Snam SpA

SRG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Snam Earnings: On Track to Meet Full-Year Guidance; Shares Undervalued

Tancrede Fulop

Nov 7, 2024

No-moat Snam reported sound third-quarter results, although slightly below market expectations. Management confirmed its full-year guidance for adjusted EBITDA of EUR 2.75 billion and adjusted net income of EUR 1.23 billion. With no changes to our forecast, we maintain our EUR 4.70 fair value estimate and see the shares as undervalued.

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Snam SpA

Snam Earnings: On Track to Meet Full-Year Guidance; Shares Undervalued

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