# Banca Generali (BGN.MI)

Canonical: https://gigainvestors.com/s/BGN.MI

Analysis as of: 2026-10-16T07:36:14.832Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 61.45 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- Financial history: 9 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.12×

Chart: Net income; fiscal year observations.

- FY2017: EUR 204M

- FY2018: EUR 180M

- FY2019: EUR 272M

- FY2020: EUR 275M

- FY2021: EUR 323M

- FY2022: EUR 213M

- FY2023: EUR 326M

- FY2024: EUR 431M

- FY2025: EUR 446M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 31.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 26.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 31.7%

- FY2018: 28.2%

- FY2019: 34.7%

- FY2020: 26.2%

- FY2021: 33.3%

- FY2022: 23.0%

- FY2023: 30.7%

- FY2024: 33.0%

- FY2025: 33.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 31.1%

- Book return interval: 8 years

- Starting book value per share: EUR 5.54

- Ending book value per share: EUR 11.81

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: 22.4%

- FY2019: 45.8%

- FY2020: 34.4%

- FY2021: 20.2%

- FY2022: 17.3%

- FY2023: 38.0%

- FY2024: 46.8%

- FY2025: 27.7%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.2%

- Share growth excluding flagged crisis recapitalisations: -0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.83×

- Book value created per share: EUR 6.28

- Earnings retained per share after dividends and buybacks: EUR 7.53

Chart: Shares (first year = 100); fiscal year observations.

- FY2017: 100

- FY2018: 100

- FY2019: 99

- FY2020: 99

- FY2021: 98

- FY2022: 98

- FY2023: 98

- FY2024: 98

- FY2025: 98

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 0

## Holders

## Price story

Up 101% since Oct 2023 · net income +3.4%

Story as of 2026-10-16T10:00:07.113Z; price observation 2026-10-14.

### Net income · FY2025

net income +3.4%; source https://filings.xbrl.org/815600903231FA2E7698/2025-12-31/ESEF/IT/0/815600903231FA2E7698-2025-12-31-1-it/reports/815600903231FA2E7698-2025-12-31-1-it.html; observed 2026-04-07.

- FY2017: EUR 204M 

- FY2018: EUR 180M 

- FY2019: EUR 272M 

- FY2020: EUR 275M 

- FY2021: EUR 323M 

- FY2022: EUR 213M 

- FY2023: EUR 326M 

- FY2024: EUR 431M 

- FY2025: EUR 446M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 1.2 billion.

- Source: https://eodhd.com/api/fundamentals/B7A.F.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 1170490000.

### Why customers stay

It earns 31.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 9-year return on tangible equity observations [[2017,0.3168053270418775],[2018,0.28155025673489487],[2019,0.34733448456746396],[2020,0.26224321209993745],[2021,0.33330823142992133],[2022,0.2296089963607513],[2023,0.30700758538500206],[2024,0.33019796180431393],[2025,0.33132241372775895]]; median 0.3168053270418775. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,139237000],[2017,124674000],[2018,145474000],[2019,144900000],[2020,2251000],[2021,285396000],[2022,209076000],[2023,210476000],[2024,253302000],[2025,321886000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 61.45000076293945 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 10.27569309988468; price multiple 5.980131964395578. FY2025 cash earnings/share -2.0872081864780414. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 19.85 per share

- 2016-12: EUR 22.66 per share

- 2017-01: EUR 23.59 per share

- 2017-02: EUR 22.80 per share

- 2017-03: EUR 24.50 per share

- 2017-04: EUR 26.39 per share

- 2017-05: EUR 25.69 per share

- 2017-06: EUR 26.06 per share

- 2017-07: EUR 30.00 per share

- 2017-08: EUR 27.73 per share

- 2017-09: EUR 29.35 per share

- 2017-10: EUR 28.28 per share

- 2017-11: EUR 29.48 per share

- 2017-12: EUR 27.74 per share

- 2018-01: EUR 30.16 per share

- 2018-02: EUR 27.28 per share

- 2018-03: EUR 26.20 per share

- 2018-04: EUR 26.92 per share

- 2018-05: EUR 20.80 per share

- 2018-06: EUR 21.34 per share

- 2018-07: EUR 23.08 per share

- 2018-08: EUR 21.16 per share

- 2018-09: EUR 22.28 per share

- 2018-10: EUR 17.03 per share

- 2018-11: EUR 19.49 per share

- 2018-12: EUR 18.13 per share

- 2019-01: EUR 20.60 per share

- 2019-02: EUR 21.96 per share

- 2019-03: EUR 22.18 per share

- 2019-04: EUR 25.16 per share

- 2019-05: EUR 22.54 per share

- 2019-06: EUR 25.32 per share

- 2019-07: EUR 26.36 per share

- 2019-08: EUR 27.02 per share

- 2019-09: EUR 28.30 per share

- 2019-10: EUR 29.24 per share

- 2019-11: EUR 29.96 per share

- 2019-12: EUR 28.96 per share

- 2020-01: EUR 28.72 per share

- 2020-02: EUR 27.86 per share

- 2020-03: EUR 19.12 per share

- 2020-04: EUR 22.66 per share

- 2020-05: EUR 24.36 per share

- 2020-06: EUR 26.66 per share

- 2020-07: EUR 25.20 per share

- 2020-08: EUR 25.54 per share

- 2020-09: EUR 25.94 per share

- 2020-10: EUR 24.40 per share

- 2020-11: EUR 27.84 per share

- 2020-12: EUR 27.24 per share

- 2021-01: EUR 25.62 per share

- 2021-02: EUR 28.22 per share

- 2021-03: EUR 30.02 per share

- 2021-04: EUR 31.82 per share

- 2021-05: EUR 33.44 per share

- 2021-06: EUR 35.98 per share

- 2021-07: EUR 35.01 per share

- 2021-08: EUR 37.64 per share

- 2021-09: EUR 37.90 per share

- 2021-10: EUR 40.66 per share

- 2021-11: EUR 36.21 per share

- 2021-12: EUR 38.75 per share

- 2022-01: EUR 35.58 per share

- 2022-02: EUR 33.03 per share

- 2022-03: EUR 33.72 per share

- 2022-04: EUR 31.72 per share

- 2022-05: EUR 32.57 per share

- 2022-06: EUR 26.96 per share

- 2022-07: EUR 28.30 per share

- 2022-08: EUR 26.44 per share

- 2022-09: EUR 28.60 per share

- 2022-10: EUR 30.26 per share

- 2022-11: EUR 32.22 per share

- 2022-12: EUR 32.06 per share

- 2023-01: EUR 33.80 per share

- 2023-02: EUR 32.69 per share

- 2023-03: EUR 29.38 per share

- 2023-04: EUR 30.09 per share

- 2023-05: EUR 28.80 per share

- 2023-06: EUR 31.50 per share

- 2023-07: EUR 34.08 per share

- 2023-08: EUR 33.71 per share

- 2023-09: EUR 33.51 per share

- 2023-10: EUR 30.62 per share

- 2023-11: EUR 32.72 per share

- 2023-12: EUR 33.64 per share

- 2024-01: EUR 35.40 per share

- 2024-02: EUR 34.16 per share

- 2024-03: EUR 36.82 per share

- 2024-04: EUR 36.82 per share

- 2024-05: EUR 38.52 per share

- 2024-06: EUR 37.46 per share

- 2024-07: EUR 40.20 per share

- 2024-08: EUR 40.34 per share

- 2024-09: EUR 40.24 per share

- 2024-10: EUR 40.74 per share

- 2024-11: EUR 44.34 per share

- 2024-12: EUR 44.86 per share

- 2025-01: EUR 48.44 per share

- 2025-02: EUR 50.05 per share

- 2025-03: EUR 51.80 per share

- 2025-04: EUR 52.10 per share

- 2025-05: EUR 51.35 per share

- 2025-06: EUR 47.18 per share

- 2025-07: EUR 49.04 per share

- 2025-08: EUR 49.76 per share

- 2025-09: EUR 47.42 per share

- 2025-10: EUR 49.00 per share

- 2025-11: EUR 54.85 per share

- 2025-12: EUR 57.20 per share

- 2026-01: EUR 56.75 per share

- 2026-02: EUR 54.85 per share

- 2026-03: EUR 50.90 per share

- 2026-04: EUR 55.75 per share

- 2026-05: EUR 54.70 per share

- 2026-06: EUR 65.20 per share

- 2026-07: EUR 65.35 per share

- 2026-08: EUR 66.05 per share

- 2026-09: EUR 64.25 per share

- 2026-10: EUR 60.70 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/815600903231FA2E7698/2025-12-31/ESEF/IT/0/815600903231FA2E7698-2025-12-31-1-it/reports/815600903231FA2E7698-2025-12-31-1-it.html); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations