FNM S.p.A. (FNM.MI) | Investment Case

1. Company Snapshot

1.a. Company Description

FNM S.p.A. manages and maintains railway network in Italy.The company offers road passenger transport and motorway infrastructure management services; engineering services; design, and works and project management services; and regular transport for workers.It also provides railway and Malpensa express, railway replacement and school bus, freight transportation, and electric car sharing services, as well as digital solutions for transport and mobility, digital payments, and optical fibre.

In addition, it provides energy services.The company was formerly known as Ferrovie Nord Milano.The company was founded in 1877 and is headquartered in Milan, Italy.

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1.b. Last Insights on FNM

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1.c. Company Highlights

Last Price	0.48
Change Percentage	0.85%
Open	0.47
Previous Close	0.47
Market Cap ( Millions)	207
Volume	88690
Year High	0.54
Year Low	0.37
M A 50	0.47
M A 200	0.43

FCF Yield	26.09%
Dividend Yield	3.86%
ROE	18.53%
Debt / Equity	7.86%
Net Debt / EBIDTA	-153.93%
Price To Book	0.47
Price Earnings Ratio	2.71
Price To FCF	3.83
Price To sales	0.23
EV / EBITDA	-0.73

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.17%)

6. Segments

Single-Family

Expected Growth: 4.83%

The 4.83% growth in Single-Family from FNM S.p.A. is driven by increasing demand for housing, low interest rates, and government incentives. Additionally, a strong job market and rising wages have boosted consumer confidence, leading to increased investment in the housing sector. Furthermore, FNM's strategic expansion into new markets and product offerings has also contributed to this growth.

Multifamily

Expected Growth: 7.03%

Strong demand for rental housing, driven by urbanization and changing demographics, coupled with limited supply and favorable government policies, contribute to the 7.03% growth in Multifamily segment of FNM S.p.A. Additionally, increasing investment in multifamily properties and renovation of existing ones also support this growth.

7. Detailed Products

High-Speed Trains

FNM S.p.A. designs and manufactures high-speed trains that can reach speeds of up to 320 km/h, providing comfortable and efficient transportation for passengers.

Regional Trains

FNM S.p.A. offers a range of regional trains that provide reliable and comfortable transportation for short- and medium-distance journeys.

Freight Locomotives

FNM S.p.A. manufactures freight locomotives designed for heavy haulage, providing efficient and reliable transportation of goods.

Signaling and Control Systems

FNM S.p.A. develops and installs advanced signaling and control systems for railways, ensuring safe and efficient train operation.

Railway Infrastructure

FNM S.p.A. provides design, construction, and maintenance services for railway infrastructure, including tracks, bridges, and stations.

8. FNM S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for FNM S.p.A. is medium due to the presence of alternative modes of transportation, such as buses and taxis, which can substitute for the company's rail services.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of alternative rail services in the region, giving FNM S.p.A. a significant market share.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of rail equipment and services, which gives FNM S.p.A. some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the rail industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of competing rail services in the region, which creates a competitive market environment.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	70.11%
Debt Cost	3.95%
Equity Weight	29.89%
Equity Cost	9.27%
WACC	5.54%
Leverage	234.56%

11. Quality Control: FNM S.p.A. passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

FNM

A-Score: 6.8/10

Value: 9.8

Growth: 8.0

Quality: 5.2

Yield: 5.6

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

FirstGroup

A-Score: 6.6/10

Value: 8.8

Growth: 7.1

Quality: 3.7

Yield: 4.4

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

Jungfraubahn

A-Score: 6.3/10

Value: 3.1

Growth: 6.8

Quality: 6.9

Yield: 3.1

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

BVZ Holding

A-Score: 6.0/10

Value: 7.6

Growth: 5.7

Quality: 4.2

Yield: 1.9

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

Vossloh

A-Score: 5.4/10

Value: 3.4

Growth: 6.6

Quality: 5.5

Yield: 3.8

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

Talgo

A-Score: 3.6/10

Value: 8.4

Growth: 1.6

Quality: 2.8

Yield: 1.2

Momentum: 1.5

Volatility: 6.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-11.93%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.54%

FNM S.p.A. - IT0000060886

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FNM

Have nothing to say about that one ...

1.c. Company Highlights

Higher Growth

Higher Yield

Cheaper

Medium Volatility

Less Volatile

Average Quality

Revenues Beats

Average Yield

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.17%)

6. Segments

Single-Family

Expected Growth: 4.83%

Multifamily

Expected Growth: 7.03%

7. Detailed Products

High-Speed Trains

Regional Trains

Freight Locomotives

Signaling and Control Systems

Railway Infrastructure

8. FNM S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: FNM S.p.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.48$

Current Price

0.48$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA