Company Valuation: Generali

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,338 25,706 29,467 41,489 53,739 68,161 - -
Change - -12.38% 14.63% 40.8% 29.52% 26.84% - -
Enterprise Value (EV) 1 29,338 67,116 66,483 78,884 95,273 109,676 109,357 108,994
Change - 128.77% -0.94% 18.65% 20.78% 15.12% -0.29% -0.33%
P/E 10.5x 9.03x 7.86x 11.3x 13.2x 14.3x 13.3x 12.6x
PBR 1x 1.59x 1.04x 1.37x 1.71x 1.99x 1.86x 1.75x
PEG - 2.68x 0.2x -27.46x 1.1x 0.9x 1.78x 2.05x
Capitalization / Revenue 0.39x 0.32x 0.36x 0.44x 0.55x 0.66x 0.63x 0.6x
EV / Revenue 0.39x 0.82x 0.81x 0.83x 0.97x 1.06x 1.01x 0.97x
EV / EBITDA - - - - - 1.07x 1.03x 0.98x
EV / EBIT 5.01x 10.3x 9.66x 10.8x 11.9x 12.6x 11.9x 11.3x
EV / FCF 1.65x 6.78x 55.2x 5.33x 4.95x 26.8x 23x 22.6x
FCF Yield 60.7% 14.7% 1.81% 18.8% 20.2% 3.74% 4.35% 4.42%
Dividend per Share 2 1.07 1.16 1.28 1.43 1.64 1.815 1.99 2.146
Rate of return 5.74% 6.98% 6.7% 5.24% 4.59% 4.03% 4.41% 4.76%
EPS 2 1.78 1.84 2.43 2.42 2.711 3.145 3.38 3.587
Distribution rate 60.1% 63% 52.7% 59.1% 60.5% 57.7% 58.9% 59.8%
Net sales 1 75,825 81,538 82,466 95,190 98,124 103,398 107,932 112,843
EBITDA 1 - - - - - 102,140 106,475 110,666
EBIT 1 5,852 6,509 6,879 7,295 8,004 8,696 9,172 9,654
Net income 1 2,847 2,912 3,747 3,724 4,172 4,741 5,062 5,355
Net Debt 1 - 41,410 37,016 37,395 41,534 41,515 41,196 40,833
Reference price 2 18.63 16.62 19.10 27.27 35.75 45.08 45.08 45.08
Nbr of stocks (in thousands) 1,574,760 1,547,172 1,542,345 1,521,425 1,503,178 1,511,997 - -
Announcement Date 15/03/22 14/03/23 12/03/24 12/03/25 12/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.54x4.88x - 5.25% 138B
10.44x0.9x - 5.81% 101B
12.78x - - 2.84% 98.59B
14.33x1.06x1.07x4.03% 79.11B
14.66x - - 3.21% 72.1B
12.69x - - 2.41% 61.73B
17.58x - - 2.9% 59.78B
16.26x3.05x - 2.12% 57.79B
12.12x - - 4.56% 51.25B
Average 13.05x 2.48x 1.07x 3.68% 80.02B
Weighted average by Cap. 12.23x 2.73x 1.07x 3.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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