Banca Generali S.p.A. (BGN.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+275.0%

€222.36

vs €59.30 price

Levered DCF

€117.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.95

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.63×	11.87×	11.76×	17.24×	13.79×	11.45×	12.32×	11.79×
P/B	4.45×	3.5×	3.16×	3.44×	4.03×	2.65×	3.65×	2.9×
P/S	3.95×	3.92×	3.66×	4.8×	5.46×	4.38×	4.98×	3.96×
EV / EBITDA	14.27×	7.48×	12.51×	14.17×	7.03×	6.89×	8.12×	4.1×
Gross margin	99.8%	87.3%	87.6%	97.1%	98.9%	99.1%	98.7%	98.8%
Operating margin	34.7%	43.7%	42.3%	42.1%	48.1%	48.4%	48.3%	40.8%
Net margin	27.0%	33.1%	31.1%	27.9%	39.6%	38.3%	40.4%	33.5%
Current ratio	0.78×	0.13×	4.74×	0.08×	0.14×	0.11×	0.1×	0.2×
Debt / equity	1.44×	0.31×	1.59×	2.25×	0.35×	0.29×	0.36×	0.3×
Interest coverage	4.63×	3.44×	3.42×	14.5×	44.21×	55.9×	36.78×	34.09×
Dividend yield	4.9%	5.0%	5.5%	5.7%	6.4%	0.1%	4.3%	6.8%
Payout ratio	72.2%	58.7%	64.5%	98.1%	88.3%	0.8%	53.2%	80.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.4%	29.5%	26.9%	19.9%	29.2%	23.2%	29.7%	24.5%
Return on invested capital	2.4%	11.4%	1.9%	8.8%	-86.3%	10.4%	16.1%	13.0%
Return on assets	2.4%	2.6%	2.1%	1.2%	2.0%	2.1%	2.3%	1.9%
Free cash flow yield	7.6%	8.2%	7.5%	-16.7%	26.0%	2.0%	-10.3%	28.5%
Earnings yield	6.8%	8.4%	8.5%	5.8%	7.2%	8.8%	8.1%	8.5%
Enterprise value	€8.2B	€4.3B	€6.1B	€5.1B	€3B	€2.6B	€2.9B	€939M
Net debt / EBITDA	2.94×	-1.5×	4.57×	3.94×	-3.38×	-1.38×	-1.31×	-5.2×
Cash conversion cycle (days)	-3,574	-43	429	-20,779	-83,363	-1,157	-871	-1,654