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FNM S.p.A. (IT:FNM)
:FNM
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FNM S.p.A. (FNM) AI Stock Analysis

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IT:FNM

FNM S.p.A.

(LSE:FNM)

Rating:63Neutral
Price Target:
€0.50
▲(2.04% Upside)
The overall stock score for FNM S.p.A. is driven by its strong valuation metrics, with a low P/E ratio and attractive dividend yield. However, the financial performance is mixed, with declining revenue growth and high leverage being concerns. Technical analysis indicates a positive trend but warns of potential overbought conditions. The absence of recent earnings call data and notable corporate events limits further insights.
Positive Factors
Debt Management
The company secured EUR 1Bn refinancing, extending debt maturity to 2031 at a lower cost than anticipated.
Financial Performance
2Q25 results exceeded expectations, partially supported by positive one-offs in Mobility & Services and Railway Infrastructure.
Negative Factors
Dividends
The Board of Directors proposed a DPS of EUR 0.0184, a decrease of 20% year over year, due to extraordinary costs that had a double-digit impact on the group's net profit.
Profitability
Operating profit performance weakened, mainly due to lower margin at MISE, resulting in FY24 EBITDA slightly below the low end of the guidance.

FNM S.p.A. (FNM) vs. iShares MSCI Italy ETF (EWI)

FNM S.p.A. Business Overview & Revenue Model

Company DescriptionFNM 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 for workers. It also provides railway and Malpensa express, railway replacement and school bus, freight transportation, and electric car sharing services, as well as digital solutions for transport and mobility, digital payments, and optical fibre. In addition, it provides energy services. The company was formerly known as Ferrovie Nord Milano. The company was founded in 1877 and is headquartered in Milan, Italy.
How the Company Makes MoneyFNM generates revenue through multiple streams, primarily from its passenger and freight transport services. The company earns money by selling tickets for rail and bus services, which is a significant portion of its revenue. Additionally, FNM benefits from government subsidies and contracts for public transportation services, which provide a steady source of income. The company also engages in partnerships with local authorities and other transportation providers to enhance its service offerings and expand its market reach. Furthermore, FNM is involved in real estate and infrastructure projects that contribute to its earnings, including leasing and management of transit-oriented developments.

FNM S.p.A. Financial Statement Overview

Summary
FNM S.p.A. exhibits strong financial health, driven by solid revenue growth, efficient operations, and robust cash flow management. The company enjoys good profitability margins and a commendable return on equity. While leverage is relatively high, the balance sheet remains stable, supported by consistent cash flow generation.
Income Statement
84
Very Positive
FNM S.p.A. shows a robust financial performance in the TTM with a remarkable Gross Profit Margin of 22.8% and a healthy Net Profit Margin of 6.3%. The company has demonstrated consistent revenue growth, with the TTM revenue increasing by 3.4% compared to the previous year. The EBIT and EBITDA margins are strong at 8.1% and 26.1%, respectively, indicating efficient operations and good control over expenses.
Balance Sheet
77
Positive
The balance sheet of FNM S.p.A. reflects a stable financial position with a Debt-to-Equity Ratio of 2.35, suggesting moderate leverage. The Equity Ratio stands at 16.3%, indicating a solid equity base. The Return on Equity is an impressive 14.9%, signaling good returns for shareholders. Overall, the company maintains a healthy balance between debt and equity, though the high leverage could pose potential risks in a volatile market.
Cash Flow
79
Positive
The cash flow situation is favorable, with an Operating Cash Flow to Net Income Ratio of 2.7, highlighting strong cash generation capabilities. Free Cash Flow has grown by 10.7% compared to the previous year, contributing to financial flexibility. The Free Cash Flow to Net Income Ratio is 0.89, indicating efficient cash conversion from profits. While cash flow management is commendable, ongoing capital expenditures should be monitored to maintain liquidity.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue919.64M891.85M750.97M661.10M567.93M243.75M
Gross Profit186.69M235.12M243.28M198.05M170.23M6.05M
EBITDA254.87M239.52M228.94M195.87M150.51M68.17M
Net Income70.89M59.33M80.86M68.48M40.88M24.18M
Balance Sheet
Total Assets2.34B2.35B2.11B2.02B1.92B1.15B
Cash, Cash Equivalents and Short-Term Investments424.35M504.16M398.55M244.64M365.14M253.34M
Total Debt32.03M925.76M846.31M905.44M972.14M154.91M
Total Liabilities2.34B1.94B1.74B1.71B1.69B668.60M
Stockholders Equity407.50M374.31M355.33M283.93M206.82M457.80M
Cash Flow
Free Cash Flow54.12M106.89M134.22M56.14M102.16M-60.43M
Operating Cash Flow155.51M196.00M182.69M145.22M140.42M7.44M
Investing Cash Flow19.56M-81.42M63.96M-157.20M-546.45M25.47M
Financing Cash Flow-101.39M-9.53M-88.41M-102.59M504.52M-8.29M

FNM S.p.A. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.49
Price Trends
50DMA
0.42
Positive
100DMA
0.41
Positive
200DMA
0.41
Positive
Market Momentum
MACD
0.03
Negative
RSI
64.26
Neutral
STOCH
72.63
Neutral
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 0.49 is above the 20-day moving average (MA) of 0.45, above the 50-day MA of 0.42, and above the 200-day MA of 0.41, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 64.26 is Neutral, neither overbought nor oversold. The STOCH value of 72.63 is Neutral, 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

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
$17.90B11.8610.29%3.72%9.74%1.66%
63
Neutral
€211.80M2.9919.00%3.78%4.05%-8.73%
€2.11B16.8817.05%
€1.39B8.128.85%
€5.55B9.1314.61%
€130.60M3.9713.68%4.02%
€984.88M8.268.29%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IT:FNM
FNM S.p.A.
0.49
0.07
16.51%
GB:0RON
BFF Bank SpA
11.17
1.33
13.52%
GB:0NBX
Banca Ifis SPA
23.87
4.63
24.06%
GB:0NWJ
Banca Popolare di Sondrio S.C.p.A.
12.24
5.70
87.16%
GB:0R9H
Banca Sistema S.p.A.
1.67
0.08
5.03%
GB:0O5V
Banco di Desio e Della Brianza SPA
7.32
2.37
47.88%
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.Date of analysis: Aug 23, 2025