69B |
| Stockholders Equity | 451.56M | 374.31M | 355.33M | 283.93M | 206.82M |
Cash Flow | |||||
| Free Cash Flow | 40.57M | 106.89M | 134.22M | 56.14M | 102.16M |
| Operating Cash Flow | 136.24M | 196.00M | 182.69M | 145.22M | 140.42M |
| Investing Cash Flow | -66.97M | -81.42M | 63.96M | -157.20M | -546.45M |
| Financing Cash Flow | -141.78M | -9.53M | -88.41M | -102.59M | 504.52M |
FNM S.p.A. Technical Analysis
Positive
0.53
Price Trends
0.50
Positive
0.49
Positive
0.47
Positive
Market Momentum
0.01
Negative
66.49
Neutral
82.75
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:FNM, the sentiment is Positive. The current price of 0.53 is above the 20-day moving average (MA) of 0.50, above the 50-day MA of 0.50, and above the 200-day MA of 0.47, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 66.49 is Neutral, neither overbought nor oversold. The STOCH value of 82.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:FNM.
FNM S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €5.15B | 15.83 | 42.37% | 2.73% | 12.34% | 23.90% | |
62 Neutral | €220.50M | 2.78 | 16.88% | 3.86% | 5.13% | 24.12% | |
56 Neutral | €4.27B | 17.13 | 14.30% | ― | 12.19% | 177.33% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | €2.53B | 14.02 | 15.02% | 2.32% | 14.59% | 23.80% | |
42 Neutral | €572.80M | 18.96 | 8.39% | 4.42% | -11.72% | -49.21% |
* General Sector Average
IT:FNM
FNM S.p.A.
0.51
0.12
32.03%
IT:ADB
Aeroporto Guglielmo Marconi di Bologna S.p.A.
9.20
1.35
17.17%
IT:FCT
Fincantieri S.p.A.
11.92
-0.18
-1.49%
IT:MAIRE
MaireTecnimont SpA
15.70
6.15
64.47%
IT:PIA
Piaggio & C. SPA
1.60
-0.14
-7.76%
IT:WBD
Webuild SpA
2.52
-0.75
-22.88%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.