(Alliance News) – Generali addresses the publication of its half -yearly results with market capitalization exceeding 50 billion euros and performance likely to exceed the objectives of the strategic plan launched in January.
As the Corriere Della will recall this Monday, CEO Philippe Donnet will unveil the accounts of the first half on Wednesday: according to consensus, raw bonuses should exceed 50 billion euros and net profit would stand around 2.2 billion euros, up compared to the 2 billion recorded over the same period last year.
Analysts, notably at Berenberg and Morgan Stanley, underline the high generation of cash and the increase in margins in the damage sector, anticipating a surreformance of profits that can reach 7 % by 2026. This could result in an additional 1.5 billion euros to devote to additional acquisitions or dividends. The Lion of Trieste is still negotiated with a discount of 15 % compared to its peers, which suggests a potential for upgrading on the stock market.
But Generali is also at the heart of a strategic struggle. Among the weightary shareholders are Delfin and Caltagirone, a long -standing criticism of governance, as well as Mediobanca, which, with its 13 % of capital, now aims for a deep reorganization.
The voltage point concerns the OPA launched by Mediobanca on Banca Generali, 51 % of which is held by the group in the lion. The board of directors of Generali will meet on August 6 to decide whether or not to open discussions with Mediobanca on the distribution agreement in the Inurebanking. This decision will depend on the green light in the assembly of August 21 and, therefore, to the entire operation.
At the same time, the MPS counter-offensive on Mediobanca is growing: the establishment led by Lovaglio can count on a block of 30 % of the capital, thanks to Delfin, Caltagirone and other investors. If Siena’s OPA should be strengthened -especially with a cash component -it could upset the entire architecture set up by Piazzetta Cuccia.
In this context, Generali plays a key role. The board of directors will have to assess the industrial consistency of the offer on Banca Generali and the possible valuation of participation. All this in compliance with procedures and the governance framework.
In perspective, in the fall, Generali will re-examine the possibility of an alliance with the French of BPCE-Natixis in the management of assets, in order to build a large European pole. In Italy, as Donnet has already specified, there are no equivalent opportunities.
As a lucio faabio charcomascolo journal people used the Shen Alliance Ners
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