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.