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Key Info

Snam SpA Web - www.snam.it

Tel - 39-02-5201

Next Reporting Date - 15.05.2019

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    Snam SpA

    Ene

    ITALY


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    6.31%

    Cost of Debt

    6.31%

    Long Term Growth

    2.00%

    Beta Assumption

    0.71

    Current Market Cap mln$

    17,074.14

    Net Debt mln$

    13,224.77

    WACC Estimate

    6.28%

    Ordinary Current Price $

    5.03

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue2741.702677.422816.403017.773041.743140.233220.463312.623394.853484.243575.983670.133766.773865.943967.73
    EBITDA Costs218.67295.52563.73577.57637.34733.70812.20902.36982.821083.441194.371316.651451.461600.061763.89
    EBITDA2523.032381.902252.662440.202404.392406.522408.262410.252412.032400.802381.612353.482315.312265.882203.85
    EBITDA Margin92.0288.9679.9880.8679.0576.6474.7872.7671.0568.9066.6064.1361.4758.6155.54
    Operating Costs1157.731246.291293.531383.101390.491442.381484.651533.201576.521623.951672.811723.141774.981828.391883.40
    Operating Profit1583.971431.131522.861634.681651.241697.851735.811779.421818.331860.291903.171946.991991.782037.562084.34
    Operating Margin57.7753.4554.0754.1754.2954.0753.9053.7253.5653.3953.2253.0552.8852.7152.53
    Pretax Costs1461.871682.381431.361481.131422.961383.621351.571314.771281.921249.721218.321187.711157.871128.781100.42
    PTP1279.83995.041385.041536.641618.781756.611868.891997.852112.932234.522357.662482.422608.902737.172867.32
    Pretax Margin46.6837.1649.1850.9253.2255.9458.0360.3162.2464.1365.9367.6469.2670.8072.27
    Net Income Costs1399.711742.151754.461824.841825.101887.551938.421996.842048.982105.802164.202224.222285.912349.302414.46
    Net Income1341.99935.271061.941192.941216.631252.681282.051315.781345.871378.431411.771445.911480.861516.641553.28
    Net Margin48.9534.9337.7139.5340.0039.8939.8139.7239.6439.5639.4839.4039.3139.2339.15
    Revenue Less Capex3621.933598.303889.633929.603993.624094.414176.524270.834354.984445.484537.864632.154728.414826.664926.96
    Capex-880.23-920.88-1073.24-911.83-951.88-954.18-956.06-958.21-960.13-961.24-961.88-962.02-961.64-960.72-959.22
    Capex to Revenues-32.11-34.39-38.11-30.22-31.29-30.39-29.69-28.93-28.28-27.59-26.90-26.21-25.53-24.85-24.18
    Revenue less FCF1341.991797.491783.831772.871770.241811.721845.511884.321918.961956.091993.952032.542071.882111.982152.85
    FCF1399.71879.931032.571244.911271.491328.511374.951428.291475.891528.141582.021637.591694.891753.971814.88
    FCF to Revenue51.0532.8636.6641.2541.8042.3142.6943.1243.4743.8644.2444.6245.0045.3745.74

    ITALY Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    ENI IMEni SpAITALY 62051.0312.0410.653.813.560.745.5924.541.058.87-0.96
    SRG IMSnam SpAITALY 17074.1414.5314.2112.5012.245.775.2980.892.4116.6124.29
    SPM IMSaipem SpAITALY 5119.5035.8219.275.775.340.520.2911.401.103.25-5.41

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    XOM USExxon Mobil CorpUNITED STATES 348045.8918.6314.818.146.761.194.1116.301.789.238.31
    RDSA LNRoyal Dutch Shell PLCNETHERLANDS 256581.4911.599.955.264.730.695.9915.991.2811.224.83
    RDSB LNRoyal Dutch Shell PLCNETHERLANDS 256581.4911.6510.015.264.730.695.9615.991.2811.223.65
    CVX USChevron CorpUNITED STATES 224568.5716.3613.335.934.981.354.0125.491.428.547.80
    857 HKPetroChina Co LtdCHINA 191947.9413.1811.914.964.750.544.4315.130.644.94-9.23
    BP/ LNBP PLCBRITAIN 146358.0213.2211.335.074.620.535.6613.561.4210.839.32
    FP FPTOTAL SAFRANCE 145267.4510.289.154.764.390.715.4917.271.1511.85-2.16
    RIGD LIReliance Industries LtdINDIA 126141.14#N/A Field Not Applicable17.4212.0310.07#N/A Field Not Applicable#N/A Field Not Applicable14.80#N/A Field Not Applicable11.6340.64
    RIL INReliance Industries LtdINDIA 126071.6920.4017.3512.0310.911.33-14.802.0911.6339.22
    386 HKChina Petroleum & Chemical CorpCHINA 99743.109.498.953.723.600.237.527.150.858.69-6.48
    PETR3 BZPetroleo Brasileiro SABRAZIL 96801.0010.188.065.254.521.052.4934.361.1512.51-4.68
    PETR4 BZPetroleo Brasileiro SABRAZIL 96801.009.237.315.254.521.053.5334.361.0412.51-3.19
    883 HKCNOOC LtdCHINA 82071.2710.179.614.093.872.444.7257.991.2612.477.54
    ENB CNEnbridge IncCANADA 76538.3920.1518.8013.7312.772.175.7827.361.557.6324.67
    COP USConocoPhillipsUNITED STATES 72397.4914.9713.825.535.061.921.9339.052.2414.41-6.16
    ROSN LIRosneft Oil Co PJSCRUSSIA 71134.976.345.203.993.770.566.9024.661.0215.47-2.61
    ROSN RMRosneft Oil Co PJSCRUSSIA 70807.386.315.183.983.770.566.9224.661.0115.47-2.95
    LKOH RMLUKOIL PJSCRUSSIA 64772.016.646.243.763.610.564.5214.850.9513.9118.56
    LKOD LILUKOIL PJSCRUSSIA 64725.006.646.243.753.610.564.5214.850.9513.9119.47
    SLB USSchlumberger LtdUNITED STATES 59975.7927.6319.4311.019.491.794.6220.301.686.14-16.28
    NVTK LINovatek PJSCRUSSIA 59450.8712.3012.2213.9313.054.622.0534.003.3929.6920.57
    EOG USEOG Resources IncUNITED STATES 59212.3319.5715.377.826.573.420.8647.092.7214.32-3.78
    GAZP RMGazprom PJSCRUSSIA 58354.483.203.052.652.550.466.970.190.259.356.43
    OGZD LIGazprom PJSCRUSSIA 57881.743.173.022.642.530.467.030.190.259.355.45
    NVTK RMNovatek PJSCRUSSIA 56567.7011.7011.6313.2712.444.402.1634.003.2229.6918.29
    1088 HKChina Shenhua Energy Co LtdCHINA 55029.507.037.083.943.981.545.5539.050.8412.44-3.69
    SU CNSuncor Energy IncCANADA 52516.0014.3112.506.185.871.793.7035.161.589.88-0.53
    OXY USOccidental Petroleum CorpUNITED STATES 46248.7516.6516.076.416.112.895.0652.262.2212.54-6.72
    KMI USKinder Morgan Inc/DEUNITED STATES 45206.9419.7318.4110.5510.143.014.9851.441.336.4423.16
    PTT TBPTT PCLTHAILAND 43997.3610.9110.605.535.390.624.1715.551.4513.138.26