FNM S.p.A (FNM) Fair Value & Analysis
Industrials · IT · Market cap €207M
Fair value as of: Jul 24, 2026
From 24 valuation models · updated 17 days ago
Fair value updated Jul 24, 2026, revised from €0.4621 to €0.4617 (−0.1%) since Jun 25, 2026. Share price −0.4% over the past month.
Below-average quality, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- Our model range runs from €0.3473 (bear) to €0.5775 (bull), base €0.4617. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 46/100 (below-average quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.
How to read this chart
60‑month range €0.3422 – €0.5629 · fair‑value band €0.3473 – €0.5775 · the €0.4600 price screens below the €0.4617 fair value. Dashed = 300-day average. As of Jul 24, 2026.
Analysis
FNM S.p.A (FNM) currently trades at €0.4600, while our model-based Fair Value estimate is €0.4617, implying the stock looks roughly 0.4% fairly valued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, FNM S.p.A generated revenue of €861M at a net margin of 8.8%. Revenue declined 6.7% year over year. It earns a return on equity of 16.9%. Net debt stands at €363M. Fundamentals as of Jul 24, 2026
Our scenario range runs from €0.3473 (bear case) to €0.5775 (bull case); at €0.4600, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -28% fair-value upside, at 0%, FNM screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: DCF Models (€4.32) versus Asset-Based (€0.7000). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 58
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +18.1 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Peer Group
Railroads · 111 stocks
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.
Valuation Multiples vs Railroads median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Railroads stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Union Pacific Corporation UNP | $301.75 | $144.60 | -52% |
| CSX Corporation CSX | $49.41 | $12.85 | -74% |
| Canadian Pacific Kansas City Limited CP | $92.91 | $35.00 | -62% |
| Canadian National Railway Company CNI | $128.22 | $92.63 | -28% |
| Norfolk Southern Corporation NSC | $327.47 | $117.90 | -64% |
| Westinghouse Air Brake Technologies Corporation WAB | $259.71 | $144.80 | -44% |
| Beijing-Shanghai High-Speed Railway Co 601816 | ¥4.82 | ¥5.65 | +17% |
| CRRC Corporation 601766 | ¥5.65 | ¥9.53 | +69% |
| Daqin Railway Co 601006 | ¥4.85 | ¥6.24 | +29% |
| Hyundai Rotem Company 064350 | 167,700 KRW | 125,182 KRW | -25% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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