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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Snam S.p.A.    SRG   IT0003153415

SNAM S.P.A.

(SRG)
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4.447 EUR   -2.54%
01/18SNAM S.P.A. : Ex-dividend day for interim dividend
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01/11SNAM : Financial Calendar 2021
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01/11Italian steelmaker Tenaris to work with Edison, Snam on green hydrogen
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Snam S p A : Acquisition of a strategic stake in De Nora (PDF)

11/19/2020 | 05:01am EST

Acquisition of a strategic stake De Nora

November 19th, 2020

De Nora's position in the hydrogen value chain complements Snam's strategy

Electricity

transport

On site green H2 Production

Renewable

Generation

Centralised

Asset readiness

green H2

Fuel cell

Production

applications

Fostering value chain development

Italian Hydrogen Strategy guidelines to be announced

  • €10bn of investments by 2030
  • 2% penetration by 2030; 20% by 2050
  • 5GW of electrolyzer capacity
  • Italy as a "Hydrogen Hub"

Hydrogen investments to grow rapidly

  • $11tn of investments forecast for the whole of the value chain to 2050 (BNEF)
  • €180-470bncumulated investments by 2050 in Europe (EU hydrogen strategy)

2

The partnership with De Nora

One-of-a-kind asset with significant global growth potential

Attractive water technologies with strong growth profile

Global leader in key component of hydrogen technology

Adds significant edge to Snam's origination Provides cross selling opportunities

Potential seed asset for an energy transition investment platform

A global innovator in sustainable, clean energy technologies

3

The transaction

Deal structure

  • Snam to acquire ca.33% of De Nora from Blackstone
  • The company will appoint 3 Board Members,
  • Representation on Strategic and Technical Committees
  • Approx. € 0.4bn investment
  • Closing expected in Q1/2021 after the relevant antitrust clearances

Compelling valuation and growth potential

  • FY 2020E revenues of >€500m
  • Revenue split: 60% electrodes, 40% from water business
  • FY 2020E EBITDA ca.€90m
  • Ebitda CAGR 2017-2020: 8%
  • Ideally positioned to be an international, technology- based listed company

DE NORA FAMILY

~ 67%

~33%

34%

+

Value-creating transaction

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

SNAM S.p.A. published this content on 19 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 10:00:01 UTC


© Publicnow 2020
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Financials
Sales 2020 2 693 M 3 254 M 3 254 M
Net income 2020 1 097 M 1 325 M 1 325 M
Net Debt 2020 12 704 M 15 351 M 15 351 M
P/E ratio 2020 13,4x
Yield 2020 5,64%
Capitalization 14 388 M 17 376 M 17 386 M
EV / Sales 2020 10,1x
EV / Sales 2021 9,84x
Nbr of Employees 3 080
Free-Float 57,0%
Chart SNAM S.P.A.
Duration : Period :
Snam S.p.A. Technical Analysis Chart | SRG | IT0003153415 | MarketScreener
Technical analysis trends SNAM S.P.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 5,12 €
Last Close Price 4,45 €
Spread / Highest target 34,9%
Spread / Average Target 15,2%
Spread / Lowest Target -21,3%
EPS Revisions
Managers and Directors
NameTitle
Marco Alverà Chief Executive Officer & Director
Nicola Bedin Chairman
Alessandra Pasini Chief Financial Officer
Cosma Panzacchi EVP-Digital Transformation & Technology
Francesco Gori Independent Non-Executive Director
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