Assicurazioni Generali S.p.A. (G.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

+9.1%

€46.50

vs €42.62 price

Levered DCF

€219.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.33

Distress zone

Rating

Overall 3 / 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	13.24×	11.27×	7.86×	11.7×	10.29×	12.85×	10.82×	9.8×
P/B	1.69×	1.38×	1.02×	0.98×	1×	0.75×	1.02×	0.96×
P/S	0.73×	0.76×	0.4×	0.54×	0.31×	0.28×	0.33×	0.33×
EV / EBITDA	12.02×	10.21×	9.02×	10.34×	6.69×	5.86×	7.12×	6.53×
Gross margin	93.2%	100.0%	66.6%	53.9%	100.0%	102.7%	100.0%	100.0%
Operating margin	8.6%	97.5%	8.7%	8.8%	97.0%	6.7%	4.2%	6.5%
Net margin	5.6%	6.7%	5.1%	4.7%	3.0%	2.2%	3.0%	3.4%
Current ratio	0.03×	0.59×	2.29×	12.49×	51.29×	54.45×	65.84×	71.2×
Debt / equity	1.23×	1.24×	1.25×	1.39×	0.57×	0.45×	0.5×	0.62×
Interest coverage	7.75×	46.91×	7.96×	6.92×	126.13×	6.27×	3.64×	4.4×
Dividend yield	4.0%	4.7%	6.1%	7.3%	7.9%	3.5%	4.9%	5.5%
Payout ratio	52.0%	53.3%	47.9%	85.4%	81.1%	44.9%	52.9%	54.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	12.3%	12.9%	8.4%	9.7%	5.8%	9.4%	9.8%
Return on invested capital	5.0%	7.1%	0.9%	0.5%	8.6%	0.5%	0.4%	0.5%
Return on assets	0.7%	0.7%	0.7%	0.4%	0.5%	0.3%	0.5%	0.4%
Free cash flow yield	36.0%	35.8%	5.3%	36.1%	100.3%	84.9%	68.5%	64.5%
Earnings yield	7.7%	8.9%	12.7%	8.6%	9.7%	7.8%	9.3%	10.2%
Enterprise value	€86.4B	€71.2B	€58.7B	€56.1B	€37.4B	€27.9B	€36.2B	€30.5B
Net debt / EBITDA	4.49×	4.19×	4.49×	5.54×	1.45×	1.16×	1.44×	1.68×
Cash conversion cycle (days)	-384	41	-209	-159	62	65	0	0