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Snam SpA (SNMRY) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Snam SpA $7.87, price $12.60, upside -37.5%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Utilities · US · ADR · Home Italy · ISIN US78460A1060

SS Snam SpA logo Broad data Sep 29, 2026

Snam SpA

SNMRY · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $7.87 · Strongly overvalued (−37.5%)
!Quality 50/100
!Expensive Growth (revenue 5y +6.8 %/yr)
✓Highly profitable · 27.4% net margin (TTM)
!High debt · negative free cash flow
!5.8% dividend yield · Watch coverage
!Mixed vs. peers (7/14)
✓Wide moat 67/100
!Weak on future: 15 out of 100
!Weak on balance sheet: 22 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$15.68 $6.27 Fair Value $7.87 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range $6.27 – $15.68 · fair‑value band $6.16 – $12.32 · the $12.60 price screens above the $7.87 fair value. Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

Snam S.p.A., together with its subsidiaries, engages in the operation of natural gas transport and storage infrastructure. It operates through Natural gas transportation; Natural gas storage; LNG regasification; and Market solutions segments.

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Snam S.p.A., together with its subsidiaries, engages in the operation of natural gas transport and storage infrastructure. It operates through Natural gas transportation; Natural gas storage; LNG regasification; and Market solutions segments. The company offers natural gas transportation and dispatching services; and owns and manages liquified natural gas (LNG) regasification plants. It also provides natural gas storage services through an integrated group of infrastructure comprising deposits, wells, gas treatment and compression plants, and the operational dispatching systems; and operates storage concessions located in Lombardy, Emilia-Romagna, and Abruzzo. In addition, the company offers energy efficiency solutions for companies, condominiums, tertiary, and public administration sectors; and invests, constructs, develops, and operates biogas and biomethane plants. Further, the company provides technical consulting services; and sells automotive compressed natural gas (CNG) compressors. It operates a natural gas transportation network of approximately 38,000 kilometers in Italy, Austria, the United Arab Emirates, France, Greece, and the United Kingdom. The company was formerly known as Snam Rete Gas S.p.A. and changed its name to Snam S.p.A. in January 2012. Snam S.p.A. was founded in 1941 and is headquartered in Milan, Italy.

Stock analysis

Snam SpA ADR (SNMRY) currently trades at $12.60, while our model-based Fair Value estimate is $7.87, 37.5% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $12.32 per share, and 2 of the 14 models we run sit above the $12.60 price.

Bear case: the Economic Profit group reads lowest at $2.85, and 12 of the 14 models stay below the price. Evidence for this calculation is high.

Scenario range: $6.16 (bear) to $12.32 (bull), the price of $12.60 sits above 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 50/100 (below-average quality), in the Utilities sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Snam SpA ADR reported revenue of €3.9B in FY2025 versus €3.3B in FY2021, a compound +4.1%/yr. Reported net income was €1.3B in FY2025, compounding −4.0%/yr from FY2021.

Key figures

Market cap $24.3B · P/E ratio 15.4 · P/S ratio 5.07 · EPS (TTM) $0.8200 · Dividend yield 5.8% · Net margin 33.0% · Return on equity 11.2% · Return on assets (EBIT) 6.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at 2% fair-value upside, at −38%, SNMRY screens richer than that median.

Fair Value models

Bear $6.16 Fair Value $7.87 Bull $12.32
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 ($0.6201 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. 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.
Highest evidence
Residual Income $6.02 $7.25 $9.61 76
EPV $1.22 $2.85 $4.27 69
ROIC Compounder $1.22 $2.85 $4.27 69
All 14 models by family
Earnings-Based
Graham-Dodd $5.79 $12.70 $16.18 66
PEG = 1.0 $2.01 $2.87 $3.73 57
EPV $1.22 $2.85 $4.27 69
Dividend Discount
Gordon GGM $5.76 $9.10 $12.80 68
DDM Multi-Stage $5.76 $8.34 $11.25 67
Multiples
P/E Multiple $11.50 $15.34 $19.17 63
P/S Multiple $4.85 $6.46 $8.08 58
P/B Multiple $8.37 $11.16 $13.94 55
EV/EBIT $5.99 $10.83 $15.67 63
EV/EBITDA $6.31 $11.26 $16.20 65
Asset-Based
NCAV (Graham) $3.10 $4.15 $6.20 54
Economic Profit
Residual Income $6.02 $7.25 $9.61 76
ROIC Compounder $1.22 $2.85 $4.27 69
Growth Earnings
Growth-Adj P/E $8.62 $12.32 $16.02 67

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Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 51

Profitability 42
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.6%
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.
+3.1%
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.
+6.8%
Start year 2020 (pandemic). Over 10 years: −0.1% a year
Revenue growth 22 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.
+3.2%
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.
+8.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.9%
Dividend (yield on the price)5.8%
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.2.9% vs 0.7%, steady
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.82% → 50%
Start year 2020 (pandemic)

SNMRY screens overvalued: fair value 38% below the price. Compare with Naturgy Energy Group →

Earlier news

News mood ⓘNews mood, the average tone of recent news (38 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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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.Utilities - Regulated Gas · 104 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −35.0% · Bottom 25%
Profitability
Return on equity (TTM) 11.2% · Above median
Return on assets 4.1% · Above median
Net margin (TTM) 27.4% · Top 25%
Operating margin (TTM) 48.3% · Top 25%
Growth and dividend
Revenue growth 3.0% · Above median
Dividend yield (TTM) 5.8% · Top 25%
Balance sheet
Debt / equity 1.56× · Highest 25%

Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper

P/E (TTM) 15.4× · Cheaper than median
P/B 2.33× · Priciest 25%
P/S (TTM) 5.51× · Priciest 25%
EV/EBITDA 11.6× · Priciest 25%
PEG 2.37× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 38
FUTURE (revenue growth)15 · sector 13
PAST (return on equity)45 · sector 34
HEALTH (low debt)22 · sector 83
DIVIDEND (yield)100 · sector 73

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €29.10 €32.79 +13%
Atmos Energy Corporation ATO $156.38 $77.00 −51%
Uniper SE UN0 €45.25 €45.97 +2%
NiSource Inc NI $39.50 $19.90 −50%
The Hong Kong and China Gas Company 0003 HK$7.08 HK$4.79 −32%
GAIL (India) Limited GAIL ₹172.70 ₹132.97 −23%
Italgas S.p.A IG €8.35 €9.19 +10%
ENN Natural Gas Co 600803 ¥18.54 ¥36.99 +100%
UGI Corporation UGI $36.24 $32.74 −10%
ENN Energy Holdings 2688 HK$48.76 HK$107.85 +121%

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$7.87 −38%Fair Value
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Cite: Fair Value Calculator (2026). "Snam SpA ADR Fair Value". https://www.fairvalue-calculator.com/stock/SNMRY

Frequently asked questions

Is Snam SpA (SNMRY) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $7.87 versus a price of $12.60, about −38% upside (overvalued).
What is the fair value of SNMRY?
Our model-based fair value for Snam SpA ADR is $7.87 (as of Sep 29, 2026), built from audited fundamentals. The current price: $12.60.
What is the quality score of SNMRY?
Snam SpA ADR has a Quality Score of 50/100. 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 Snam SpA (SNMRY)?
Our model-based price target is the fair value of $7.87 (as of Sep 29, 2026) from 14 valuation models. Cautious scenario $6.16, optimistic scenario $12.32. It is a calculation from audited fundamentals, not an analyst target.
What is the Snam SpA ADR stock forecast for 2026?
Our models put fair value at $7.87, about −38% upside versus a price of $12.60 (overvalued). Cautious scenario $6.16, optimistic scenario $12.32. The calculation is refreshed regularly with new filings.
What is the revenue of Snam SpA (SNMRY)?
Snam SpA ADR reported trailing-twelve-month revenue of about €3.9B (latest available figure, as of Sep 29, 2026).
Does Snam SpA ADR pay a dividend?
Snam SpA ADR currently shows a dividend yield of about 5.79% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of Snam SpA (SNMRY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Snam SpA ADR it is $7.87 per share (as of Sep 29, 2026), against a price of $12.60. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Snam SpA ADR stock overvalued or undervalued in 2026?
As of Sep 29, 2026, SNMRY trades above its calculated fair value: price $12.60, fair value $7.87, a gap of about −38% (overvalued). 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 SNMRY?
No. The price is what the market pays today ($12.60); the fair value is what the company's own numbers justify ($7.87). For Snam SpA ADR the two are $4.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Snam SpA ADR worth?
The market values Snam SpA ADR at about $24.3B (market capitalisation, as of Sep 29, 2026). Per share that is $12.60; our models calculate a fair value of $7.87 per share.
What do the bullish and bearish scenarios say about SNMRY?
Our models span a range for Snam SpA ADR: cautious scenario $6.16, base $7.87, optimistic $12.32 per share (as of Sep 29, 2026, price $12.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SNMRY?
Snam SpA ADR trades at a price-to-earnings ratio of 15.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.87 is built from several models across several years. Other multiples: PEG 2.4, P/B 2.3, P/S 5.5, EV/EBITDA 11.6.
What is the PEG ratio of SNMRY?
The PEG ratio of Snam SpA ADR is 2.37 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Snam SpA (SNMRY)?
Balance-sheet figures for Snam SpA ADR (as of Sep 29, 2026): return on equity 11.2%, debt of 1.56 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is SNMRY from its 52-week high?
Snam SpA ADR trades at $12.60, about 20% below its 52-week high of $15.68 and 10% above the low of $11.48 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $7.87 is for.
Which stocks are comparable to Snam SpA ADR?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Uniper SE, NiSource Inc, 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 Snam SpA ADR stock attractive at the current price?
The data as of Sep 29, 2026: price $12.60, calculated fair value $7.87 (−38%), Quality Score 50/100, from 14 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 SNMRY calculated?
We run Snam SpA ADR through 14 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 $7.87, 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 14.5 % above its aggregate fair value. Snam SpA ADR 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 Snam SpA (SNMRY)?
The closing price on Oct 2, 2026 was $12.60. Our model-based fair value is $7.87, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Snam SpA ADR right now?
The price sits above even our optimistic bull case ($12.32). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($6.16 to $12.32) leaves room in how you read the outcome.
Where does the earnings growth of Snam SpA (SNMRY) come from?
Earnings per share at Snam SpA ADR grew +1.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.8 %, EBIT margin +0.4 %, tax rate +0.5 %, residual (interest, one-offs) −1.2 %. 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 Snam SpA ADR

How large is the market capitalisation of Snam SpA (SNMRY)?
The market capitalisation of Snam SpA ADR is $24.3B. 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 Snam SpA (SNMRY)?
The price-to-sales ratio of Snam SpA ADR is 5.07 (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 Snam SpA (SNMRY)?
Earnings per share at Snam SpA ADR are $0.8200 (price ÷ EPS = P/E 15.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Snam SpA (SNMRY)?
The dividend yield of Snam SpA ADR is 5.8% (payout 89.0%). 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 Snam SpA (SNMRY)?
The net margin of Snam SpA ADR is 33.0% (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 Snam SpA (SNMRY)?
The return on equity (ROE) of Snam SpA ADR is 11.2% (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 Snam SpA (SNMRY)?
On an EBIT basis the return on assets of Snam SpA ADR is 6.7% (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 Snam SpA (SNMRY)?
The operating margin of Snam SpA ADR is 48.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Snam SpA (SNMRY)?
Revenue at Snam SpA ADR is growing +3.0% versus a year earlier (3y avg +3.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Snam SpA (SNMRY)?
Earnings per share at Snam SpA ADR are growing −53.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Snam SpA (SNMRY) generate?
The free cash flow of Snam SpA ADR is −€21.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Snam SpA (SNMRY) carry?
The net debt of Snam SpA ADR is €17.9B (fiscal year 2025). 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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