Rankings Financial data & insurance broking Generali
Generali
78
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−5
- Governance and ownership battle−3
- Quality of growth−2
Strengths
- Dividend and buybacks+3
- Strong half-year+2
How the score is built
From 100 to 78, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 42.81 EUR
- Median analyst target
- 42.00 EUR
- Upside to median
- −1.9%
- Analysts
- 15
- Target range
- 29.50 – 73.00 EUR
- 52-week change
- +28%
- P/E (trailing)
- 14.5
- Forward P/E
- 13.0
- PEG
- 1.44
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−3 of −30
- −2Quality of growthThe H1 2026 beat (net result +6% above JP Morgan's estimate) was, according to JP Morgan, driven by a low tax rate, high performance fees at Banca Generali and investment gains, some of which are temporary; revenue grew only 2.6% TTM.
- −1Business mix and returnsLife insurance dominates (gross premiums 63.6bn vs 37.4bn in non-life TTM); capital-heavy model with ROE of 15.1% and ROIC of 7.3%, below Allianz (19.6%) and Zurich (25.7%). ROE was only 8.4–13.7% in 2021–2025.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −5Multiples vs own historyTrailing P/E 14.6 vs. 7.9–12.9 in 2021–2025 and P/B 1.87 vs. 0.89–1.55 (both records); dividend yield 3.8% vs. 4.8–8.5%. The higher ROE (15.1% vs. 8–14%) explains only part; the rerating has happened, and the average price target (42.5) is below the price.
- −2PeersForward P/E 13.0 and P/B 1.87 at ROE 15.1% vs AXA (10.2/1.74/14.9%) and Allianz (13.3/2.39/19.6%): priced like Allianz with AXA's returns. JP Morgan downgraded to Neutral in August and points to the premium to AXA.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −3Governance and ownership battleMPS (via Mediobanca, about 13%), Delfin (about 10%), Caltagirone and UniCredit are fighting for influence; the Milan prosecutor's office is investigating Caltagirone and Delfin for acting in concert over control of Generali via Mediobanca. The strategy risks being steered by major shareholders' banking interests.
- −2Banca Generali and cross-ownershipMPS has bid EUR 8.7bn in shares for Banca Generali (Generali's fastest-growing and high-yielding subsidiary), and Generali's board will 'assess' the offer. Acceptance turns a controlled asset manager into a minority stake in MPS, which is itself Generali's largest shareholder (cross-ownership and conflict of interest).
- −1Natural disasters and capitalGreater impact of natural disasters in H1 2026, and Solvency II fell to 216% from 219% at year-end (regulation, market movements and buybacks).
- −1Temporary earningsThe dependence on performance fees at Banca Generali creates earnings volatility, and a possible reduction of MPS' 13.3% stake could create a share overhang.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Dividend and buybacksDividend 2.72bn + buybacks EUR 0.75bn (TTM) = 3.5bn, below net profit of 4.5bn; share count −2.2% over a year, dividend per share +14.7% and new buyback of EUR 500m from 10 Aug.
- +2Strong half-yearH1 2026: operating profit +11.2% to 4.5bn, normalised EPS +14.3%, record net inflow in life of 8.3bn and new business value +21.1%; all above consensus.
Caveats
What the score does not capture, or where the data is weak.
Insurance: FCF (stockanalysis 21.7bn) and P/FCF 3.0 are not meaningful because they include customer funds; the payout is measured against net income. Stockanalysis' revenue forecast (+25% over 3 years) is an IFRS 17 artefact. Stockanalysis does not show forward P/E history, so T2 uses trailing P/E and P/B vs 2021–2025. The share price may be supported by the ownership fight (MPS-Mediobanca about 13%, Delfin about 10%, Caltagirone about 7%, UniCredit) rather than fundamentals. Insider ownership is shown as n/a and has not been investigated. Exposure to Italian government bonds, reserve history and the interest-rate risk of life insurance have not been investigated separately (no deduction without a company-specific source). Consensus EPS is normalised. The price target (avg. 42.5) is below the share price. 9M figures 13 Nov.
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