Snam SRG.MI
Snam operates Italy's gas pipeline network and gas storage, with a growing LNG business. Snam presents a defensive profile with a 49% operating margin and 26.7% earnings growth, but its high leverage (ND/EBITDA 6.2) and exposure to the Italian regulatory framework limit its appeal. The OLT acquisition strengthens its LNG position, a positive strategic move.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
Snam operates Italy's gas pipeline network and gas storage, with a growing LNG business. Snam presents a defensive profile with a 49% operating margin and 26.7% earnings growth, but its high leverage (ND/EBITDA 6.2) and exposure to the Italian regulatory framework limit its appeal. The OLT acquisition strengthens its LNG position, a positive strategic move.
Score by category
| Category | Score |
|---|---|
| Financial health | 5.3 |
| Quality / Moat | 4.6 |
| Valuation | 4.7 |
| Growth | 7.3 |
| Dividend | 6.4 |
| Momentum | 6.4 |
| Risk & Context | 5.1 |
OVERALL SCORE: 5.4/10
Context and risks
Elevated governance risk due to domicile in Italy, with a history of political intervention in infrastructure companies and pressure on regulated tariffs. High debt (ND/EBITDA 6.2) and dependence on the Italian regulatory framework amplify this risk.
News considered in the analysis
- Snam SpA (SNMRF) (H1 2026) Earnings Call Highlights: Strong EBITDA Growth and Strategic ... — Resultados semestrales con crecimiento de EBITDA, refuerza la tendencia positiva del negocio regulado.
- Snam SpA (SNMRF) Q1 2026 Earnings Call Highlights: Strong EBITDA Growth Amid Strategic Investments — Resultados del primer trimestre ya descontados por el mercado y superados por los del H1.
- Snam SpA (SNMRF) Full Year 2025 Earnings Call Highlights: Strong Financial Performance Amid ... — Resultados anuales de 2025, información antigua y ya incorporada al precio.
- Why The Narrative Around Snam Is Shifting As Growth Lags But Valuation Edges Higher — Artículo de opinión sin información nueva material.
- Snam to buy Igneo’s entire stake in Offshore LNG Toscana — Adquisición del 100% de OLT, refuerza su posición en GNL y asegura el control de una infraestructura estratégica.
Verdict: Hold. The combination of high leverage and regulatory risk in Italy offsets growth and dividend yield. Wait for improved debt reduction or a clear regulatory catalyst.
Main risk: High leverage (ND/EBITDA 6.2) combined with governance risk in Italy, where political pressure on regulated tariffs could compress margins and limit the ability to reduce debt.
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