SNAM SPA (SRG.MI) Stock Fundamental Analysis

Europe • Euronext Milan • BIT:SRG • IT0003153415

5.796 EUR
+0.03 (+0.59%)
Last: Feb 3, 2026, 05:35 PM
Fundamental Rating

4

SRG gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 4 industry peers in the Gas Utilities industry. While SRG is still in line with the averages on profitability rating, there are concerns on its financial health. SRG is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • SRG had positive earnings in the past year.
  • In the past year SRG had a positive cash flow from operations.
  • SRG had positive earnings in each of the past 5 years.
  • SRG had a positive operating cash flow in 4 of the past 5 years.
SRG.MI Yearly Net Income VS EBIT VS OCF VS FCFSRG.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B

1.2 Ratios

  • SRG has a Return On Assets of 6.13%. This is amongst the best in the industry. SRG outperforms 100.00% of its industry peers.
  • SRG has a Return On Equity of 24.13%. This is in the better half of the industry: SRG outperforms 75.00% of its industry peers.
  • The Return On Invested Capital of SRG (7.18%) is comparable to the rest of the industry.
  • SRG had an Average Return On Invested Capital over the past 3 years of 4.63%. This is below the industry average of 6.63%.
  • The 3 year average ROIC (4.63%) for SRG is below the current ROIC(7.18%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 6.13%
ROE 24.13%
ROIC 7.18%
ROA(3y)2.99%
ROA(5y)3.75%
ROE(3y)12.65%
ROE(5y)15.15%
ROIC(3y)4.63%
ROIC(5y)4.83%
SRG.MI Yearly ROA, ROE, ROICSRG.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

  • With an excellent Profit Margin value of 40.11%, SRG belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • SRG's Profit Margin has declined in the last couple of years.
  • With an excellent Operating Margin value of 49.28%, SRG belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • SRG's Operating Margin has declined in the last couple of years.
  • SRG has a Gross Margin (51.90%) which is in line with its industry peers.
  • SRG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 49.28%
PM (TTM) 40.11%
GM 51.9%
OM growth 3Y3.22%
OM growth 5Y-2.76%
PM growth 3Y-8.04%
PM growth 5Y-2.91%
GM growth 3Y4.14%
GM growth 5Y-0.97%
SRG.MI Yearly Profit, Operating, Gross MarginsSRG.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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1

2. Health

2.1 Basic Checks

  • SRG has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • Compared to 1 year ago, SRG has about the same amount of shares outstanding.
  • SRG has more shares outstanding than it did 5 years ago.
  • SRG has a worse debt/assets ratio than last year.
SRG.MI Yearly Shares OutstandingSRG.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
SRG.MI Yearly Total Debt VS Total AssetsSRG.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • Based on the Altman-Z score of 1.00, we must say that SRG is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.00, SRG is in line with its industry, outperforming 50.00% of the companies in the same industry.
  • A Debt/Equity ratio of 1.87 is on the high side and indicates that SRG has dependencies on debt financing.
  • The Debt to Equity ratio of SRG (1.87) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.87
Debt/FCF N/A
Altman-Z 1
ROIC/WACC1.42
WACC5.04%
SRG.MI Yearly LT Debt VS Equity VS FCFSRG.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B

2.3 Liquidity

  • A Current Ratio of 0.90 indicates that SRG may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.90, SRG is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
  • SRG has a Quick Ratio of 0.90. This is a bad value and indicates that SRG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.66, SRG is not doing good in the industry: 75.00% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.9
Quick Ratio 0.66
SRG.MI Yearly Current Assets VS Current LiabilitesSRG.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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4

3. Growth

3.1 Past

  • SRG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.65%, which is quite good.
  • The Earnings Per Share has been growing slightly by 2.97% on average over the past years.
  • The Revenue has decreased by -2.72% in the past year.
  • The Revenue has been growing slightly by 6.01% on average over the past years.
EPS 1Y (TTM)14.65%
EPS 3Y-5.86%
EPS 5Y2.97%
EPS Q2Q%9.89%
Revenue 1Y (TTM)-2.72%
Revenue growth 3Y2.67%
Revenue growth 5Y6.01%
Sales Q2Q%-11.65%

3.2 Future

  • Based on estimates for the next years, SRG will show a small growth in Earnings Per Share. The EPS will grow by 4.19% on average per year.
  • Based on estimates for the next years, SRG will show a small growth in Revenue. The Revenue will grow by 3.04% on average per year.
EPS Next Y10.01%
EPS Next 2Y5.16%
EPS Next 3Y4.72%
EPS Next 5Y4.19%
Revenue Next Year-0.84%
Revenue Next 2Y2.72%
Revenue Next 3Y3.52%
Revenue Next 5Y3.04%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
SRG.MI Yearly Revenue VS EstimatesSRG.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B 4B
SRG.MI Yearly EPS VS EstimatesSRG.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.1 0.2 0.3 0.4

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4

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 14.14, the valuation of SRG can be described as correct.
  • Compared to the rest of the industry, the Price/Earnings ratio of SRG is on the same level as its industry peers.
  • Compared to an average S&P500 Price/Earnings ratio of 28.18, SRG is valued a bit cheaper.
  • A Price/Forward Earnings ratio of 13.72 indicates a correct valuation of SRG.
  • SRG's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. SRG is cheaper than 75.00% of the companies in the same industry.
  • SRG is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 25.51, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 14.14
Fwd PE 13.72
SRG.MI Price Earnings VS Forward Price EarningsSRG.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, SRG is valued a bit cheaper than 75.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.65
SRG.MI Per share dataSRG.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2

4.3 Compensation for Growth

  • SRG's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • SRG has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.41
PEG (5Y)4.76
EPS Next 2Y5.16%
EPS Next 3Y4.72%

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6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 5.12%, SRG is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 4.87, SRG pays a bit more dividend than its industry peers.
  • SRG's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
Industry RankSector Rank
Dividend Yield 5.12%

5.2 History

  • The dividend of SRG has a limited annual growth rate of 4.51%.
Dividend Growth(5Y)4.51%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 43.67% of the earnings are spent on dividend by SRG. This is a bit on the high side, but may be sustainable.
  • SRG's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP43.67%
EPS Next 2Y5.16%
EPS Next 3Y4.72%
SRG.MI Yearly Income VS Free CF VS DividendSRG.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B
SRG.MI Dividend Payout.SRG.MI Dividend Payout, showing the Payout Ratio.SRG.MI Dividend Payout.PayoutRetained Earnings

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SNAM SPA

BIT:SRG (2/3/2026, 5:35:15 PM)

5.796

+0.03 (+0.59%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)11-05
Earnings (Next)03-17
Inst Owners28.93%
Inst Owner ChangeN/A
Ins Owners7.45%
Ins Owner ChangeN/A
Market Cap19.48B
Revenue(TTM)5.58B
Net Income(TTM)2.21B
Analysts66.09
Price Target5.8 (0.07%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.12%
Yearly Dividend0.28
Dividend Growth(5Y)4.51%
DP43.67%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)5.67%
Min EPS beat(2)-6.3%
Max EPS beat(2)17.64%
EPS beat(4)2
Avg EPS beat(4)2.44%
Min EPS beat(4)-13.92%
Max EPS beat(4)17.64%
EPS beat(8)4
Avg EPS beat(8)2.26%
EPS beat(12)6
Avg EPS beat(12)0.08%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-0.95%
Min Revenue beat(2)-1.8%
Max Revenue beat(2)-0.11%
Revenue beat(4)0
Avg Revenue beat(4)-7.75%
Min Revenue beat(4)-25.83%
Max Revenue beat(4)-0.11%
Revenue beat(8)2
Avg Revenue beat(8)2.07%
Revenue beat(12)5
Avg Revenue beat(12)12.97%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.18%
PT rev (3m)4.48%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-0.16%
EPS NY rev (3m)1.15%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.89%
Valuation
Industry RankSector Rank
PE 14.14
Fwd PE 13.72
P/S 3.54
P/FCF N/A
P/OCF 10.37
P/B 2.13
P/tB 2.69
EV/EBITDA 9.65
EPS(TTM)0.41
EY7.07%
EPS(NY)0.42
Fwd EY7.29%
FCF(TTM)-0.29
FCFYN/A
OCF(TTM)0.56
OCFY9.64%
SpS1.64
BVpS2.72
TBVpS2.16
PEG (NY)1.41
PEG (5Y)4.76
Graham Number5.01
Profitability
Industry RankSector Rank
ROA 6.13%
ROE 24.13%
ROCE 9.95%
ROIC 7.18%
ROICexc 7.68%
ROICexgc 8.27%
OM 49.28%
PM (TTM) 40.11%
GM 51.9%
FCFM N/A
ROA(3y)2.99%
ROA(5y)3.75%
ROE(3y)12.65%
ROE(5y)15.15%
ROIC(3y)4.63%
ROIC(5y)4.83%
ROICexc(3y)4.97%
ROICexc(5y)5.28%
ROICexgc(3y)5.31%
ROICexgc(5y)5.63%
ROCE(3y)6.69%
ROCE(5y)7.13%
ROICexgc growth 3Y-1.38%
ROICexgc growth 5Y-4.6%
ROICexc growth 3Y-1.53%
ROICexc growth 5Y-4.68%
OM growth 3Y3.22%
OM growth 5Y-2.76%
PM growth 3Y-8.04%
PM growth 5Y-2.91%
GM growth 3Y4.14%
GM growth 5Y-0.97%
F-Score5
Asset Turnover0.15
Health
Industry RankSector Rank
Debt/Equity 1.87
Debt/FCF N/A
Debt/EBITDA 4.52
Cap/Depr 262.59%
Cap/Sales 51.59%
Interest Coverage 6.56
Cash Conversion 49.56%
Profit Quality N/A
Current Ratio 0.9
Quick Ratio 0.66
Altman-Z 1
F-Score5
WACC5.04%
ROIC/WACC1.42
Cap/Depr(3y)209.59%
Cap/Depr(5y)186.27%
Cap/Sales(3y)52.8%
Cap/Sales(5y)47.64%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)14.65%
EPS 3Y-5.86%
EPS 5Y2.97%
EPS Q2Q%9.89%
EPS Next Y10.01%
EPS Next 2Y5.16%
EPS Next 3Y4.72%
EPS Next 5Y4.19%
Revenue 1Y (TTM)-2.72%
Revenue growth 3Y2.67%
Revenue growth 5Y6.01%
Sales Q2Q%-11.65%
Revenue Next Year-0.84%
Revenue Next 2Y2.72%
Revenue Next 3Y3.52%
Revenue Next 5Y3.04%
EBIT growth 1Y11.62%
EBIT growth 3Y5.97%
EBIT growth 5Y3.08%
EBIT Next Year70.37%
EBIT Next 3Y23.42%
EBIT Next 5Y15.18%
FCF growth 1Y-103.83%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y75.19%
OCF growth 3Y10.68%
OCF growth 5Y4.07%

SNAM SPA / SRG.MI FAQ

What is the ChartMill fundamental rating of SNAM SPA (SRG.MI) stock?

ChartMill assigns a fundamental rating of 4 / 10 to SRG.MI.


What is the valuation status for SRG stock?

ChartMill assigns a valuation rating of 4 / 10 to SNAM SPA (SRG.MI). This can be considered as Fairly Valued.


Can you provide the profitability details for SNAM SPA?

SNAM SPA (SRG.MI) has a profitability rating of 6 / 10.


Can you provide the PE and PB ratios for SRG stock?

The Price/Earnings (PE) ratio for SNAM SPA (SRG.MI) is 14.14 and the Price/Book (PB) ratio is 2.13.


How sustainable is the dividend of SNAM SPA (SRG.MI) stock?

The dividend rating of SNAM SPA (SRG.MI) is 6 / 10 and the dividend payout ratio is 43.67%.