Snam released FY21 figures in line with estimates, even if we welcome a slight beat at the net income level. Guidance for FY22 appears rather weak, projecting a 10% decline in net income.
The group’s direct exposure to Russian gas is confirmed to be low, in the order of 1.5% of transported volumes.
Our neutral view is confirmed given the current dividend yield of 5.5%, below the long-term average, even if it can admittedly embody a safe-haven in these turbulent times.

17 Mar 2022
FY21: no obvious surprises

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FY21: no obvious surprises
- Published:
17 Mar 2022 -
Author:
Nicolas Bouthors -
Pages:
2 -
Snam released FY21 figures in line with estimates, even if we welcome a slight beat at the net income level. Guidance for FY22 appears rather weak, projecting a 10% decline in net income.
The group’s direct exposure to Russian gas is confirmed to be low, in the order of 1.5% of transported volumes.
Our neutral view is confirmed given the current dividend yield of 5.5%, below the long-term average, even if it can admittedly embody a safe-haven in these turbulent times.