May 17, 2024 11:02 GMT
Snam (SRGIM Baa2/BBB+/BBB+): 1Q24 Results
UTILITIES
Neutral for spreads
- Revenue -2% YoY. Adj. EBITDA +18% YoY missed by 25% (only 3 estimates). The increase was driven by higher revenues within high margin regulated gas infrastructure.
- FCF improved to -€112mn from -€559mn YoY on higher EBITDA, better seasonal working capital increase and lower investments.
- FY24 outlook upgraded marginally.
- Call 09.30 London https://event.choruscall.com/mediaframe/webcast.html?webcastid=EKx5DpyS
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