Snam stock trades at EUR 5.59 as UBS targets EUR 6.60

Published on 09/28/2026 at 14:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Snam stock carries a UBS Buy view from September 10, 2026, with a EUR 6.60 target. H1 adjusted EBITDA reached EUR 1,572 million, while net debt stood at EUR 18.8 billion.

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Snam stock (ISIN IT0003153415) was trading at EUR 5.59 on Borsa Italiana on September 25, 2026, with a daily change of -0.04 percent. The investment case combines 9 percent year-over-year adjusted EBITDA growth in H1 2026 with regulatory uncertainty that remains central to valuation.

Adjusted EBITDA reaches EUR 1,572 million

According to Yahoo Finance in the July 29, 2026 earnings transcript, Snam reported adjusted EBITDA of EUR 1,572 million for the first half of 2026, up 9 percent year over year after adjusting for a prior-period deflator item. Adjusted net income reached EUR 733 million, up 3 percent on the same adjusted basis.

The company also reported net debt of EUR 18.8 billion at the end of June 2026, compared with EUR 17.5 billion at the end of 2025. That balance-sheet increase reflects investment activity, the OLT transaction and the dividend payment, making financing costs and regulatory returns important counterweights to operating growth.

UBS sets a EUR 6.60 target

As Investing.com reported on September 10, 2026, UBS upgraded Snam from Neutral to Buy and set a 12-month price target of EUR 6.60, compared with EUR 6.70 previously. The bank cited valuation and resilient growth while identifying regulation and higher bond yields as risks.

UBS also said Snam traded at a 15 percent price-to-earnings discount to peers. Its scenario included 5.6 percent asset-base compound annual growth from 2025 to 2030 and 4.1 percent normalized earnings-per-share compound annual growth over the same period.

Snam stock trades at EUR 5.59

The Borsa Italiana reference price of EUR 5.59 on September 25, 2026, puts the shares below UBS's EUR 6.60 target by EUR 1.01. The daily move was limited to -0.04 percent, so the market snapshot points to stable trading rather than a decisive price signal.

For investors, the key tension is clear: regulated infrastructure earnings are expanding, but net debt and the next regulatory period shape the valuation debate. Snam's H1 2026 adjusted EBITDA and the UBS target provide two concrete benchmarks for assessing that balance.