Snam SpA

SRG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€7.80	Jjns	Ycrxqbby

Snam: Set 2024-27 Guidance Slightly Above Our Expectations, Shares Fairly Valued

Tancrede Fulop

Jan 25, 2024

No-moat Snam announced it is accelerating investment in transportation infrastructure in addition to tweaking its dividend growth to 3.0% from 2.5% for the 2024-27 period. The group will release its full-year 2023 results on March 13. It confirmed its 2023 net income and EBITDA targets of EUR 1.14 billion and EUR 2.4 billion, respectively, in line with our estimates, but raised targets going forward above our estimates.

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