Snam SpA (SNMRY)
OTHER OTC:SNMRY
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Snam SpA
(OTC:SNMRY)
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Rating:65Neutral
Price Target:
$16.50
â–²(19.57% Upside)
Action:ReiteratedDate:04/05/26
The score is driven primarily by mixed financial quality: strong, resilient profitability is weighed down by high leverage and recent negative/volatile free cash flow. Technicals are supportive with an upward trend and positive momentum, while valuation is reasonable with a moderate P/E and a solid dividend yield.
Positive Factors
Regulated business model
Snam’s revenue base is anchored in tariff-driven, regulated networks and capacity contracts that provide predictable cash inflows and allowed returns. That structural regulatory framework supports durable revenue visibility and makes core earnings less cyclically sensitive over multi-year horizons.
Negative Factors
High leverage
Sustained leverage at roughly double equity elevates refinancing and interest-rate sensitivity, restricting capital flexibility. High debt levels limit room for organic or inorganic investment, increase refinancing risk across cycles, and can pressure credit metrics during adverse conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated business model
Snam’s revenue base is anchored in tariff-driven, regulated networks and capacity contracts that provide predictable cash inflows and allowed returns. That structural regulatory framework supports durable revenue visibility and makes core earnings less cyclically sensitive over multi-year horizons.
Read all positive factors
Snam SpA (SNMRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$26.11B
Dividend Yield3.55%
Average Volume (3M)852.00
Price to Earnings (P/E)14.9
Beta (1Y)>-0.01
Revenue Growth-7.51%
EPS Growth31.31%
CountryUS
Employees3,971
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.34
Shares Outstanding1,680,429,000
10 Day Avg. Volume0
30 Day Avg. Volume852
Financial Highlights & Ratios
PEG Ratio-5.66
Price to Book (P/B)2.05
Price to Sales (P/S)4.91
P/FCF Ratio-900.77
Enterprise Value/Market Cap1.54
Enterprise Value/Revenue20.90
Enterprise Value/Gross Profit10.29
Enterprise Value/Ebitda12.47
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Snam SpA 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 primarily makes money from regulated energy infrastructure services. Its main revenue streams are: (1) Gas transportation: Snam earns revenue by providing transmission capacity and related network services on its gas pipeline system. Customer...
Snam SpA Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance, significant growth in LNG imports, and strategic progress in sustainable financing and high storage levels. However, challenges remain with the ongoing regulatory uncertainty and the pending acquisition in Germany. Overall, the positive aspects of growth and financial stability outweigh the concerns.Positive Updates
Increased Gas Demand
Gas demand in Italy rose by 2% compared to the same period last year, with significant growth in the thermoelectric sector and a sharp increase in exports, highlighting the importance of gas-fired power generation.
Negative Updates
Challenges in German Acquisition
The foreign direct investment clearance for the OGE acquisition in Germany is still ongoing, with uncertainty around the final decision as the long stop date approaches.
Read all updates
Q3-2025 Updates
Positive
Negative
Increased Gas Demand
Gas demand in Italy rose by 2% compared to the same period last year, with significant growth in the thermoelectric sector and a sharp increase in exports, highlighting the importance of gas-fired power generation.
Read all positive updates
Company Guidance
In the recent conference call, Snam provided a comprehensive update on its financial performance for the first nine months of 2025 and revised its full-year guidance. Notably, the company reported a 6.6% increase in adjusted EBITDA, reaching EUR 2.227 billion, and a double-digit growth in adjusted net income to EUR 1.096 billion, fueled by higher EBITDA and contributions from associates. Snam also highlighted a significant rise in LNG imports by 38% year-on-year, supported by operational LNG terminals, contributing to Italy's 92% gas storage levels, which surpass the European average. The guidance for 2025 was updated, with EBITDA projected at EUR 2.950 billion and net income at EUR 1.420 billion, reflecting regulatory impacts and strong cash flow management. Investment activities include approximately EUR 1.8 billion in CapEx, and the interim dividend was increased by 4% to EUR 0.1208 per share. The company also underscored its strategic focus on energy transition, with substantial progress in CCS projects and a robust energy transition backlog, while maintaining a stable cost of debt at 2.6%.Snam SpA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.85B | 3.55B | 4.29B | 3.52B | 3.29B |
| Gross Profit | 3.92B | 3.12B | 2.87B | 1.87B | 1.78B |
| EBITDA | 3.23B | 3.10B | 2.42B | 2.25B | 2.25B |
| 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 | 25.84B | 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 SpA Technical Analysis
Positive
13.80
Price Trends
14.72
Positive
13.92
Positive
12.91
Positive
Market Momentum
0.16
Negative
66.28
Neutral
99.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNMRY, the sentiment is Positive. The current price of 13.8 is below the 20-day moving average (MA) of 14.95, below the 50-day MA of 14.72, and above the 200-day MA of 12.91, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 66.28 is Neutral, neither overbought nor oversold. The STOCH value of 99.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNMRY.
Snam SpA Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $6.57B | 21.17 | 11.62% | 3.07% | -23.15% | 157.45% | |
69 Neutral | $31.38B | 16.92 | 9.20% | 2.15% | 12.91% | 9.86% | |
67 Neutral | $23.02B | 21.25 | 10.23% | 2.69% | 19.62% | 12.87% | |
66 Neutral | $5.76B | 9.48 | 13.39% | 4.01% | 13.94% | 13.93% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $26.11B | 14.89 | 10.98% | 3.55% | -7.51% | 31.31% | |
65 Neutral | $8.11B | 6.77 | 12.21% | 3.92% | 1.10% | 140.04% |
* Utilities Sector Average
SNMRY
Snam SpA
15.63
5.98
61.92%
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29.56%
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33.73%
UGI
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25.95%
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.