FNM S.p.A. (FNM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of FNM S.p.A. €0.45, price €0.45, upside -1.1%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €0.3422 – €0.5629 · fair‑value band €0.3116 – €0.5786 · the €0.4500 price screens above the €0.4451 fair value. Dashed = 300-day average. As of Sep 23, 2026.
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FNM S.p.A. engages in the sustainable mobility solutions in Italy. The company operates through the Freeways, Railway Infrastructure, Energy, RO.S.CO., and Mobility and Services segments.
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FNM S.p.A. engages in the sustainable mobility solutions in Italy. The company operates through the Freeways, Railway Infrastructure, Energy, RO.S.CO., and Mobility and Services segments. The company is involved in the design, construction, and management of motorways and the ring roads, terminal management activity, the renewable energy business, the development of new plants, the rental of rolling stock with an owned fleet in the public transport and freight transport sector, the sale of tickets, subcontracting activities, and car-sharing business. It also provides technical and administrative support services for infrastructure investments; and the management, maintenance, design, and construction services. The company was formerly known as Ferrovie Nord Milano. FNM S.p.A. was incorporated in 1877 and is headquartered in Milan, Italy. FNM S.p.A. operates as a subsidiary of Regione Lombardia.
Stock analysis
FNM S.p.A. (FNM) currently trades at €0.4500, while our model-based Fair Value estimate is €0.4451, implying the stock looks roughly 1.1% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €3.55 per share, and 24 of the 24 models we run sit above the €0.4500 price.
Bear case: the Asset-Based group reads lowest at €0.7000, and 0 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: €0.3116 (bear) to €0.5786 (bull), the price of €0.4500 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
FNM S.p.A. reported revenue of €884M in FY2025 versus €568M in FY2021, a compound +11.7%/yr. Reported net income was €73.6M in FY2025, compounding +15.8%/yr from FY2021.
Key figures
Market cap €196M · P/E ratio 2.6 · P/S ratio 0.22 · EPS (TTM) €0.1700 · Dividend yield 5.1% · Net margin 8.3% · Return on equity 16.9% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 0% fair-value upside, at −1%, FNM screens richer than that median.
Fair Value models
Bear €0.3116Fair Value €0.4451Bull €0.5786
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1079 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.4%
Start year 2020 (pandemic). Over 10 years: +18.1% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+24.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.4%
Dividend (yield on the price)5.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19% vs 13%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 18%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +9.2% a year for the price and −2.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Railroads · 115 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−1% · Above median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets2% · Below median
Net margin (TTM)9% · Above median
Operating margin (TTM)6% · Below median
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)5.1% · Top 25%
Balance sheet
Debt / equity0.11× · Below median
Valuation Multiplesvs Railroads median · lower = cheaper
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Cite: Fair Value Calculator (2026). "FNM S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/FNM
Frequently asked questions
Is FNM S.p.A. (FNM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.4451 versus a price of €0.4500, about −1% upside (fairly valued).
What is the fair value of FNM?
Our model-based fair value for FNM S.p.A. is €0.4451 (as of Sep 23, 2026), built from audited fundamentals. The current price: €0.4500.
What is the quality score of FNM?
FNM S.p.A. has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FNM S.p.A. (FNM)?
Our model-based price target is the fair value of €0.4451 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario €0.3116, optimistic scenario €0.5786. It is a calculation from audited fundamentals, not an analyst target.
What is the FNM S.p.A. stock forecast for 2026?
Our models put fair value at €0.4451, about −1% upside versus a price of €0.4500 (fairly valued). Cautious scenario €0.3116, optimistic scenario €0.5786. The calculation is refreshed regularly with new filings.
What is the revenue of FNM S.p.A. (FNM)?
FNM S.p.A. reported trailing-twelve-month revenue of about €861M (latest available figure, as of Sep 23, 2026).
Does FNM S.p.A. pay a dividend?
FNM S.p.A. currently shows a dividend yield of about 5.11% relative to its recent price (as of Sep 23, 2026).
What growth is priced into FNM S.p.A. (FNM)?
For today's price to be fair in a discounted-cash-flow model, FNM S.p.A. would have to grow free cash flow by +11.6 % per year for five years (discount rate 13.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of FNM use?
Our models discount FNM S.p.A. at 13.6 %: a base by market capitalisation (micro), damped by beta 0.64, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For FNM S.p.A. that is +11.6 % per year a year over ten years, using the same discount rate (13.6 %) and the same formula as our fair value.
How much growth has FNM S.p.A. (FNM) delivered so far?
Over the past 5 years revenue at FNM S.p.A. grew +29.4 % a year. The price currently implies +11.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of FNM S.p.A. (FNM) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into FNM S.p.A. (+11.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of FNM S.p.A. (FNM)?
The free-cash-flow yield on the price is 20.73 %: that much free cash flow FNM S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (13.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FNM S.p.A. (FNM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FNM S.p.A. it is €0.4451 per share (as of Sep 23, 2026), against a price of €0.4500. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is FNM S.p.A. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FNM trades above its calculated fair value: price €0.4500, fair value €0.4451, a gap of about −1% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FNM?
No. The price is what the market pays today (€0.4500); the fair value is what the company's own numbers justify (€0.4451). For FNM S.p.A. the two are €0.0049 per share apart. That gap is exactly why we show both numbers side by side.
How much is FNM S.p.A. worth?
The market values FNM S.p.A. at about €196M (market capitalisation, as of Sep 23, 2026). Per share that is €0.4500; our models calculate a fair value of €0.4451 per share.
What do the bullish and bearish scenarios say about FNM?
Our models span a range for FNM S.p.A.: cautious scenario €0.3116, base €0.4451, optimistic €0.5786 per share (as of Sep 23, 2026, price €0.4500). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FNM?
FNM S.p.A. trades at a price-to-earnings ratio of 2.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €0.4451 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.3.
How solid is the balance sheet of FNM S.p.A. (FNM)?
Balance-sheet figures for FNM S.p.A. (as of Sep 23, 2026): return on equity 16.9%, debt of 0.11 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is FNM from its 52-week high?
FNM S.p.A. trades at €0.4500, about 13% below its 52-week high of €0.5144 and 5% above the low of €0.4303 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.4451 is for.
Which stocks are comparable to FNM S.p.A.?
From the same area (Industrials) we also value Union Pacific Corporation, CSX Corporation, Canadian Pacific Kansas City Limited, Norfolk Southern Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FNM S.p.A. stock attractive at the current price?
The data as of Sep 23, 2026: price €0.4500, calculated fair value €0.4451 (−1%), Quality Score 46/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FNM calculated?
We run FNM S.p.A. through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €0.4451, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. FNM S.p.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FNM S.p.A. (FNM)?
The closing price on Sep 24, 2026 was €0.4500. Our model-based fair value is €0.4451, about −1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FNM S.p.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€0.3116 to €0.5786) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of FNM S.p.A. (FNM) come from?
Earnings per share at FNM S.p.A. grew +11.5 % a year from 2012 to 2023. Broken into its drivers: revenue per share +18.1 %, EBIT margin −2.6 %, tax rate −1.6 %, residual (interest, one-offs) −1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of FNM S.p.A.
How large is the market capitalisation of FNM S.p.A. (FNM)?
The market capitalisation of FNM S.p.A. is €196M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FNM S.p.A. (FNM)?
The price-to-sales ratio of FNM S.p.A. is 0.22 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FNM S.p.A. (FNM)?
Earnings per share at FNM S.p.A. are €0.1700 (price ÷ EPS = P/E 2.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of FNM S.p.A. (FNM)?
The dividend yield of FNM S.p.A. is 5.1% (payout 13.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of FNM S.p.A. (FNM)?
The net margin of FNM S.p.A. is 8.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FNM S.p.A. (FNM)?
The return on equity (ROE) of FNM S.p.A. is 16.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FNM S.p.A. (FNM)?
On an EBIT basis the return on assets of FNM S.p.A. is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FNM S.p.A. (FNM)?
The operating margin of FNM S.p.A. is 6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FNM S.p.A. (FNM)?
Revenue at FNM S.p.A. is growing −6.7% versus a year earlier (3y avg +10.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does FNM S.p.A. (FNM) carry?
The net debt of FNM S.p.A. is €363M (fiscal year 2025, ≈ 8.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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