Assicurazioni Generali S.p.A. (G) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Assicurazioni Generali S.p.A. stock €22.17, price €43.73, that is 49.3% below the price, quality 58 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 €10.88 – €46.19 · fair‑value band €19.54 – €26.76 · the €43.73 price screens above the €22.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Assicurazioni Generali S.p.A. provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania. The company operates through Life, Property & Casualty, and Asset & Wealth Management segments.
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It offers savings, individual and family protection, and unit linked products, as well as motor third-party liability, home, property and casualty, accident, health, and commercial and industrial risks insurance products; and insurance plans for multinational companies.
It also provides equity and fixed-income funds, and alternative products. The company was formerly known as Assicurazioni Generali Austro-Italiche and changed its name to Assicurazioni Generali S.p.A. in 1848. Assicurazioni Generali S.p.A. was founded in 1831 and is headquartered in Trieste, Italy.
Stock analysis
Assicurazioni Generali S.p.A. (G) currently trades at €43.73, while our model-based Fair Value estimate is €22.17, 49% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €27.31 per share, and 0 of the 6 models we run sit above the €43.73 price.
Bear case: the Asset-Based group reads lowest at €8.86, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: €19.54 (bear) to €26.76 (bull), the price of €43.73 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 58/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Assicurazioni Generali S.p.A. reported revenue of €45.0B in FY2025 versus €92.8B in FY2021, a compound −16.6%/yr. Reported net income was €4.2B in FY2025, compounding +10.0%/yr from FY2021.
Key figures
Market cap €65.7B Large · P/E ratio 14.8 · P/S ratio 1.11 · EPS (TTM) €2.95 · Dividend yield 3.8% · Net margin 7.7% · Return on equity 15.1% · Return on assets (EBIT) 0.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 5% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −49%, G screens richer than that median.
Fair Value models
Bear€19.54Fair Value €22.17Bull€26.76
Price €43.73 · Downside -49.3%
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 (€1.12 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.74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+14.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.6%
Dividend (yield on the price)3.8%
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.10.6% vs 8.0%, 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.4% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 5.4%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
AI conclusion: Generali's move toward full control of Banca Generali could support more durable earnings through tighter integration, yet its insurance operations show limited moat with weak pricing and persistently low profitability.
Main risk: Shifting banking-sector deals risk changing external stakes in Generali itself and thereby undermining group structure and earnings stability from its integrated operations.
Generali already owns just over half of Banca Generali and reportedly now considers taking full control, which could delist the private bank and deepen its integration into the group. This step aligns with the ongoing simplification of its Italian operations, including the approved merger of Alleanza into Generali Italia. Amid shifting banking-sector deals that could change external stakes in Generali itself, does tighter vertical integration deliver more durable earnings stability than added operational layers?
Compare Assicurazioni Generali S.p.A. with another stock
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.Insurance - Diversified · 73 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Below median
Fair Value upside−49.3% · Bottom 25%
Profitability
Return on equity (12 months)15.1% · Above median
Return on assets0.8% · Bottom 25%
Net margin (12 months)7.7% · Below median
Operating margin (12 months)14.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)5.4% · Below median
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity1.23× · Highest 25%
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
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Is Assicurazioni Generali S.p.A. (G) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €22.17 versus a price of €43.73, about 49% lower (overvalued).
What is the fair value of G?
Our model-based fair value for Assicurazioni Generali S.p.A. is €22.17 (as of Nov 8, 2026), built from audited fundamentals. The current price: €43.73.
What is the quality score of G?
Assicurazioni Generali S.p.A. has a Quality Score of 58/100. 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 Assicurazioni Generali S.p.A. (G)?
Our model-based price target is the fair value of €22.17 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario €19.54, optimistic scenario €26.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Assicurazioni Generali S.p.A. stock forecast for 2026?
Our models put fair value at €22.17, about 49% lower versus a price of €43.73 (overvalued). Cautious scenario €19.54, optimistic scenario €26.76. The calculation is refreshed regularly with new filings.
What is the revenue of Assicurazioni Generali S.p.A. (G)?
Assicurazioni Generali S.p.A. reported trailing-twelve-month revenue of about €59.3B (latest available figure, as of Nov 8, 2026).
Does Assicurazioni Generali S.p.A. pay a dividend?
Assicurazioni Generali S.p.A. currently shows a dividend yield of 3.75% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Assicurazioni Generali S.p.A. (G) and when is the ex-dividend date?
Assicurazioni Generali S.p.A. pays a dividend of €1.64 per share a year, a dividend yield of 3.8%. The last ex-dividend date was May 18, 2026. A dividend has been paid every year since at least 1990. The payout ratio is 55.6% 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 Assicurazioni Generali S.p.A. (G)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Assicurazioni Generali S.p.A. it is €22.17 per share (as of Nov 8, 2026), against a price of €43.73. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Assicurazioni Generali S.p.A. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, G trades above its calculated fair value: price €43.73, fair value €22.17, a gap of about −49% (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 G?
No. The price is what the market pays today (€43.73); the fair value is what the company's own numbers justify (€22.17). For Assicurazioni Generali S.p.A. the two are €21.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is Assicurazioni Generali S.p.A. worth?
The market values Assicurazioni Generali S.p.A. at about €65.7B (market capitalisation, as of Nov 8, 2026). Per share that is €43.73; our models calculate a fair value of €22.17 per share.
What do the bullish and bearish scenarios say about G?
Our models span a range for Assicurazioni Generali S.p.A.: cautious scenario €19.54, base €22.17, optimistic €26.76 per share (as of Nov 8, 2026, price €43.73). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of G?
Assicurazioni Generali S.p.A. trades at a price-to-earnings ratio of 14.8 (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 €22.17 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 10.8. Other multiples: PEG 9.7, P/B 2.1, P/S 1.1, EV/EBITDA 12.1.
What is the PEG ratio of G?
The PEG ratio of Assicurazioni Generali S.p.A. is 9.69 (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 Assicurazioni Generali S.p.A. (G)?
Balance-sheet figures for Assicurazioni Generali S.p.A. (as of Nov 8, 2026): return on equity 15.1%, debt of 1.23 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is G from its 52-week high?
Assicurazioni Generali S.p.A. trades at €43.73, about 5% below its 52-week high of €46.19 and 39% above the low of €31.38 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €22.17 is for.
Which stocks are comparable to Assicurazioni Generali S.p.A.?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, American International 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 Assicurazioni Generali S.p.A. stock attractive at the current price?
The data as of Nov 8, 2026: price €43.73, calculated fair value €22.17 (−49%), Quality Score 58/100, 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 G calculated?
We run Assicurazioni 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 €22.17 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 13.3% above its aggregate fair value. Assicurazioni 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 Assicurazioni Generali S.p.A. (G)?
The closing price on Nov 6, 2026 was €43.73. Our model-based fair value is €22.17, about 49% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Assicurazioni Generali S.p.A. right now?
The price sits above even our optimistic bull case (€26.76). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Assicurazioni Generali S.p.A. (G) come from?
Earnings per share at Assicurazioni Generali S.p.A. grew +8.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.9 %, EBIT margin +9.6 %, tax rate +0.7 %, residual (interest, one-offs) +1.8 %. 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 Assicurazioni Generali S.p.A.
How large is the market capitalisation of Assicurazioni Generali S.p.A. (G)?
The market capitalisation of Assicurazioni Generali S.p.A. is €65.7B. 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 Assicurazioni Generali S.p.A. (G)?
The price-to-sales ratio of Assicurazioni Generali S.p.A. is 1.11 (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 Assicurazioni Generali S.p.A. (G)?
Earnings per share at Assicurazioni Generali S.p.A. are €2.95 (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Assicurazioni Generali S.p.A. (G)?
The dividend yield of Assicurazioni Generali S.p.A. is 3.8% (payout 55.6%). 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 Assicurazioni Generali S.p.A. (G)?
The net margin of Assicurazioni Generali S.p.A. is 7.7% (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 Assicurazioni Generali S.p.A. (G)?
The return on equity (ROE) of Assicurazioni Generali S.p.A. is 15.1% (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 Assicurazioni Generali S.p.A. (G)?
On an EBIT basis the return on assets of Assicurazioni Generali S.p.A. is 0.9% (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 Assicurazioni Generali S.p.A. (G)?
The operating margin of Assicurazioni Generali S.p.A. is 14.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Assicurazioni Generali S.p.A. (G)?
Revenue at Assicurazioni Generali S.p.A. is growing +5.4% versus a year earlier (3y avg −14.8%). 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 Assicurazioni Generali S.p.A. (G)?
Earnings per share at Assicurazioni Generali S.p.A. are growing +17.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Assicurazioni Generali S.p.A. (G) generate?
The free cash flow of Assicurazioni Generali S.p.A. is €19.2B (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 Assicurazioni Generali S.p.A. (G) carry?
The net debt of Assicurazioni Generali S.p.A. is €32.3B (fiscal year 2025, ≈ 1.7 yrs of FCF). 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