SNAM SPA (SRG.MI) Fundamental Analysis & Valuation

BIT:SRG • IT0003153415

6.486 EUR
+0.02 (+0.34%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This SRG.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall SRG gets a fundamental rating of 4 out of 10. We evaluated SRG against 5 industry peers in the Gas Utilities industry. There are concerns on the financial health of SRG while its profitability can be described as average. SRG is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. SRG.MI Profitability Analysis

1.1 Basic Checks

  • In the past year SRG was profitable.
  • In the past year SRG had a positive cash flow from operations.
  • SRG had positive earnings in each of the past 5 years.
  • Of the past 5 years SRG 4 years had a positive operating cash flow.
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's Return On Equity of 24.13% is fine compared to the rest of the industry. SRG outperforms 80.00% of its industry peers.
  • SRG's Return On Invested Capital of 7.18% is in line compared to the rest of the industry. SRG outperforms 60.00% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for SRG is in line with the industry average of 6.44%.
  • The last Return On Invested Capital (7.18%) for SRG is above the 3 year average (4.63%), which is a sign of increasing profitability.
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

  • SRG's Profit Margin of 40.11% is amongst the best of the industry. SRG outperforms 100.00% of its industry peers.
  • In the last couple of years the Profit Margin of SRG has declined.
  • SRG has a Operating Margin of 49.28%. This is amongst the best in the industry. SRG outperforms 100.00% of its industry peers.
  • In the last couple of years the Operating Margin of SRG has declined.
  • SRG has a Gross Margin of 51.90%. This is comparable to the rest of the industry: SRG outperforms 60.00% of its industry peers.
  • In the last couple of years the Gross Margin of SRG has remained more or less at the same level.
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. SRG.MI Health Analysis

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.
  • The number of shares outstanding for SRG remains at a similar level compared to 1 year ago.
  • 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 1.05, we must say that SRG is in the distress zone and has some risk of bankruptcy.
  • SRG's Altman-Z score of 1.05 is on the low side compared to the rest of the industry. SRG is outperformed by 60.00% of its industry peers.
  • SRG has a Debt/Equity ratio of 1.87. This is a high value indicating a heavy dependency on external financing.
  • With a Debt to Equity ratio value of 1.87, SRG is not doing good in the industry: 60.00% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 1.87
Debt/FCF N/A
Altman-Z 1.05
ROIC/WACC1.38
WACC5.19%
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.
  • SRG has a Current ratio (0.90) which is comparable to the rest of the 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.
  • SRG has a worse Quick ratio (0.66) than 80.00% of its industry peers.
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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. SRG.MI Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 14.65% over the past year.
  • Measured over the past 5 years, SRG shows a small growth in Earnings Per Share. The EPS has been growing by 2.97% on average per year.
  • The Revenue has decreased by -2.72% in the past year.
  • Measured over the past years, SRG shows a small growth in Revenue. The Revenue has been growing by 6.01% on average per year.
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

  • SRG is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.66% yearly.
  • The Revenue is expected to grow by 3.20% on average over the next years.
EPS Next Y10.01%
EPS Next 2Y5.16%
EPS Next 3Y4.72%
EPS Next 5Y3.66%
Revenue Next Year-0.89%
Revenue Next 2Y2.66%
Revenue Next 3Y3.48%
Revenue Next 5Y3.2%

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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3

4. SRG.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 15.82 indicates a correct valuation of SRG.
  • Compared to the rest of the industry, the Price/Earnings ratio of SRG indicates a slightly more expensive valuation: SRG is more expensive than 60.00% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.29. SRG is valued slightly cheaper when compared to this.
  • With a Price/Forward Earnings ratio of 15.35, SRG is valued correctly.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SRG indicates a somewhat cheap valuation: SRG is cheaper than 80.00% of the companies listed in the same industry.
  • SRG's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.57.
Industry RankSector Rank
PE 15.82
Fwd PE 15.35
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

  • SRG's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 10.27
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

  • The 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)1.58
PEG (5Y)5.33
EPS Next 2Y5.16%
EPS Next 3Y4.72%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. SRG.MI Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.53%, SRG is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 4.29, SRG pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, SRG pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.53%

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

  • SRG pays out 43.67% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The dividend of SRG is growing, but the earnings are growing slower. 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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SRG.MI Fundamentals: All Metrics, Ratios and Statistics

SNAM SPA

BIT:SRG (3/6/2026, 7:00:00 PM)

6.486

+0.02 (+0.34%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)11-05
Earnings (Next)03-05
Inst Owners28.93%
Inst Owner ChangeN/A
Ins Owners7.45%
Ins Owner ChangeN/A
Market Cap21.80B
Revenue(TTM)5.58B
Net Income(TTM)2.21B
Analysts65
Price Target5.89 (-9.19%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.53%
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)1.45%
PT rev (3m)3.87%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0.79%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)-0.05%
Revenue NY rev (3m)-0.25%
Valuation
Industry RankSector Rank
PE 15.82
Fwd PE 15.35
P/S 3.97
P/FCF N/A
P/OCF 11.61
P/B 2.39
P/tB 3.01
EV/EBITDA 10.27
EPS(TTM)0.41
EY6.32%
EPS(NY)0.42
Fwd EY6.51%
FCF(TTM)-0.29
FCFYN/A
OCF(TTM)0.56
OCFY8.62%
SpS1.64
BVpS2.72
TBVpS2.16
PEG (NY)1.58
PEG (5Y)5.33
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 1.05
F-Score5
WACC5.19%
ROIC/WACC1.38
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 5Y3.66%
Revenue 1Y (TTM)-2.72%
Revenue growth 3Y2.67%
Revenue growth 5Y6.01%
Sales Q2Q%-11.65%
Revenue Next Year-0.89%
Revenue Next 2Y2.66%
Revenue Next 3Y3.48%
Revenue Next 5Y3.2%
EBIT growth 1Y11.62%
EBIT growth 3Y5.97%
EBIT growth 5Y3.08%
EBIT Next Year70.26%
EBIT Next 3Y23.58%
EBIT Next 5Y15.23%
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 3 / 10 to SNAM SPA (SRG.MI). This can be considered as Overvalued.


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 15.82 and the Price/Book (PB) ratio is 2.39.


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%.