Upcoming Dividend • Jun 15
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 24 June 2026. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (5.1%). Reported Earnings • May 15
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.087. Revenue: €999.0m (up 3.0% from 1Q 2025). Net income: €292.0m (down 41% from 1Q 2025). Profit margin: 29% (down from 51% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Tillkännagivande • Apr 01
Snam S.p.A., Annual General Meeting, Apr 29, 2026 Snam S.p.A., Annual General Meeting, Apr 29, 2026, at 14:15 W. Europe Standard Time. Declared Dividend • Mar 08
Final dividend increased to €0.18 Dividend of €0.18 is 4.0% higher than last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 4.7%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 07
Full year 2025 earnings released Full year 2025 results: Revenue: €3.89b (up 8.9% from FY 2024). Net income: €1.42b (up 13% from FY 2024). Profit margin: 37% (up from 35% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Gas Utilities industry in Europe. Upcoming Dividend • Jan 12
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 19 January 2026. Payment date: 21 January 2026. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (5.6%). Tillkännagivande • Dec 12
Snam S.p.A. (BIT:SRG) agreed to acquire an additional 48.20% stake in OLT Offshore LNG Toscana SpA from Igneo Infrastructure Partners for €126 million. Snam S.p.A. (BIT:SRG) agreed to acquire an additional 48.20% stake in OLT Offshore LNG Toscana SpA from Igneo Infrastructure Partners for €126 million on December 11, 2025. A cash consideration of €126 million will be paid by Snam S.p.A. As part of consideration, €126 million is paid towards common equity of OLT Offshore LNG Toscana SpA. Upon completion, Snam S.p.A. will own 97.27% stake in OLT Offshore LNG Toscana SpA.
The transaction is subject to customary regulatory approvals including obtaining the necessary authorisations under applicable Italian antitrust and golden power regulations. The transaction is expected to be finalised within the first half of 2026. Declared Dividend • Nov 10
Dividend increased to €0.12 Dividend of €0.12 is 4.0% higher than last year. Ex-date: 19th January 2026 Payment date: 21st January 2026 Dividend yield will be 5.3%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.096. Revenue: €940.0m (up 10% from 3Q 2024). Net income: €323.0m (up 1.6% from 3Q 2024). Profit margin: 34% (down from 37% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €936.0m (up 3.7% from 2Q 2024). Net income: €259.0m (down 13% from 2Q 2024). Profit margin: 28% (down from 33% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Gas Utilities industry in Europe. Upcoming Dividend • Jun 16
Upcoming dividend of €0.17 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 25 June 2025. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of British dividend payers (5.6%). In line with average of industry peers (5.8%). Reported Earnings • Apr 11
Full year 2024 earnings released Full year 2024 results: Revenue: €3.57b (down 17% from FY 2023). Net income: €1.29b (up 14% from FY 2023). Profit margin: 36% (up from 27% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Gas Utilities industry in Europe. Tillkännagivande • Apr 09
Snam S.p.A. (BIT:SRG) entered into a share purchase agreement to acquire 24.99% stake in Vier Gas Holdings S.à R.L from Infinity Investments S.A. for €920 million. Snam S.p.A. (BIT:SRG) entered into a share purchase agreement to acquire 24.99% stake in Vier Gas Holdings S.à R.L. from Infinity Investments S.A. for €920 million on April 7, 2025. Vier Gas Holding S.à r.l. (VGH) – Luxembourg-based company which indirectly owns the entire share capital of Open Grid Europe. In a separate transaction, Snam S.p.A. agreed to sell to Fluxys Belgium SA a stake of approximately 0.5% of the share capital of Vier Gas Holdings, so that Snam and Fluxys, upon completion of such transactions, will hold a substantially equal shareholding in Vier Gas Holdings. The acquisition can be financed through the current financial flexibility or via a hybrid financing instrument. For the period ended December 31, 2024, Vier Gas Holdings S.à R.L. reported a EBITDA of €630 million.
The transaction is subject to the satisfaction of certain conditions precedent, namely (i) the merger control clearance by the German Antitrust Authority, (ii) the Foreign Direct Investment clearance by the German Ministry for Economic Affairs and Climate Action, as well as (iii) the non-exercise by the other shareholders of VGH of the right of first refusal set forth in the related shareholders’ agreement. The closing is subject to some usual condition precedent. The transaction completion is expected within the third quarter of 2025. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor and White & Case LLP acted as legal advisor to Snam S.p.A. Tillkännagivande • Apr 07
Snam S.p.A., Annual General Meeting, May 14, 2025 Snam S.p.A., Annual General Meeting, May 14, 2025, at 10:00 W. Europe Standard Time. Location: piazza santa barbara 7, san donato milanese Italy Tillkännagivande • Mar 05
Snam S.p.A. (BIT:SRG) completed the acquisition of Edison Stoccaggio Spa from Edison S.p.A. (BIT:EDNR). Snam S.p.A. (BIT:SRG) signed an agreement to acquire Edison Stoccaggio Spa from Edison S.p.A. (BIT:EDNR) for an enterprise value of approximately €560 million on July 25, 2024. Following the transaction, Edison Stoccaggio's workforce will be fully absorbed by the Snam Group. Closing of the transaction is subject to clearance by the relevant Antitrust authorities and authorization by the Consiglio dei Ministri in line with the procedure Golden Power and is expected to close within the first quarter of 2025.
Lazard S.r.l. acted as Financial advisor to Edison S.p.A. Carlo Messina through Intesa Sanpaolo - IMI Corporate & Investment Banking acted as financial advisor to Edison S.p.A.
As of December 23, 2024, The Italian Competition and Market Authority (Antitrust) has decided to open an investigation into Snam's acquisition of 100% of Edison Stoccaggio shares. The procedure must be concluded within 90 days from the date of resolution of the provision.
Snam S.p.A. (BIT:SRG) completed the acquisition of Edison Stoccaggio Spa from Edison S.p.A. (BIT:EDNR) on March 3, 2025. The transaction, financed by Snam through the issue of a hybrid bond last September, will positively contribute to the Group's net profit in a range between 1.5% and 2.0% as early as 2025, and its effects have already been incorporated in Snam's 2025-29 Strategic Plan. Declared Dividend • Jan 31
Dividend of €0.17 announced Shareholders will receive a dividend of €0.17. Ex-date: 23rd June 2025 Payment date: 25th June 2025 Dividend yield will be 6.5%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.3% to bring the payout ratio under control. EPS is expected to grow by 18% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Tillkännagivande • Jan 29
Long Term Capital Fund managed by Lunate agreed to acquire an unknown minority stake in ADNOC Gas Pipeline Assets LLC from Snam S.p.A. (BIT:SRG). Long Term Capital Fund managed by Lunate agreed to acquire an unknown minority stake in ADNOC Gas Pipeline Assets LLC from Snam S.p.A. (BIT:SRG) on January 28, 2025. The transaction, which is subject to the signing of the sale and purchase agreement, as well as to the potential exercise of the relevant shareholders’ rights. Upcoming Dividend • Jan 13
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 20 January 2025. Payment date: 22 January 2025. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of British dividend payers (5.9%). In line with average of industry peers (6.7%). Tillkännagivande • Dec 11
Snam S.p.A. (BIT:SRG) completed the acquisition of 22.7% stake in Terminale GNL Adriatico S.r.l. Snam S.p.A. (BIT:SRG) has exercised its pre-emption right to acquire 22.7% stake in Terminale GNL Adriatico S.r.l. on April 3, 2024. Prior to the transaction, Snam S.p.A. (BIT:SRG) held 7.3%. Upon completion, Terminale GNL Adriatico shall be held by VTTI at 70% and Snam at 30%. The transaction is subject to necessary regulatory authorizations and antitrust regulations. As of November 4, 2024, the deal has been approved by European Commission (DG Competition). The closing of the transaction is expected at the beginning of December.
Snam S.p.A. (BIT:SRG) completed the acquisition of 22.7% stake in Terminale GNL Adriatico S.r.l. on December 10, 2024. With this deal now finalized, VTTI owns 70% and Snam holds 30% of the company. Regulatory approvals were completed ahead of the transaction's closure. Declared Dividend • Nov 11
Dividend increased to €0.12 Dividend of €0.12 is 3.0% higher than last year. Ex-date: 20th January 2025 Payment date: 22nd January 2025 Dividend yield will be 6.8%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.3% to bring the payout ratio under control. EPS is expected to grow by 15% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.095. Revenue: €852.0m (down 21% from 3Q 2023). Net income: €318.0m (down 8.9% from 3Q 2023). Profit margin: 37% (up from 33% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Gas Utilities industry in Europe. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to €4.30. The fair value is estimated to be €5.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 4.6% per annum over the same time period. Reported Earnings • Aug 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €903.0m (down 17% from 2Q 2023). Net income: €354.0m (down 10% from 2Q 2023). Profit margin: 39% (up from 36% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 17
Upcoming dividend of €0.17 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of British dividend payers (5.7%). In line with average of industry peers (7.1%). Tillkännagivande • Jun 13
Snam in Talks to Sell 24% Stake in Interconnector Snam S.p.A. (BIT:SRG) is in talks with suitors over the sale of its 23.7% stake in Interconnector Limited, the company that owns and operates the gas pipeline between Britain and Belgium, the CEO of the Italian gas grid operator said on June 11, 2024. "There are ongoing talks over Interconnector, but we are in no rush to sell it," Snam's Stefano Venier said on the sidelines of an event organised by Industrie De Nora DNR.MI to mark the start of construction on its electrolysers factory. Snam, which is controlled indirectly by the Italian government, holds a stake of nearly 22% of electrolyser maker Industrie De Nora. Reported Earnings • May 17
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.10. Revenue: €896.0m (down 8.5% from 1Q 2023). Net income: €337.0m (up 11% from 1Q 2023). Profit margin: 38% (up from 31% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2023 earnings released Full year 2023 results: Revenue: €4.29b (up 22% from FY 2022). Net income: €1.17b (up 74% from FY 2022). Profit margin: 27% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Gas Utilities industry in Europe. Declared Dividend • Mar 17
Final dividend increased to €0.17 Dividend of €0.17 is 2.5% higher than last year. Ex-date: 24th June 2024 Payment date: 26th June 2024 Dividend yield will be 6.5%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is not covered by earnings (136% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 52% to bring the payout ratio under control. EPS is expected to grow by 5.3% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Tillkännagivande • Feb 27
Snam Enters Exclusive Talks to Buy Edison Gas Storage Assets in Italy Energy group Edison S.p.A. (BIT:EDNR) said on February 26, 2024, it started exclusive talks with gas grid operator Snam S.p.A. (BIT:SRG) over the sale of its natural gas storage assets in Italy. The move could open the way to a deal worth more than EUR 500 million ($542 million) for Edison, which last year decided to test the market's appetite for its storage business saying it did not see a big growth potential for the division. Regional energy company Ascopiave was also in the race to buy Edison's assets. Upcoming Dividend • Jan 15
Upcoming dividend of €0.11 per share at 5.7% yield Eligible shareholders must have bought the stock before 22 January 2024. Payment date: 24 January 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.7%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (5.2%). Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.10. Revenue: €1.07b (up 23% from 3Q 2022). Net income: €349.0m (up 22% from 3Q 2022). Profit margin: 33% (in line with 3Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 75% After last week's 75% share price gain to €7.71, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total returns to shareholders of 108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.41 per share. New Risk • Jul 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 137% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). New Risk • Jul 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (137% payout ratio). Profit margins are more than 30% lower than last year (17% net profit margin). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €1.12b (up 34% from 2Q 2022). Net income: €394.0m (up 5.3% from 2Q 2022). Profit margin: 35% (down from 45% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Upcoming Dividend • Jun 12
Upcoming dividend of €0.17 per share at 5.5% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.5%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.6%). Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.09. Revenue: €979.0m (up 17% from 1Q 2022). Net income: €301.0m (down 3.5% from 1Q 2022). Profit margin: 31% (down from 37% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: €3.52b (up 6.6% from FY 2021). Net income: €671.0m (down 55% from FY 2021). Profit margin: 19% (down from 45% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Jan 16
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 23 January 2023. Payment date: 25 January 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 5.5%. Within top quartile of British dividend payers (5.4%). In line with average of industry peers (5.6%). Tillkännagivande • Jan 12
Snam S.p.A. (BIT:SRG) completed the acquisition of a 49.9% stake in Two gas pipelines from Eni S.p.A. (BIT:ENI) for approximately €410 million. Snam S.p.A. (BIT:SRG) completed the acquisition of a 49.9% stake in two gas pipelines from Eni S.p.A. (BIT:ENI) for approximately €390 million on November 27, 2021. The consideration will be paid in cash. Upon completion, Snam will hold 49.9% and Eni 50.1% interest in target. Snam will fund the payment of the purchase price with its own financial resources. The target companies generated a net income of around €90 million in 2020. The closing of the transaction is subject to certain conditions precedent, including mandatory authorizations pursuant to antitrust and "golden power" regulations and from other competent regulatory authorities, in addition to the authorization from the Tunisian government and the consent and/or approval of the shareholders and boards of directors of certain target companies. The transaction is expected to be completed by the first half of 2023. Cleary, Gottlieb, Steen & Hamilton LLP acted as a legal advisor to Snam S.p.A.
Snam S.p.A. (BIT:SRG) completed the acquisition of a 49.9% stake in Two gas pipelines from Eni S.p.A. (BIT:ENI) for approximately €410 million on January 10, 2023. The transaction has obtained the authorisations envisaged under antitrust legislation andso-called golden power legislation, consent from the Tunisian government as well as the approval of the shareholders and corporate bodies of the various target companies. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Stefano Venier was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.085. Revenue: €875.0m (up 7.8% from 3Q 2021). Net income: €286.0m (down 16% from 3Q 2021). Profit margin: 33% (down from 42% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Buying Opportunity • Oct 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €5.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is also forecast to grow by 3.1% per annum over the same time period. Reported Earnings • Jul 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €842.0m (up 4.6% from 2Q 2021). Net income: €321.0m (down 43% from 2Q 2021). Profit margin: 38% (down from 70% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 7.5% compared to a 12% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of British dividend payers (4.9%). In line with average of industry peers (5.1%). Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Stefano Venier was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 14
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.095. Revenue: €838.0m (up 17% from 1Q 2021). Net income: €312.0m (flat on 1Q 2021). Profit margin: 37% (down from 44% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 9.5% compared to a 1.4% growth forecast for the industry in the United Kingdom. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Stefano Venier was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. Independent Chairman of the Board Nicola Bedin was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €3.30b (up 19% from FY 2020). Net income: €1.22b (up 11% from FY 2020). Profit margin: 37% (down from 40% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Over the next year, revenue is expected to shrink by 9.1% compared to a 2.9% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 17
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 24 January 2022. Payment date: 26 January 2022. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of British dividend payers (4.1%). In line with average of industry peers (5.1%). Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS €0.10 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €812.0m (up 18% from 3Q 2020). Net income: €339.0m (up 16% from 3Q 2020). Profit margin: 42% (down from 43% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 02
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €810.0m (up 24% from 2Q 2020). Net income: €567.0m (up 107% from 2Q 2020). Profit margin: 70% (up from 42% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Reported Earnings • May 13
First quarter 2021 earnings released: EPS €0.096 The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €717.0m (up 3.8% from 1Q 2020). Net income: €313.0m (up 5.0% from 1Q 2020). Profit margin: 44% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Apr 10
Full year 2020 earnings released: EPS €0.34 (vs €0.33 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: €2.77b (up 3.9% from FY 2019). Net income: €1.10b (up 1.0% from FY 2019). Profit margin: 40% (down from 41% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS €0.33 (vs €0.33 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €2.77b (up 3.9% from FY 2019). Net income: €1.16b (up 6.8% from FY 2019). Profit margin: 42% (up from 41% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Feb 26
New 90-day low: €4.32 The company is down 8.0% from its price of €4.70 on 27 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.04 per share. Upcoming Dividend • Jan 11
Upcoming Dividend of €0.10 Per Share Will be paid on the 20th of January to those who are registered shareholders by the 18th of January. The trailing yield of 5.1% is in the top quartile of British dividend payers (4.6%), but it is lower than industry peers (6.1%). Is New 90 Day High Low • Nov 16
New 90-day high: €4.57 The company is up 4.0% from its price of €4.38 on 18 August 2020. The British market is also up 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Gas Utilities industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.34 per share. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue beats expectations Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 2.0%, compared to a 2.4% growth forecast for the Gas Utilities industry in the United Kingdom. Is New 90 Day High Low • Oct 29
New 90-day low: €4.15 The company is down 7.0% from its price of €4.46 on 30 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.34 per share. 
