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Research Tree provides access to ongoing research coverage, media content and regulatory news on SNAM SPA. We currently have 9 research reports from 1 professional analysts.

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Results fall in the regulation setting and higher opex in the distribution business

  • 27 Jul 16

Under the new regulatory environment, Snam’s results are broadly in line with expectations, with revenue falling 6.2% yoy to €1,724m as lower revenues in the gas transportation and distribution segments were partially offset by higher revenue in the storage activities, which had an upward revision on the allowed WACC. Operating profit fell by 14.3% to €867m due to higher risk provisions, charges related to the Italgas spin-off and higher depreciation from new infrastructure in service. Following this, net profit was down 14.1% to €526m, slightly above expectations due to lower financial expenses from a lower cost of debt and a reduction in the income tax. Net debt increased by 2.9% ytd to €14,177m, while cash flows where resilient and resisted the earnings contraction, and there was an 8% yoy increase in capex mainly attributed to the transportation segment. The Italgas separation, which was approved on 28 June 2016 by the board of directors is likely to take effect by 31 December 2016. Italgas has already been attributed a BBB+ rating or equivalent by rating agencies. The board has also approved a share buy-back programme of up to 3.5% of Snam’s share capital, or up to €500m over 18 months. Guidance has been confirmed at €1.75bn operating profit for the full year, without taking into account the €15m expected from the restructuring charges related to the Italgas spin-off.

Gas distribution spin-off to focus on Italy as an European gas hub

  • 01 Jul 16

At the capital markets day on 29 June 2016, Snam provided the much-awaited details of the spin-off structure of its gas distribution business (Italgas), and it also provided the parameters for the 2016-20 period. The Italgas separation will be performed through a partial and proportional demerger, resulting in the listing of ITG Holding, a company 13.5% owned by Italgas, 26% by the Italian public financial institution (Cassa Depositi e Presiti “CDP”), with the remaining 60.5% as free float. For this, ITG Holding’s shares will be assigned to Snam’s current shareholders with a 1:5 ratio (1 ITG Holding share for each 5 Snam shares). The transaction is expected to be neutral to Snam’s credit rating, as Italgas is expected to have a similar rating to the one held by Snam: a BBB rating. Moreover, Snam should retain a 13.5% stake, backed by a shareholders’ agreement between both entities and a similar risk profile (even though, from an industry view, the transmission and distribution networks no longer have high synergies). Following the demerger, Snam has proposed a €0.21 dividend for 2016, followed by at least 2.5% yearly growth for 2017 and 2018. Italgas (subject to the approval of its Board of Directors) should be able to pay a dividend to allow current Snam shareholders to receive in 2016 a dividend at least equal to 2015’s (i.e. €0.25/share, translating into a €0.04/share dividend for Italgas). Moreover, for the first time in its history, Snam has proposed a share buy-back programme which would target up to 3.5% of outstanding shares with a maximum amount of €500m and a timing limited to 18 months. Snam has provided guidance for 2016 on a pro-forma base of its demerged operation with €0.9bn capex, €19.5bn RAB and €0.8bn net income.