Snam renews funding programs: UBS sees 19.13 percent upside for Snam stock
Published on 10/07/2026 at 09:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Snam stock (ISIN IT0003153415) was trading at EUR 5.54 at Lang & Schwarz on October 7, 2026 at 9:33 a.m. CEST, plus 0.36 percent versus the prior close of EUR 5.52. On September 30, 2026, Snam renewed its Euro Medium Term Notes and Euro Commercial Paper funding programs, according to Snam. The financial move gives the stock a fresh capital-markets reference while UBS places a higher value on the shares than the live euro quote.
Funding renewal supports flexibility
Snam's board approved the annual renewal of the Euro Medium Term Notes program, launched in 2012, and the three-year renewal of the Euro Commercial Paper program, launched in 2018, in the September 30 release. The announcement concerns funding access rather than a change to the company's operating guidance, so the immediate investor question is balance-sheet execution.
The company operates natural gas transportation, storage and liquefied natural gas regasification infrastructure. That regulated asset base makes financing conditions an important part of the equity story, particularly as Snam continues to fund network and energy-transition investments.
Half-year figures show earnings growth
Snam reported adjusted EBITDA of EUR 1,572 million for the first half of 2026, up 5.00 percent year over year, according to the Yahoo Finance transcript of the July 29, 2026 results call. Adjusted net income reached EUR 733 million in the same period, down 2.00 percent from the first half of 2025, although management said the comparison was positive after excluding a prior-year deflator effect.
The comparison matters because EBITDA growth and lower adjusted net income point in different directions. For investors, the funding renewal therefore sits alongside execution on regulated growth, financing costs and the treatment of one-off effects in reported earnings.
UBS target remains above the quote
UBS upgraded Snam from neutral to buy and cut its price target from EUR 6.70 to EUR 6.60 on September 10, 2026, as reported by Boursorama. The EUR 6.60 target lies 19.13 percent above the EUR 5.54 Lang & Schwarz price, using the same euro currency for both values.
The target reduction tempers the positive rating change, while the remaining gap reflects UBS's valuation view rather than a guaranteed return. The next company milestone is closer at hand: Snam's investor-relations calendar schedules its interim report for September 30, 2026, for release on November 11, 2026, according to Snam.
November results set the next marker
The next report will include the nine-month period and a resolution on the payment of the interim 2026 dividend, according to the company calendar. Until then, the market has three visible reference points: the EUR 5.54 intraday quote, the EUR 5.52 prior close and the EUR 6.60 UBS target.
The price was trading at EUR 5.54 at Lang & Schwarz on October 7, 2026 at 9:33 a.m. CEST, plus 0.36 percent versus the EUR 5.52 prior close. The further course of trading is shown by the continuously updated real-time quote of Snam stock.
Snam market data and listing
- Company: Snam S.p.A.
- ISIN: IT0003153415
- Ticker: SRG.MI
- Primary exchange: Borsa Italiana
- Price Lang & Schwarz (as of October 7, 2026, 9:33 a.m. CEST): EUR 5.54
- Change versus prior close: plus 0.36 percent
- Prior close Lang & Schwarz (October 6, 2026): EUR 5.52
- Sector / Industry: Utilities / Regulated Gas
- Next earnings date: November 11, 2026
