Banca Generali S.p.A. (BGN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Banca Generali S.p.A. stock €33.66, price €60.45, that is 44.3% below the price, quality 42 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €19.31 – €68.20 · fair‑value band €21.74 – €42.08 · the €60.45 price screens above the €33.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Banca Generali S.p.A. distributes financial products and services for high net worth, affluent and private customers through financial advisors in Italy. The company operates through Private Banking CGU (PB CGU) and Senior Partner CGU (SP CGU) segments.
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It offers banking accounts and services comprising current and deposit accounts, other bespoke banking, and payment services; custody and administration services for the financial instruments; advisory services on the purchase and sale of instruments on the primary and secondary markets; asset management services, such as mutual investment funds, in-house products, and portfolio management solutions; distributes insurance products; and insurance investments.
The company also provides wealth advisory services, including corporate advisory, which supports companies' growth and extraordinary finance transactions; real estate advisory, focused on the valuation and management of real estate; art and passion Advisory, dedicated to works of art and collectibles; and family protection and planning, which provides advice on wealth protection, transfer, and generational continuity for family and business assets.
The company was founded in 1997 and is headquartered in Milan, Italy. Banca Generali S.p.A. is a subsidiary of Assicurazioni Generali S.p.A.
Stock analysis
Banca Generali S.p.A. (BGN) currently trades at €60.45, while our model-based Fair Value estimate is €33.66, 44% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €37.30 per share, and 0 of the 6 models we run sit above the €60.45 price.
Bear case: the Asset-Based group reads lowest at €7.90, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: €21.74 (bear) to €42.08 (bull), the price of €60.45 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Banca Generali S.p.A. reported revenue of €1.6B in FY2025 versus €817M in FY2021, a compound +18.4%/yr. Reported net income was €446M in FY2025, compounding +8.4%/yr from FY2021.
Key figures
Market cap €7.1B Mid · P/E ratio 13.0 · P/S ratio 6.22 · EPS (TTM) €4.66 · Dividend yield 2.3% · Net margin 46.2% · Return on equity 36.5% · Return on assets (EBIT) 2.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −44%, BGN screens richer than that median.
Fair Value models
Bear€21.74Fair Value €33.66Bull€42.08
Price €60.45 · Downside -44.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€2.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.6%
Start year 2020 (pandemic). Over 10 years: +12.1% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+11.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)2.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.4% vs 10.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.50% → 34%
News mood ⓘNews mood, the average tone of recent news (39 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: The regional bank shows commercial momentum in wealth management via recurring fees on assets under management, yet sustained negative operating cash flows limit evidence of a durable moat.
Main risk: Takeover speculation involving the parent Generali creates uncertainty over ownership shifts that could disrupt the inflow resilience of its wealth management business model.
Banca Generali keeps posting strong net inflows that highlight its commercial momentum in wealth management. This defensive business model with recurring fees on assets under management faces fresh uncertainty from takeover speculation involving its parent Generali. Our models see it as overvalued, so will the inflow resilience hold up better than any ownership shifts?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside−44.3% · Bottom 25%
Profitability
Return on equity (12 months)36.5% · Top 25%
Return on assets2.4% · Top 25%
Net margin (12 months)46.2% · Top 25%
Operating margin (12 months)73.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)46.4% · Top 25%
Dividend yield (12 months)2.3% · Below median
Balance sheet
Debt / equity0.15× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)13.0× · Pricier than median
P/B4.50× · Priciest 25%
P/S (12 months)6.22× · Priciest 25%
EV/EBITDA12.0× · Pricier than median
PEG15.22× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)100· sector 47
PAST (return on equity)100· sector 43
HEALTH (low debt)–
DIVIDEND (yield)46· sector 53
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Banca Generali S.p.A. (BGN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €33.66 versus a price of €60.45, about 44% lower (overvalued).
What is the fair value of BGN?
Our model-based fair value for Banca Generali S.p.A. is €33.66 (as of Nov 8, 2026), built from audited fundamentals. The current price: €60.45.
What is the quality score of BGN?
Banca Generali S.p.A. has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banca Generali S.p.A. (BGN)?
Our model-based price target is the fair value of €33.66 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario €21.74, optimistic scenario €42.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Banca Generali S.p.A. stock forecast for 2026?
Our models put fair value at €33.66, about 44% lower versus a price of €60.45 (overvalued). Cautious scenario €21.74, optimistic scenario €42.08. The calculation is refreshed regularly with new filings.
What is the revenue of Banca Generali S.p.A. (BGN)?
Banca Generali S.p.A. reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Nov 8, 2026).
Does Banca Generali S.p.A. pay a dividend?
Banca Generali S.p.A. currently shows a dividend yield of 2.32% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Banca Generali S.p.A. (BGN) and when is the ex-dividend date?
Banca Generali S.p.A. pays a dividend of €1.40 per share a year, a dividend yield of 2.3%. The next ex-dividend date is Feb 22, 2027. A dividend has been paid every year since at least 2007. The payout ratio is 30.0% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Banca Generali S.p.A. (BGN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banca Generali S.p.A. it is €33.66 per share (as of Nov 8, 2026), against a price of €60.45. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Banca Generali S.p.A. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BGN trades above its calculated fair value: price €60.45, fair value €33.66, a gap of about −44% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BGN?
No. The price is what the market pays today (€60.45); the fair value is what the company's own numbers justify (€33.66). For Banca Generali S.p.A. the two are €26.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banca Generali S.p.A. worth?
The market values Banca Generali S.p.A. at about €7.1B (market capitalisation, as of Nov 8, 2026). Per share that is €60.45; our models calculate a fair value of €33.66 per share.
What do the bullish and bearish scenarios say about BGN?
Our models span a range for Banca Generali S.p.A.: cautious scenario €21.74, base €33.66, optimistic €42.08 per share (as of Nov 8, 2026, price €60.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BGN?
Banca Generali S.p.A. trades at a price-to-earnings ratio of 13.0 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €33.66 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 13.1. Other multiples: PEG 15.2, P/B 4.5, P/S 6.2, EV/EBITDA 12.0.
What is the PEG ratio of BGN?
The PEG ratio of Banca Generali S.p.A. is 15.22 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Banca Generali S.p.A. (BGN)?
Balance-sheet figures for Banca Generali S.p.A. (as of Nov 8, 2026): return on equity 36.5%, debt of 0.15 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is BGN from its 52-week high?
Banca Generali S.p.A. trades at €60.45, about 11% below its 52-week high of €68.20 and 26% above the low of €48.03 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €33.66 is for.
Which stocks are comparable to Banca Generali S.p.A.?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banca Generali S.p.A. stock attractive at the current price?
The data as of Nov 8, 2026: price €60.45, calculated fair value €33.66 (−44%), Quality Score 42/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BGN calculated?
We run Banca Generali S.p.A. through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €33.66 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Banca Generali S.p.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Banca Generali S.p.A. (BGN)?
The closing price on Nov 6, 2026 was €60.45. Our model-based fair value is €33.66, about 44% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banca Generali S.p.A. right now?
The price sits above even our optimistic bull case (€42.08). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€21.74 to €42.08) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Banca Generali S.p.A. (BGN) come from?
Earnings per share at Banca Generali S.p.A. grew +10.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.2 %, EBIT margin −1.5 %, tax rate −1.0 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Banca Generali S.p.A.
How large is the market capitalisation of Banca Generali S.p.A. (BGN)?
The market capitalisation of Banca Generali S.p.A. is €7.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Banca Generali S.p.A. (BGN)?
The price-to-sales ratio of Banca Generali S.p.A. is 6.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banca Generali S.p.A. (BGN)?
Earnings per share at Banca Generali S.p.A. are €4.66 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banca Generali S.p.A. (BGN)?
The dividend yield of Banca Generali S.p.A. is 2.3% (payout 30.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Banca Generali S.p.A. (BGN)?
The net margin of Banca Generali S.p.A. is 46.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banca Generali S.p.A. (BGN)?
The return on equity (ROE) of Banca Generali S.p.A. is 36.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banca Generali S.p.A. (BGN)?
On an EBIT basis the return on assets of Banca Generali S.p.A. is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banca Generali S.p.A. (BGN)?
The operating margin of Banca Generali S.p.A. is 73.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banca Generali S.p.A. (BGN)?
Revenue at Banca Generali S.p.A. is growing +46.4% versus a year earlier (3y avg +29.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banca Generali S.p.A. (BGN)?
Earnings per share at Banca Generali S.p.A. are growing +70.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banca Generali S.p.A. (BGN) generate?
The free cash flow of Banca Generali S.p.A. is −€238M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Banca Generali S.p.A. (BGN) carry?
The net debt of Banca Generali S.p.A. is €1.7B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026