FNM S.p.A. (FNM.MI)

FNM S.p.A. (FNM.MI) — VMCI valuation read

Composite valuation read on FNM.MI: VMCI 61/100 against a Industrials sector median of 50. The 11-point above-median print is the headline number for FNM S.p.A., and at the mid-cap tier it reflects how the five pillars combine into a single decision-grade score.

Trailing 30-day insider activity for FNM.MI: nothing material on SEC EDGAR. With the Form 4 channel quiet, the price-vs-DCF gap and the trailing margin trend carry more weight in the active read.

**Investor frame.** Value, quality, risk in three lines on FNM.MI: FNM.MI trades at 21.0x earnings, 17% above the Industrials median of 18.0x; ROIC of 9.0% trails the Industrials median (10.0%) by 1.0pp; net debt to EBITDA of -0.7x leaves covenant headroom. EV/EBITDA at 14.0x versus 12.0x for Industrials closes the value frame.

FNM.MI rose 0.7% over the trailing 7 days, with a -6.0% read on a 30-day basis.