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 66,724 - -
Change - -12.38% 14.63% 40.8% 29.52% 24.16% - -
Enterprise Value (EV) 1 29,338 67,116 66,483 78,884 95,273 108,239 107,920 107,557
Change - 128.77% -0.94% 18.65% 20.78% 13.61% -0.29% -0.34%
P/E 10.5x 9.03x 7.86x 11.3x 13.2x 14x 13x 12.3x
PBR 1x 1.59x 1.04x 1.37x 1.71x 1.97x 1.83x 1.71x
PEG - 2.68x 0.2x -27.46x 1.1x 0.9x 1.71x 2.02x
Capitalization / Revenue 0.39x 0.32x 0.36x 0.44x 0.55x 0.65x 0.62x 0.59x
EV / Revenue 0.39x 0.82x 0.81x 0.83x 0.97x 1.05x 1x 0.96x
EV / EBITDA - - - - - 1.06x 1.01x 0.97x
EV / EBIT 5.01x 10.3x 9.66x 10.8x 11.9x 12.4x 11.8x 11.1x
EV / FCF 1.65x 6.78x 55.2x 5.33x 4.95x 26.4x 22.7x 22.3x
FCF Yield 60.7% 14.7% 1.81% 18.8% 20.2% 3.79% 4.41% 4.48%
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% 4.11% 4.51% 4.86%
EPS 2 1.78 1.84 2.43 2.42 2.711 3.146 3.385 3.591
Distribution rate 60.1% 63% 52.7% 59.1% 60.5% 57.7% 58.8% 59.8%
Net sales 1 75,825 81,538 82,466 95,190 98,124 103,277 107,693 112,605
EBITDA 1 - - - - - 102,140 106,475 110,666
EBIT 1 5,852 6,509 6,879 7,295 8,004 8,753 9,161 9,659
Net income 1 2,847 2,912 3,747 3,724 4,172 4,750 5,074 5,352
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 44.13 44.13 44.13
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 3/15/22 A 3/14/23 A 3/12/24 A 3/12/25 A 3/12/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.66x4.97x - 5.16% 143B
10.52x0.86x - 5.73% 102B
12.89x - - 2.82% 99.22B
14.03x1.05x1.06x4.11% 77.43B
14.29x - - 3.25% 71.13B
12.6x - - 2.43% 61.33B
16.44x3.09x - 2.1% 58.42B
17.15x - - 2.98% 58.23B
12.53x - - 4.45% 48.87B
Average 13.01x 2.49x 1.06x 3.67% 79.95B
Weighted average by Cap. 12.17x 2.78x 1.06x 3.91%

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