WBAG:BGN

Stock Analysis Report

Executive Summary

Banca Generali S.p.A. distributes financial products and services for affluent and private customers through financial advisors primarily in Italy.

Rewards

PE ratio (15.9x) is below the Capital Markets industry average (22x)

Earnings grew by 51.1% over the past year

Pays a high and reliable dividend of 5.61%

Risk Analysis

Earnings are forecast to decline by an average of -0.4% per year for the next 3 years



Snowflake Analysis

Outstanding track record 6 star dividend payer.


Similar Companies

Share Price & News

How has Banca Generali's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BGN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.3%

BGN

0.5%

AT Capital Markets

0.3%

AT Market


1 Year Return

52.3%

BGN

20.8%

AT Capital Markets

3.6%

AT Market

Return vs Industry: BGN exceeded the Austrian Capital Markets industry which returned 20.8% over the past year.

Return vs Market: BGN exceeded the Austrian Market which returned 3.6% over the past year.


Shareholder returns

BGNIndustryMarket
7 Day2.3%0.5%0.3%
30 Day7.2%5.2%0.1%
90 Day3.7%11.9%0.8%
1 Year60.5%52.3%25.7%20.8%7.3%3.6%
3 Yearn/a17.8%4.0%27.6%16.1%
5 Yearn/a10.2%-10.2%53.9%32.5%

Price Volatility Vs. Market

How volatile is Banca Generali's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Banca Generali undervalued compared to its fair value and its price relative to the market?

15.93x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BGN (€32.72) is trading above our estimate of fair value (€31.58)

Significantly Below Fair Value: BGN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BGN is good value based on its PE Ratio (15.9x) compared to the Capital Markets industry average (22x).

PE vs Market: BGN is poor value based on its PE Ratio (15.9x) compared to the Austrian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: BGN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BGN is overvalued based on its PB Ratio (4.9x) compared to the XE Capital Markets industry average (1.4x).


Next Steps

Future Growth

How is Banca Generali forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

-0.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BGN's earnings are forecast to decline over the next 3 years (-0.4% per year).

Earnings vs Market: BGN's earnings are forecast to decline over the next 3 years (-0.4% per year).

High Growth Earnings: BGN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BGN's revenue (2.2% per year) is forecast to grow slower than the Austrian market (2.6% per year).

High Growth Revenue: BGN's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BGN's Return on Equity is forecast to be high in 3 years time (25.7%)


Next Steps

Past Performance

How has Banca Generali performed over the past 5 years?

5.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BGN has high quality earnings.

Growing Profit Margin: BGN's current net profit margins (47.7%) are higher than last year (38.8%).


Past Earnings Growth Analysis

Earnings Trend: BGN's earnings have grown by 5.6% per year over the past 5 years.

Accelerating Growth: BGN's earnings growth over the past year (51.1%) exceeds its 5-year average (5.6% per year).

Earnings vs Industry: BGN earnings growth over the past year (51.1%) exceeded the Capital Markets industry 5.3%.


Return on Equity

High ROE: BGN's Return on Equity (29.7%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Banca Generali's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BGN has a low level of unsold assets or inventory.

Debt Coverage by Assets: BGN's debt is not covered by short term assets (assets are -19.7x debt).


Financial Institutions Analysis

Asset Level: BGN's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if BGN has a sufficient allowance for bad loans.

Low Risk Liabilities: BGN's liabilities are made up of primarily low risk sources of funding.

Loan Level: BGN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BGN's loans are broadly funded by customer deposits.

Level of Bad Loans: BGN has an appropriate level of bad loans (0.52%)


Next Steps

Dividend

What is Banca Generali's current dividend yield, its reliability and sustainability?

5.61%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Banca Generali before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company5.6%marketbottom25%1.6%markettop25%4.5%industryaverage3.1%forecastin3Years4.9%

Current dividend yield vs market & industry

Notable Dividend: BGN's dividend (5.61%) is higher than the bottom 25% of dividend payers in the Austrian market (1.58%).

High Dividend: BGN's dividend (5.61%) is in the top 25% of dividend payers in the Austrian market (4.49%)


Stability and Growth of Payments

Stable Dividend: BGN's dividends per share have been stable in the past 10 years.

Growing Dividend: BGN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (89.3%), BGN's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BGN's dividends in 3 years are forecast to be covered by earnings (74.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.0yrs

Average management tenure


CEO

Gian Mossa (45yo)

3.8yrs

Tenure

€10,397

Compensation

Mr. Gian Maria Mossa has been the Chief Executive Officer of Banca Generali S.p.A. since March 2017. Mr. Mossa has been General Manager since March 23, 2017. Mr. Mossa served as General Manager of Banca Ge ...


Leadership Team

NamePositionTenureCompensationOwnership
Giancarlo Fancel
President & Chairman of the Board4.1yrs€24.26kno data
Gian Mossa
GM, CEO & Director3.8yrs€10.40kno data
Tommaso Russo
Head of Strategy2.8yrsno datano data
Riccardo Renna
Chief Operating Officer and Head of Business Development & Support Department3.6yrsno datano data
Giuliana Pagliari
Head of Investor Relations11.9yrsno datano data
Luca Giaimo
Head of the Compliance Service6.8yrsno datano data
Domenica Lista
General Counsel & Secretary to the Board3.6yrsno datano data
Barbara Malagutti
Head of Marketing13yrsno datano data
Alessandra Rizzi
Head of Human Resources3.4yrsno datano data
Francesco Barraco
Head of the Internal Audit16.3yrsno datano data

4.0yrs

Average Tenure

49.5yo

Average Age

Experienced Management: BGN's management team is considered experienced (4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Giancarlo Fancel
President & Chairman of the Board4.1yrs€24.26kno data
Gian Mossa
GM, CEO & Director3.8yrs€10.40kno data
Annalisa Pescatori
Non-Executive Director4.8yrs€53.90kno data
Azzurra Caltagirone
Non-Executive & Non-Independent Director3.7yrsno datano data
Cristina Rustignoli
Non-Executive Non-Independent Director3.7yrsno datano data
Giovanni Brugnoli
Non-Executive Director7.8yrs€71.88kno data
Anna Gervasoni
Non-Executive Director7.8yrs€77.89kno data
Massimo Lapucci
Non-Executive Director4.8yrs€51.90kno data
Vittorio Terzi
Non-Executive Director4.8yrs€51.90kno data
Massimo Cremona
Chairman of Board of Statutory Auditors0yrsno datano data

4.8yrs

Average Tenure

54yo

Average Age

Experienced Board: BGN's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Banca Generali S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Banca Generali S.p.A.
  • Ticker: BGN
  • Exchange: WBAG
  • Founded: 1997
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: €3.810b
  • Shares outstanding: 116.01m
  • Website: https://www.bancagenerali.com

Number of Employees


Location

  • Banca Generali S.p.A.
  • Via Machiavelli
  • Trieste
  • 34132
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BGNBIT (Borsa Italiana)YesOrdinary SharesITEURNov 2006
B7ADB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2006
0DQZLSE (London Stock Exchange)YesOrdinary SharesGBEURNov 2006
BGNMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURNov 2006
BGNWBAG (Wiener Boerse AG)YesOrdinary SharesATEURNov 2006

Biography

Banca Generali S.p.A. distributes financial products and services for affluent and private customers through financial advisors primarily in Italy. The company operates through Wealth Management CGU, Private Banking CGU, and Corporate Center segments. It offers asset management products, such as portfolio management, mutual funds, and SICAVs; banking products and services; insurance products, including life insurance and retirement investment products; and tools to manage securities portfolios and trade financial instruments, as well as short-term investment products comprising repurchase agreements. The company operates 212 bank branches and financial advisor offices. The company was founded in 1997 and is headquartered in Trieste, Italy. Banca Generali S.p.A. is a subsidiary of Assicurazioni Generali S.p.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 22:39
End of Day Share Price2020/02/19 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.