EN DE
Watch Snam SpA for free: we tell you when fair value or trend changes.
Data-driven stock valuation

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

As of Oct 26, 2026: fair value (intrinsic value) of Snam SpA stock €3.65, price €5.99, upside -39.0%, quality 50 out of 100. Rating: strongly overvalued. 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. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Utilities · IT · ISIN IT0003153415

SS Snam SpA logo Broad data Oct 20, 2026

Snam SpA

SRG · MI

Weakest SetupStrongly overvalued and low quality.

Our calculation puts a fair price 39% below what the stock costs today.

Highly profitable · 28.6% net margin (TTM)
Wide moat 68/100
Broad data
Quality 50/100
Expensive Growth (revenue YoY +8.9 %/yr in EUR)
5.0% dividend yield · Watch coverage
Mixed vs. peers (6/14)
Fair value €3.65 · Strongly overvalued (−39.0%)
High debt
Negative free cash flow
⟳ Cyclical
Watch Snam SpA for free: we tell you when fair value or trend changes. Watch for free

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

€6.62 €3.18 Fair Value €3.65 Aug 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 20, 2026.

How to read this chart

60‑month range €3.18 – €6.62 · fair‑value band €2.57 – €3.79 · the €5.99 price screens above the €3.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 20, 2026.

Follow Snam SpA in your weekly email

Every Wednesday you see whether Snam SpA is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

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.

Show moreShow less

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 (SRG) currently trades at €5.99, while our model-based Fair Value estimate is €3.65, 39.0% below the price, so the stock looks overvalued today.

Show more

Valuation

Bull case: the Growth Earnings group reads highest at a median of €4.39 per share, and 0 of the 13 models we run sit above the €5.99 price.

Bear case: the Earnings-Based group reads lowest at €1.38, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.

Scenario range: €2.57 (bear) to €3.79 (bull), the price of €5.99 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 reported revenue of €3.9B in FY2025 versus €3.3B in FY2021, a compound +4.3%/yr. Reported net income was €1.3B in FY2025, compounding −4.0%/yr from FY2021.

Key figures

Market cap €20.1B Large · P/E ratio 18.1 · P/S ratio 5.02 · EPS (TTM) €0.3300 · Dividend yield 5.0% · Net margin 28.6% · Return on equity 12.4% · Return on assets (EBIT) 4.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).

What moves the price

The share trades about 10% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at 0% fair-value upside, at −39%, SRG screens richer than that median.

Fair Value models

Bear €2.57 Fair Value €3.65 Bull €3.79
Price €5.99 · Upside -39.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.0229 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. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income €2.57 €2.99 €3.79 76
EPV n/a €0.2700 €0.7000 68
Gordon GGM €2.37 €3.65 €4.95 68
All 14 models by family
Earnings-Based
Graham-Dodd €2.57 €5.85 €7.49 65
PEG = 1.0 €0.9700 €1.38 €1.80 57
EPV n/a €0.2700 €0.7000 68
Dividend Discount
Gordon GGM €2.37 €3.65 €4.95 68
DDM Multi-Stage €2.37 €3.32 €4.28 67
Multiples
P/E Multiple €3.97 €5.30 €6.62 63
P/S Multiple €1.04 €1.39 €1.74 58
P/B Multiple €2.92 €3.90 €4.87 55
EV/EBIT n/a €0.1000 >€0.4000 61
EV/EBITDA n/a n/a €1.21 62
Asset-Based
NCAV (Graham) €1.08 €1.45 €2.17 54
Economic Profit
Residual Income €2.57 €2.99 €3.79 76
ROIC Compounder n/a €0.2700 €0.7000 68
Growth Earnings
Growth-Adj P/E €3.08 €4.39 €5.71 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 50/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 41
How much profit the company makes from its sales and capital
Quality Growth 51
Are margins and returns getting better?
Cashflow 54
Do the profits arrive as real cash?
Financial strength 14
Debt, balance sheet and risk of trouble
Investment 47
Does it invest with discipline instead of growing at any price?
Low Volatility 94
How calm the share price moves, does not count
Momentum 40
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 56
Distance to the 52-week high, does not count
New shares 81
Buys back shares or issues new ones?

Open the full quality analysis →

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. 50/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+7.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.9%
Dividend (yield on the price)5.0%
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.50% → 47%
Pace: the 5-year rate starts in 2020 (pandemic)

SRG screens overvalued: fair value 39% below the price. Compare with Naturgy Energy Group →

Note from the team Oct 11, 2026
AI conclusion: Snam's core regulated gas network supports stable margins and returns, yet negative free cash flow together with high leverage restricts financial flexibility.
Main risk: High leverage combined with negative free cash flow could limit access to debt markets and constrain spending on the transmission network.
Snam runs Italy's main regulated gas transmission and storage network. It is now fielding bids for its biomethane unit from several investors including the fund Vesper. Will this divestment sharpen focus on the stable core infrastructure or cut exposure to emerging renewable gas opportunities?
Join the discussion →

Compare Snam SpA with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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 · 109 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −39.0% · Bottom 25%
Profitability
Return on equity (12 months) 12.4% · Above median
Return on assets 3.4% · Below median
Net margin (12 months) 28.6% · Top 25%
Operating margin (12 months) 49.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 9.7% · Above median
Dividend yield (12 months) 5.0% · Top 25%
Balance sheet
Debt / equity 1.56× · Highest 25%

Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper

P/E (12 months) 18.1× · Pricier than median
P/B 2.18× · Priciest 25%
P/S (12 months) 5.02× · Priciest 25%
EV/EBITDA 10.8× · Pricier than median
PEG 2.08× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 38
FUTURE (revenue growth)49 · sector 16
PAST (return on equity)50 · sector 34
HEALTH (low debt)22 · sector 83
DIVIDEND (yield)100 · sector 69

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 Compare
ENN Energy Holdings 2688 HK$49.42 HK$108.37 +119% vs SRG
ENN Natural Gas Co 600803 ¥19.83 ¥34.91 +76% vs SRG
Italgas S.p.A IG €8.82 €9.70 +10% vs SRG
Uniper SE UN0 €43.70 €45.97 +5% vs SRG
Naturgy Energy Group NTGY €30.58 €30.62 +0% vs SRG
UGI Corporation UGI $38.61 $29.40 −24% vs SRG
GAIL (India) Limited GAIL ₹167.20 ₹116.94 −30% vs SRG
The Hong Kong and China Gas Company 0003 HK$7.12 HK$4.93 −31% vs SRG
NiSource Inc NI $43.28 $19.87 −54% vs SRG
Atmos Energy Corporation ATO $172.21 $77.20 −55% vs SRG

Explore undervalued stocks

More undervalued Utilities stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Snam SpA · Fair Value
€3.65 −39%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Snam SpA Fair Value". https://www.fairvalue-calculator.com/stock/SRG.MI

Frequently asked questions

Is Snam SpA (SRG) overvalued or undervalued?
As of Oct 20, 2026, our model estimates a fair value of €3.65 versus a price of €5.99, about −39% upside (overvalued).
What is the fair value of SRG?
Our model-based fair value for Snam SpA is €3.65 (as of Oct 20, 2026), built from audited fundamentals. The current price: €5.99.
What is the quality score of SRG?
Snam SpA 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 (SRG)?
Our model-based price target is the fair value of €3.65 (as of Oct 20, 2026) from 14 valuation models. Cautious scenario €2.57, optimistic scenario €3.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Snam SpA stock forecast for 2026?
Our models put fair value at €3.65, about −39% upside versus a price of €5.99 (overvalued). Cautious scenario €2.57, optimistic scenario €3.79. The calculation is refreshed regularly with new filings.
What is the revenue of Snam SpA (SRG)?
Snam SpA reported trailing-twelve-month revenue of about €4.0B (latest available figure, as of Oct 20, 2026).
Does Snam SpA pay a dividend?
Snam SpA currently shows a dividend yield of 5.05% relative to its recent price (as of Oct 20, 2026).
What is the intrinsic value of Snam SpA (SRG)?
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 it is €3.65 per share (as of Oct 20, 2026), against a price of €5.99. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Snam SpA stock overvalued or undervalued in 2026?
As of Oct 20, 2026, SRG trades above its calculated fair value: price €5.99, fair value €3.65, a gap of about −39% (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 SRG?
No. The price is what the market pays today (€5.99); the fair value is what the company's own numbers justify (€3.65). For Snam SpA the two are €2.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Snam SpA worth?
The market values Snam SpA at about €20.1B (market capitalisation, as of Oct 20, 2026). Per share that is €5.99; our models calculate a fair value of €3.65 per share.
What do the bullish and bearish scenarios say about SRG?
Our models span a range for Snam SpA: cautious scenario €2.57, base €3.65, optimistic €3.79 per share (as of Oct 20, 2026, price €5.99). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SRG?
Snam SpA trades at a price-to-earnings ratio of 18.1 (as of Oct 20, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.65 is built from several models across several years. Other multiples: PEG 2.1, P/B 2.2, P/S 5.0, EV/EBITDA 10.8.
What is the PEG ratio of SRG?
The PEG ratio of Snam SpA is 2.08 (P/E divided by earnings growth, as of Oct 20, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Snam SpA (SRG)?
Balance-sheet figures for Snam SpA (as of Oct 20, 2026): return on equity 12.4%, 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 SRG from its 52-week high?
Snam SpA trades at €5.99, about 10% below its 52-week high of €6.62 and 18% above the low of €5.09 (as of Oct 26, 2026). Distance from the high says nothing about value: that is what the fair value of €3.65 is for.
Which stocks are comparable to Snam SpA?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, 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 stock attractive at the current price?
The data as of Oct 20, 2026: price €5.99, calculated fair value €3.65 (−39%), 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 SRG calculated?
We run Snam SpA 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 €3.65, 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 12.7 % above its aggregate fair value. Snam SpA 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 (SRG)?
The closing price on Oct 26, 2026 was €5.99. Our model-based fair value is €3.65, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Snam SpA right now?
The price sits above even our optimistic bull case (€3.79). 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.
Where does the earnings growth of Snam SpA (SRG) come from?
Earnings per share at Snam SpA grew +1.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.9 %, EBIT margin −2.6 %, tax rate +0.5 %, residual (interest, one-offs) +1.8 %. 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

How large is the market capitalisation of Snam SpA (SRG)?
The market capitalisation of Snam SpA is €20.1B. 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 (SRG)?
The price-to-sales ratio of Snam SpA is 5.02 (last twelve months). 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 (SRG)?
Earnings per share at Snam SpA are €0.3300 (price ÷ EPS = P/E 18.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Snam SpA (SRG)?
The dividend yield of Snam SpA is 5.0% (payout 91.5%). 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 Snam SpA (SRG)?
The net margin of Snam SpA is 28.6% (last twelve months). 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 (SRG)?
The return on equity (ROE) of Snam SpA is 12.4% (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 (SRG)?
On an EBIT basis the return on assets of Snam SpA is 4.5% (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 (SRG)?
The operating margin of Snam SpA is 49.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Snam SpA (SRG)?
Revenue at Snam SpA is growing +9.7% versus a year earlier (3y avg +3.6%). 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 (SRG)?
Earnings per share at Snam SpA are growing +26.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Snam SpA (SRG) generate?
The free cash flow of Snam SpA 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 (SRG) carry?
The net debt of Snam SpA is €17.8B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Watch Snam SpA in the live analysis

One click puts Snam SpA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.