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STOCK COMPARISON

Allianz SE VNA O.N. vs Assicurazioni Generali S.p.A.: Fair Value & Quality

Both stocks run through our valuation models. Here is how Allianz SE VNA O.N. (ALV) and Assicurazioni Generali S.p.A. (G) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Allianz SE VNA O.N. as the less overvalued of the two: Allianz SE VNA O.N. trades at €419 versus a fair value of €242 (-42%), while Assicurazioni Generali S.p.A. trades at €43.32 versus €10.92 (-75%).
Allianz SE VNA O.N.
ALV.XETRA · EUR · Financials
-42%
upside to fair value
overvalued
Price€419
Fair Value€242
Quality59/100
Assicurazioni Generali S.p.A.
G.MI · EUR · Financials
-75%
upside to fair value
overvalued
Price€43.32
Fair Value€10.92
Quality51/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Allianz SE VNA O.N.Assicurazioni Generali S.p.A.
Valuation
13.7×P/E (TTM)14.7×
n/aForward P/E (FY2026)13.2×
1.53×P/S (TTM)1.25×
2.91×P/B2.31×
8.6×EV/EBITDA13.2×
2.94×PEG10.42×
−42.3%Fair value upside−74.8%
4.1%Dividend yield3.8%
€17.10Dividend per share€1.64
Profitability
14%Operating margin15%
0.61×EBIT margin trend (5Y)2.00×
20%Return on equity15%
1%Return on assets1%
Growth
12%Revenue growth (YoY)5%
3.1%Avg. growth/yr (3Y)n/a
3.0%Avg. growth/yr (5Y)n/a
+15.8%Value creation/yr−7.3%
Balance & size
20.4×Interest coverage (EBIT/interest)4.4×
0.52×Debt / equity1.23×
$182BMarket cap$74B
mixedGrowth qualitymixed

Allianz SE VNA O.N. leads: 8 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Allianz SE VNA O.N.of which business quality 54 · market factors 72 Assicurazioni Generali S.p.A.of which business quality 49 · market factors 79
ProfitabilityMargins and returns on capital today
30
17
Quality GrowthAre margins and returns improving?
46
26
CashflowEarnings quality: real cash, not paper profit
94
100
Fin. StrengthBalance sheet, leverage, solvency risk
10
4
InvestmentDisciplined investing over empire-building
87
63
Low VolatilityCalm price path (market factor)
90
90
MomentumPrice trend over the last 3–12 months (market factor)
64
71
52W MomentumDistance to the 52-week high (market factor)
67
79
Net IssuanceShare count: buybacks or dilution?
80
96

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyAllianz SE VNA O.N.Price €419Assicurazioni Generali S.p.A.Price €43.32
Dividend Discount-50%below the price€208-64%below the price€15.49
Multiples-28%below the price€300-68%below the price€13.91
Asset-Based-74%below the price€111-67%below the price€14.21
Economic Profit-45%below the price€230-62%below the price€16.34
Minimum-74%below the price€111-68%below the price€13.91
Maximum-28%below the price€300-62%below the price€16.34
Median-48%below the price€219-66%below the price€14.85
Geometric mean-52%below the price€200-65%below the price€14.95

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Allianz SE VNA O.N.: 6 of 6 models see the stock below the current price.

Assicurazioni Generali S.p.A.: 6 of 6 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Allianz SE VNA O.N.
Price €419
Fair Value €242
Bear €194Bull €333
Assicurazioni Generali S.p.A.
Price €43.32
Fair Value €10.92
Bear €8.18Bull €13.64

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Allianz SE VNA O.N. · Financials

Quality score59 · above median
Fair value upside-42% · bottom 25%

Assicurazioni Generali S.p.A. · Financials

Quality score51 · below median
Fair value upside-75% · bottom 25%

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Allianz SE VNA O.N. as the less overvalued of the two: Allianz SE VNA O.N. trades at €419 versus a fair value of €242 (-42%), while Assicurazioni Generali S.p.A. trades at €43.32 versus €10.92 (-75%).

Allianz SE VNA O.N. has the higher quality score (59/100).

Open Allianz SE VNA O.N. live analysis →
Allianz SE VNA O.N. · Assicurazioni Generali S.p.A.

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.