SNAM S.p.A. (IT:SRG)
:SRG
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SNAM S.p.A.
(SRG)
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Rating:68Neutral
Price Target:
€7.50
▲(10.29% Upside)
Action:DowngradedDate:04/03/26
The score is driven primarily by strong profitability but capped by weak recent free cash flow and elevated leverage. Technicals are supportive with an upward trend and constructive momentum, while valuation is reasonable with a solid dividend yield.
Positive Factors
Regulated/Essential Infrastructure
Operating principally as regulated gas midstream infrastructure gives Snam durable, oligopolistic cash flow exposure. Transportation, storage and regasification are essential services with long-term capacity patterns and contractual take-or-pay style revenues that support revenue predictability over months to years.
Negative Factors
Elevated Leverage
Rising absolute debt and a ~2x debt-to-equity profile limit financial flexibility for capex or shock absorption. In an environment of higher rates or tighter funding, leverage constrains strategic options, increases interest cost exposure and may force trade-offs between growth, dividends and deleveraging over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated/Essential Infrastructure
Operating principally as regulated gas midstream infrastructure gives Snam durable, oligopolistic cash flow exposure. Transportation, storage and regasification are essential services with long-term capacity patterns and contractual take-or-pay style revenues that support revenue predictability over months to years.
Read all positive factors
SNAM S.p.A. (SRG) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€22.79B
Dividend Yield5.18%
Average Volume (3M)5.59M
Price to Earnings (P/E)15.0
Beta (1Y)0.31
Revenue Growth-8.04%
EPS Growth30.49%
CountryIT
Employees3,971
SectorGeneral
Sector StrengthN/A
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.10
Shares Outstanding3,360,858,000
10 Day Avg. Volume5,863,752
30 Day Avg. Volume5,593,757
Financial Highlights & Ratios
PEG Ratio-5.68
Price to Book (P/B)2.06
Price to Sales (P/S)4.93
P/FCF Ratio-904.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€6.11Price Target Upside-10.15% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.43
Revenue Forecast (FY)€4.05B
SNAM S.p.A. Business Overview & Revenue Model
Company Description
Snam S.p.A., together with its subsidiaries, engages in the operation of natural gas transport and storage infrastructure in Italy. The company operates through Natural Gas Transportation, Liquefied Natural Gas (LNG) Regasification, and Natural Ga...
How the Company Makes Money
Snam makes money mainly through regulated network and terminal revenues tied to providing essential gas infrastructure services. Its key revenue streams are: (1) Gas transportation: income earned from offering capacity and transport services on it...
SNAM S.p.A. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.85B | 3.55B | 4.24B | 3.50B | 3.29B |
| Gross Profit | 3.92B | 3.12B | 2.22B | 1.87B | 1.78B |
| EBITDA | 3.23B | 3.10B | 2.33B | 2.23B | 2.26B |
| Net Income | 1.27B | 1.26B | 1.14B | 671.00M | 1.50B |
Balance Sheet | |||||
| Total Assets | 37.00B | 35.79B | 33.52B | 32.47B | 27.36B |
| Cash, Cash Equivalents and Short-Term Investments | 2.04B | 1.81B | 1.38B | 1.76B | 1.34B |
| Total Debt | 19.54B | 18.36B | 16.65B | 13.68B | 15.36B |
| Total Liabilities | 27.72B | 26.82B | 25.93B | 24.95B | 20.12B |
| Stockholders Equity | 9.24B | 8.93B | 7.63B | 7.47B | 7.20B |
Cash Flow | |||||
| Free Cash Flow | -21.00M | -1.00B | -1.68B | 2.79B | 94.00M |
| Operating Cash Flow | 2.69B | 1.81B | -135.00M | 4.11B | 1.34B |
| Investing Cash Flow | -2.96B | -2.68B | -2.23B | -1.36B | -1.64B |
| Financing Cash Flow | 113.00M | 1.29B | 1.99B | -2.32B | -1.41B |
SNAM S.p.A. Technical Analysis
Positive
6.80
Price Trends
6.35
Positive
5.97
Positive
5.52
Positive
Market Momentum
0.11
Negative
67.88
Neutral
81.15
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:SRG, the sentiment is Positive. The current price of 6.8 is above the 20-day moving average (MA) of 6.51, above the 50-day MA of 6.35, and above the 200-day MA of 5.52, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 67.88 is Neutral, neither overbought nor oversold. The STOCH value of 81.15 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:SRG.
SNAM S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €20.73B | 16.37 | 14.70% | 4.41% | 10.18% | 8.43% | |
68 Neutral | €22.79B | 14.95 | 17.62% | 5.18% | -8.04% | 30.49% | |
67 Neutral | €70.05B | 18.72 | 5.51% | 6.39% | -5.46% | 13.79% | |
63 Neutral | €100.20B | 22.77 | 23.22% | 5.05% | -3.10% | 26.28% | |
63 Neutral | €10.73B | 4.81 | ― | 4.05% | -3.34% | 8.88% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:SRG
SNAM S.p.A.
6.80
2.37
53.35%
IT:EDNR
Edison Spa
2.21
0.48
27.52%
IT:ENEL
Enel S.p.A.
9.87
3.18
47.61%
IT:ENI
ENI S.p.A.
23.95
12.90
116.78%
IT:TRN
Terna S.p.A.
10.32
2.49
31.73%
IT:IG
Italgas S.p.A.
10.56
4.63
77.99%
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.