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GENERALI (ASG.DE) Stock Fundamental Analysis

FRA:ASG - Deutsche Boerse Ag - IT0000062072 - Common Stock - Currency: EUR

30.76  +0.77 (+2.57%)

Fundamental Rating

4

Overall ASG gets a fundamental rating of 4 out of 10. We evaluated ASG against 38 industry peers in the Insurance industry. There are concerns on the financial health of ASG while its profitability can be described as average. ASG has a correct valuation and a medium growth rate. Finally ASG also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

In the past year ASG was profitable.
In the past year ASG had a positive cash flow from operations.
ASG had positive earnings in each of the past 5 years.
Each year in the past 5 years ASG had a positive operating cash flow.
ASG.DE Yearly Net Income VS EBIT VS OCF VS FCFASG.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

1.2 Ratios

ASG has a Return On Assets of 0.69%. This is in the lower half of the industry: ASG underperforms 68.42% of its industry peers.
ASG has a Return On Equity of 12.25%. This is comparable to the rest of the industry: ASG outperforms 42.11% of its industry peers.
ASG has a Return On Invested Capital of 1.14%. This is comparable to the rest of the industry: ASG outperforms 47.37% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for ASG is in line with the industry average of 2.06%.
The last Return On Invested Capital (1.14%) for ASG is above the 3 year average (1.02%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 0.69%
ROE 12.25%
ROIC 1.14%
ROA(3y)0.62%
ROA(5y)0.54%
ROE(3y)11.19%
ROE(5y)9.82%
ROIC(3y)1.02%
ROIC(5y)0.99%
ASG.DE Yearly ROA, ROE, ROICASG.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

With a Profit Margin value of 6.50%, ASG is not doing good in the industry: 65.79% of the companies in the same industry are doing better.
ASG's Profit Margin has improved in the last couple of years.
ASG has a Operating Margin of 14.76%. This is in the better half of the industry: ASG outperforms 68.42% of its industry peers.
In the last couple of years the Operating Margin of ASG has grown nicely.
Industry RankSector Rank
OM 14.76%
PM (TTM) 6.5%
GM N/A
OM growth 3Y22.73%
OM growth 5Y16.91%
PM growth 3Y30.83%
PM growth 5Y17.75%
GM growth 3YN/A
GM growth 5YN/A
ASG.DE Yearly Profit, Operating, Gross MarginsASG.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

2

2. Health

2.1 Basic Checks

ASG has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for ASG has been reduced compared to 1 year ago.
The number of shares outstanding for ASG has been reduced compared to 5 years ago.
ASG has a worse debt/assets ratio than last year.
ASG.DE Yearly Shares OutstandingASG.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B
ASG.DE Yearly Total Debt VS Total AssetsASG.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 100B 200B 300B 400B 500B

2.2 Solvency

ASG has a debt to FCF ratio of 2.50. This is a good value and a sign of high solvency as ASG would need 2.50 years to pay back of all of its debts.
ASG has a better Debt to FCF ratio (2.50) than 63.16% of its industry peers.
ASG has a Debt/Equity ratio of 1.24. This is a high value indicating a heavy dependency on external financing.
The Debt to Equity ratio of ASG (1.24) is worse than 84.21% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.24
Debt/FCF 2.5
Altman-Z N/A
ROIC/WACC0.17
WACC6.59%
ASG.DE Yearly LT Debt VS Equity VS FCFASG.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
ASG.DE Yearly Current Assets VS Current LiabilitesASG.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 11.56% over the past year.
The Earnings Per Share has been growing slightly by 7.84% on average over the past years.
ASG shows a small growth in Revenue. In the last year, the Revenue has grown by 6.77%.
ASG shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -9.23% yearly.
EPS 1Y (TTM)11.56%
EPS 3Y10.75%
EPS 5Y7.84%
EPS Q2Q%8.22%
Revenue 1Y (TTM)6.77%
Revenue growth 3Y-16.41%
Revenue growth 5Y-9.23%
Sales Q2Q%N/A

3.2 Future

ASG is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 8.04% yearly.
The Revenue is expected to grow by 3.96% on average over the next years.
EPS Next Y13.18%
EPS Next 2Y10.56%
EPS Next 3Y10.28%
EPS Next 5Y8.04%
Revenue Next Year4.72%
Revenue Next 2Y4.34%
Revenue Next 3Y5.35%
Revenue Next 5Y3.96%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
ASG.DE Yearly Revenue VS EstimatesASG.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20B 40B 60B 80B 100B
ASG.DE Yearly EPS VS EstimatesASG.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 1 2 3

6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 12.25, which indicates a correct valuation of ASG.
Based on the Price/Earnings ratio, ASG is valued a bit cheaper than 60.53% of the companies in the same industry.
When comparing the Price/Earnings ratio of ASG to the average of the S&P500 Index (27.29), we can say ASG is valued rather cheaply.
The Price/Forward Earnings ratio is 10.27, which indicates a very decent valuation of ASG.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ASG indicates a somewhat cheap valuation: ASG is cheaper than 65.79% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.74, ASG is valued rather cheaply.
Industry RankSector Rank
PE 12.25
Fwd PE 10.27
ASG.DE Price Earnings VS Forward Price EarningsASG.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, ASG is valued cheaply inside the industry as 97.37% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 3.18
EV/EBITDA N/A
ASG.DE Per share dataASG.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.93
PEG (5Y)1.56
EPS Next 2Y10.56%
EPS Next 3Y10.28%

7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.75%, ASG is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 4.58, ASG has a dividend in line with its industry peers.
ASG's Dividend Yield is rather good when compared to the S&P500 average which is at 2.37.
Industry RankSector Rank
Dividend Yield 4.75%

5.2 History

The dividend of ASG is nicely growing with an annual growth rate of 7.30%!
Dividend Growth(5Y)7.3%
Div Incr Years2
Div Non Decr Years2
ASG.DE Yearly Dividends per shareASG.DE Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

ASG pays out 53.33% of its income as dividend. This is a bit on the high side, but may be sustainable.
ASG's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP53.33%
EPS Next 2Y10.56%
EPS Next 3Y10.28%
ASG.DE Yearly Income VS Free CF VS DividendASG.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B
ASG.DE Dividend Payout.ASG.DE Dividend Payout, showing the Payout Ratio.ASG.DE Dividend Payout.PayoutRetained Earnings

GENERALI

FRA:ASG (7/7/2025, 7:00:00 PM)

30.76

+0.77 (+2.57%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)05-22 2025-05-22/bmo
Earnings (Next)08-06 2025-08-06
Inst Owners34.09%
Inst Owner ChangeN/A
Ins Owners17.17%
Ins Owner ChangeN/A
Market Cap47.67B
Analysts68.8
Price Target31.62 (2.8%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.75%
Yearly Dividend1.28
Dividend Growth(5Y)7.3%
DP53.33%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-25.03%
Min EPS beat(2)-39.48%
Max EPS beat(2)-10.58%
EPS beat(4)1
Avg EPS beat(4)-15.42%
Min EPS beat(4)-39.48%
Max EPS beat(4)13.6%
EPS beat(8)3
Avg EPS beat(8)-8.53%
EPS beat(12)3
Avg EPS beat(12)-13.21%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)2.55%
PT rev (3m)3.27%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.97%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.04%
Valuation
Industry RankSector Rank
PE 12.25
Fwd PE 10.27
P/S 0.83
P/FCF 3.18
P/OCF 3.1
P/B 1.57
P/tB 2.57
EV/EBITDA N/A
EPS(TTM)2.51
EY8.16%
EPS(NY)2.99
Fwd EY9.74%
FCF(TTM)9.68
FCFY31.48%
OCF(TTM)9.93
OCFY32.27%
SpS36.96
BVpS19.61
TBVpS11.95
PEG (NY)0.93
PEG (5Y)1.56
Profitability
Industry RankSector Rank
ROA 0.69%
ROE 12.25%
ROCE 1.6%
ROIC 1.14%
ROICexc 1.14%
ROICexgc 1.19%
OM 14.76%
PM (TTM) 6.5%
GM N/A
FCFM 26.2%
ROA(3y)0.62%
ROA(5y)0.54%
ROE(3y)11.19%
ROE(5y)9.82%
ROIC(3y)1.02%
ROIC(5y)0.99%
ROICexc(3y)1.04%
ROICexc(5y)1.01%
ROICexgc(3y)1.08%
ROICexgc(5y)1.05%
ROCE(3y)1.44%
ROCE(5y)1.4%
ROICexcg growth 3Y5.43%
ROICexcg growth 5Y5.15%
ROICexc growth 3Y5.74%
ROICexc growth 5Y5.3%
OM growth 3Y22.73%
OM growth 5Y16.91%
PM growth 3Y30.83%
PM growth 5Y17.75%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 1.24
Debt/FCF 2.5
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 0.66%
Interest Coverage 4.13
Cash Conversion N/A
Profit Quality 402.93%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC6.59%
ROIC/WACC0.17
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)0.99%
Cap/Sales(5y)N/A
Profit Quality(3y)288.69%
Profit Quality(5y)514%
High Growth Momentum
Growth
EPS 1Y (TTM)11.56%
EPS 3Y10.75%
EPS 5Y7.84%
EPS Q2Q%8.22%
EPS Next Y13.18%
EPS Next 2Y10.56%
EPS Next 3Y10.28%
EPS Next 5Y8.04%
Revenue 1Y (TTM)6.77%
Revenue growth 3Y-16.41%
Revenue growth 5Y-9.23%
Sales Q2Q%N/A
Revenue Next Year4.72%
Revenue Next 2Y4.34%
Revenue Next 3Y5.35%
Revenue Next 5Y3.96%
EBIT growth 1Y2.52%
EBIT growth 3Y2.59%
EBIT growth 5Y6.12%
EBIT Next Year1434.03%
EBIT Next 3Y156.59%
EBIT Next 5YN/A
FCF growth 1Y864.95%
FCF growth 3Y-4.96%
FCF growth 5Y-5.36%
OCF growth 1Y788.16%
OCF growth 3Y-4.17%
OCF growth 5Y-5.43%