EQUITY RESEARCH: ASSICURAZIONI GENERALI S.P.A.

The purpose of the present document is to perform an Equity Research about the company Assicurazioni Generali S.p.A. (Generali), one of the largest global insurance and asset management providers, in order to get a target price of the shares at 2024 FY. This document adheres to the guidelines set forth by the CFA Institute, used for the purposes of Masters Final Work. This report issues a Hold recommendation for Generali, with a 2023YE price target of €19,62/share, applying a DCF FCFF Sum-of-the-Parts approach to each segment, to reflect all its idiosyncrasies. The valuation, that comprises an historical analysis of the periods between 2015 and 2022 and also forecasts until 2027, implies an upside potential of 5,57% from the October 5th, 2023, closing price of €18,59, with medium risk. To support this analysis, other valuation methods were used, namely Relative Valuation with multiples and Residual Income method. Also, the valuation was subject to sensitivity analysis to address its risk.