Snam SpA

SRG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€8.80	Jqd	Kmfgzsb

Snam Earnings: Management Raises 2024 Guidance Following Strong Quarter

Tancrede Fulop

May 16, 2024

Based on strong first-quarter performance, management has raised its 2024 financial targets for adjusted EBITDA, adjusted net profit, investments, and tariff RAB. Management has made no changes to its long-term strategic plan or estimates. We will factor these results into our model but do not expect a material change to our EUR 4.70 fair value estimate for no-moat Snam. The shares appear undervalued.

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