olivLaw · European equity research
BANCA GENERALI S.p.A. BGN.MI
Italy · Euronext Milan · ISIN IT0001031084 · Vertical: Listed companies from Italy
Banca Generali is a private banking and wealth management group that distributes its services through its own network of financial advisers and has expanded through the acquisition of Gruppo Intermonte. For 2025 it reported a profit of 455,551 thousand euro, and at 31 December 2025 its Total capital ratio stood at 21.2%, giving a comfortable capital margin.
At the close of 05 Nov 2026, BANCA GENERALI S.p.A. (BGN.MI) stock was 59.10 EUR (−2.56% on the day), with beta 0.96, 52-week range 49.98–68.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 57.36 – 62.73
- in the lower half of the band · %B 0.32 · band width 9.0%
- SMA 50 / 200
- 62.79 / 59.64
- mixed trend
- MACD (12, 26, 9)
- -0.86 / -1.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.5% | −0.6% | −3.9 pp | — |
| 3 months | −11.5% | −4.2% | −7.4 pp | — |
| 6 months | +4.0% | +4.3% | −0.3 pp | — |
| Year to date | +3.3% | +7.5% | −4.2 pp | — |
| 1 year | +16.0% | +9.9% | +6.1 pp | −5.5% |
| 3 years | +88.4% | +49.8% | +38.6 pp | +8.9% |
| 5 years | +39.7% | +42.8% | −3.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 326.1 m | 431.2 m | 445.8 m |
| Net income YoY | unavailable | +32.2% | +3.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 410.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 18.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 94.9 m | 678.1 m | -211.0 m | esef· 07 Apr 2026verified |
| Investing cash flow | -27.5 m | -27.7 m | -94.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -222.7 m | -213.2 m | -340.6 m | esef· 07 Apr 2026verified |
| Dividends paid | 210.5 m | 253.3 m | 321.9 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BANCA GENERALI - SOCIETA' PER AZIONI O IN FORMA ABBREVIATA: GENERBANCA (BGN.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for BGN.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Banca Generali is a private banking and wealth management group that distributes its services through its own network of financial advisers and has expanded through the acquisition of Gruppo Intermonte. For 2025 it reported a profit of 455,551 thousand euro, and at 31 December 2025 its Total capital ratio stood at 21.2%, giving a comfortable capital margin.
SWOT
Strengths
- Proprietary network of financial advisers and growing assets under management support fee income.
- Solid capital position, with a Total capital ratio above the minimum requirement, offering flexibility.
- Diversified footprint, with entities in Luxembourg, Switzerland and Italy, reducing dependence on a single market.
Weaknesses
- Part of the income depends on performance fees, which can fluctuate with markets.
- Some Swiss subsidiaries reported losses in 2025, indicating that the process of maturing is still under way.
- Higher capital requirements for operational risk after the change in calculation methodology.
Opportunities
- Broader offering through the integration of Intermonte and Aequitum, which could bring new clients.
- Demand for wealth management and cross-border private banking, if Italian clients keep diversifying into Switzerland.
- The sale of the stake in BG Saxo SIM could release capital for other investments.
Threats
- A fall in financial markets could reduce assets under management and related fees.
- Regulatory changes or higher compliance costs could weigh on margins.
- Competition from banks and private advisers could put pressure on pricing.
Risks
- Market riskhigh
The value of assets under management and fees depends on financial market performance; a correction could reduce income.
- Integration riskmedium
Integrating Intermonte and the Swiss entities involves costs and the risk of not achieving the expected synergies.
- Operational riskmedium
The capital requirement for operational risk rose significantly, which could limit dividend distribution.
- Credit and counterparty risklow
Interbank exposures and Lombard collateral are sensitive to market developments, and their deterioration could affect results.
- Climate risklow
Physical and transition risks were assessed as having low materiality for the loan portfolio, but could grow over time.
Investment thesis
What would need to be true (bull case)
- Growth in assets under management and well-covered capital could support recurring income and the profit distribution policy.
- The integration of Intermonte and the expansion in Switzerland could open new income sources and diversify the client base.
- If markets remain stable, management fees could keep growing in the coming years.
What would break the thesis
- Reliance on performance fees and market performance could reduce profitability in a volatile environment.
- The Swiss subsidiaries reported losses, and consolidation could bring extra costs without immediate synergies.
- Higher capital requirements for operational risk could limit flexibility in distributing capital.
What to watch
- Completion of the sale of the stake in BG Saxo SIM2026
- Evolution of assets under management and performance feesQ1 2027
- Integrated results of Intermonte and the Swiss subsidiaries2027
- Total capital ratio under the new operational risk methodologynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Banca Generali is an Italian private bank active in wealth management, banking services and financial advice for its clients. The group includes companies specialised in fund management (BG Fund Management Luxembourg), fiduciary services (Generfid), and private banking in Switzerland (BG Suisse, BG Aequitum), and since January 2025 Gruppo Intermonte, which brought brokerage and investment banking services. At 31 December 2025 assets under management stood at 25,320 million euro, up 2,034 million from the prior year 1.
Segments
Wealth management and funds
Funds and sicavs managed through BG Fund Management Luxembourg generated higher management fees in 2025, while performance fees declined. The company reported a profit of 249.6 million euro for 2025, down from the prior year 1.
Swiss private banking
Through BG (Suisse) Private Bank and BG Aequitum the group extends its presence in Switzerland, where it obtained a banking licence in 2023. These entities reported losses in 2025, and the statutory net equity of BG Suisse was 49.8 million Swiss francs 1.
Market context
Wealth advisory and asset management activity takes place in the Italian market and in Switzerland, where clients increasingly diversify their assets. The sources analysed do not estimate the total market size, so competitive positioning rests on assets under management and the proprietary adviser network 1.
The interest rate environment and market volatility influence fee income and interbank activity. The net interbank position fell to 908.9 million euro at 31 December 2025 from 1,325.4 million euro, driven by lower deposits at the ECB 1.
Trends
- Growth in assets under managementtailwind
Assets under management rose in 2025, supporting recurring fee income if markets remain stable.
- Pressure on performance feesheadwind
Performance fees at BG Fund Management Luxembourg declined in 2025, showing that some income depends on fund returns.
- Consolidation through acquisitionsmixed
The integration of Intermonte and the Aequitum acquisition broaden the service range but bring integration costs and additional absorbed capital.
- Regulation and capitalheadwind
The new Basel 3 framework (CRR3/CRD IV) increased the capital required for operational risk, which could limit profit distribution if requirements keep rising.
Competitive position
The bank competes with other banks and private advisory groups, in Italy and Switzerland, for assets under management. The sources analysed do not name specific competitors, so the list below rests on the information provided in the report 1.
- Intermonte (integrated group)
Part of the group since 2025, active in brokerage and investment banking; direct competition is now within the company's structure.
- Swiss private banks
Competition for private banking clients in Switzerland, where the group has subsidiaries and a banking licence.
- Other financial advisers and distribution networks
Competition for adviser networks and for attracting assets under management in Italy.
- Fund management companies
Competition in managing sicavs and alternative funds through BG Fund Management Luxembourg.
News & filings
In the press
- Generali Mulling Monte dei Paschi’s $10 Billion Takeover Bid for Banca GeneraliYahoo Finance — News · 28 Aug 2026 · EN
- Monte Paschi Bids €34 Billion for BPM, Banca Generali (Video)Bloomberg Markets · 21 Aug 2026 · EN
- Monte Paschi Offers to Buy BPM, Banca Generali for €34 BillionBloomberg Markets · 21 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BANCA GENERALI S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.