Snam SpA

SRG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€4.40	Jlgs	Ryfhqhysh

Snam Earnings: 2024 Guidance Confirmed; Shares Undervalued

Tancrede Fulop

Jul 31, 2024

No-moat Snam reported solid second-quarter results and confirmed its 2024 guidance. With no changes expected to our forecasts, we maintain our EUR 4.70 fair value estimate. Dividend yield of 6.8% is very attractive and reflect the undervaluation of the shares.

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