Snam S.p.A. (SRG.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-122.8%

-€1.41

vs €6.20 price

Levered DCF

-€5.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.89×	11.26×	13.71×	22.65×	11.52×	13.53×	14.21×	13.59×
P/B	2.06×	1.61×	2.05×	2.02×	2.41×	2.33×	2.47×	2.21×
P/S	4.93×	4.05×	3.68×	4.32×	5.28×	5.47×	5.87×	5.18×
EV / EBITDA	12.58×	11.47×	13.19×	12.18×	14.1×	13.09×	12.55×	12.34×
Gross margin	65.2%	71.5%	52.3%	53.5%	54.3%	61.9%	63.8%	63.0%
Operating margin	46.8%	47.7%	33.4%	38.3%	42.9%	49.7%	55.1%	54.1%
Net margin	33.0%	35.5%	26.7%	19.2%	45.5%	40.0%	41.4%	37.6%
Current ratio	0.72×	0.83×	0.73×	0.85×	0.64×	0.64×	0.72×	0.61×
Debt / equity	2.11×	2.06×	2.18×	1.83×	2.13×	2.46×	2.36×	2.24×
Interest coverage	3.99×	3.34×	4.81×	8.12×	10.93×	8.14×	7.09×	5.73×
Dividend yield	5.1%	6.6%	6.0%	5.7%	4.7%	5.2%	4.8%	5.5%
Payout ratio	76.7%	75.1%	82.2%	129.1%	54.2%	70.8%	68.4%	76.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	14.1%	14.9%	9.0%	20.8%	17.0%	17.4%	16.0%
Return on invested capital	4.4%	4.3%	4.0%	3.6%	5.4%	4.3%	4.8%	4.8%
Return on assets	3.4%	3.5%	3.4%	2.1%	5.5%	4.2%	4.5%	4.2%
Free cash flow yield	-0.1%	-7.0%	-10.7%	18.4%	0.5%	2.9%	3.4%	7.4%
Earnings yield	6.7%	8.8%	7.3%	4.4%	8.6%	7.3%	7.0%	7.3%
Enterprise value	€36.9B	€30.9B	€30.9B	€27B	€31.4B	€27.9B	€27.4B	€25.6B
Net debt / EBITDA	6.1×	6.15×	6.52×	5.37×	6.3×	6.04×	5.46×	5.96×
Cash conversion cycle (days)	595	827	735	859	95	22	28	34