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 64,638 - -
Change - -12.38% 14.63% 40.8% 29.52% 20.28% - -
Enterprise Value (EV) 1 29,338 67,116 66,483 78,884 95,273 106,153 105,834 105,471
Change - 128.77% -0.94% 18.65% 20.78% 11.42% -0.3% -0.34%
P/E 10.5x 9.03x 7.86x 11.3x 13.2x 13.5x 12.6x 11.9x
PBR 1x 1.59x 1.04x 1.37x 1.71x 1.89x 1.77x 1.66x
PEG - 2.68x 0.2x -27.46x 1.1x 0.8x 1.78x 1.94x
Capitalization / Revenue 0.39x 0.32x 0.36x 0.44x 0.55x 0.62x 0.6x 0.57x
EV / Revenue 0.39x 0.82x 0.81x 0.83x 0.97x 1.02x 0.98x 0.93x
EV / EBITDA - - - - - 1.04x 0.99x 0.95x
EV / EBIT 5.01x 10.3x 9.66x 10.8x 11.9x 12.1x 11.5x 10.9x
EV / FCF 1.65x 6.78x 55.2x 5.33x 4.95x 25.9x 22.2x 21.9x
FCF Yield 60.7% 14.7% 1.81% 18.8% 20.2% 3.86% 4.49% 4.57%
Dividend per Share 2 1.07 1.16 1.28 1.43 1.64 1.842 2.01 2.139
Rate of return 5.74% 6.98% 6.7% 5.24% 4.59% 4.31% 4.7% 5%
EPS 2 1.78 1.84 2.43 2.42 2.711 3.169 3.393 3.601
Distribution rate 60.1% 63% 52.7% 59.1% 60.5% 58.1% 59.2% 59.4%
Net sales 1 75,825 81,538 82,466 95,190 98,124 103,586 108,174 113,087
EBITDA 1 - - - - - 102,140 106,475 110,666
EBIT 1 5,852 6,509 6,879 7,295 8,004 8,740 9,208 9,702
Net income 1 2,847 2,912 3,747 3,724 4,172 4,785 5,092 5,385
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 42.75 42.75 42.75
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
4.28x1.44x - 3.92% 141B
6.26x4.83x - 5.49% 134B
10.55x0.91x - 5.77% 99.7B
12.44x - - 2.89% 97.04B
13.73x1.04x1.05x4.23% 74.55B
14.97x - - 3.15% 71.96B
13.82x - - 3.7% 66.59B
12.42x - - 2.46% 60.5B
17.22x - - 2.96% 57.22B
Average 11.74x 2.05x 1.05x 3.84% 89.12B
Weighted average by Cap. 10.54x 2.26x 1.05x 4.05%

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