Banca Generali (AO) | Buy | Interview with the CEO

研报英文原文证据摘录

Banca Generali (AO) | Buy | Interview with the CEO

Banca Generali Buy | Target Price: EUR61.50

Company description Management

Banca Generali is the fourth-largest Italian asset gatherer, with a network of Antonio Cangeri, Chairman

some 2,400 Financial Advisors. It had EUR105bn in total financial assets as at Gian Maria Mossa, CEO

mid-2025. More than 30% of gross recurring fees were generated by Generali Tommaso Di russo, CFO

products, with which it has a ten-year distribution agreement. Generali is also Key shareholders

the bank's controlling shareholder. Free float 49.80%

Assicurazioni Generali 50.20%

Investment case Valuation methodology

Banca Generali launched two new initiatives in 2025, which are Our TP is based on a three-stage DDM an 8.6% COE (0.8x beta)

expected to bear fruit in the coming years: the acquisition of and 2.5% g. The excess capital at 2028E is included in the

Intermonte and an insur-banking agreement with Alleanza. terminal value.

Positive 2026 guidance: over EUR6.5bn net inflows, of which Risks to our rating

over EUR4.0bn in AUM, NII of around EUR330-340m vs. 325m in A drop in financial markets, impacting both the generation of

2025, stable management fee margin of 140-142bps, core performance fees and the net inflows.

operating costs up 6-8%. Intermonte to deliver first EUR10-15m Evolution of the M&A scenario.

revenue synergies. Evolution of the investments in illiquid products.

The valuation (P/E multiple) has historically been higher than for

comparable peers.

Catalysts

Monthly net inflows trend and mix.

The generation of performance fees.

M&A scenario.

Key data charts

Price performance Segment revenue CET1 ratio

SWOT analysis

Strengths Weaknesses

FA network skewed towards high net-worth individuals.