Azimut Holding SPA (AZM) AI Stock Analysis

• Market Cap: €5.04B
• Dividend Yield: 4.91%
• Average Volume (3M): 599.98K
• Price to Earnings (P/E): 9.7
• Beta (1Y): 1.17
• Revenue Growth: -7.63%
• EPS Growth: -1.84%
• Country: IT
• Employees: 872
• Sector: General
• Sector Strength: N/A
• Industry: Asset Management
• EPS (TTM): 1.03
• Shares Outstanding: 143,254,500
• 10 Day Avg. Volume: 654,151
• 30 Day Avg. Volume: 599,980
• PEG Ratio: 0.18
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 2.53
• P/FCF Ratio: -16.83
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 79 Outperform
• Price Target: €42.00 ▲(15.38% Upside)

The score is driven primarily by strong financial quality (excellent profitability and a strengthened, low-leverage balance sheet) and solid technical momentum (price above key moving averages with positive MACD). A supportive valuation profile (low P/E and strong dividend yield) adds further strength, while cash-flow volatility remains the main fundamental risk tempering the overall rating.

Positive Factors

Profitability

High profitability margins indicate effective cost management and a strong ability to generate profits, supporting long-term financial health.

Balance Sheet Strength

A low debt-to-equity ratio suggests low leverage risk, providing financial flexibility and resilience against economic downturns.

Cash Generation

Positive cash generation relative to net income enhances liquidity and supports reinvestment opportunities, crucial for sustainable growth.

Negative Factors

Revenue Growth Decline

Declining revenue growth can hinder future profitability and market expansion, posing challenges to maintaining competitive market positioning.

Negative Cash Flows

Negative cash flows may indicate liquidity issues, limiting the company's ability to fund operations and invest in growth initiatives.

Earnings Decline

A decline in earnings per share growth reflects potential challenges in maintaining profitability and shareholder value, affecting investor confidence.

Azimut Holding SPA Business Overview & Revenue Model

Company Description

Azimut Holding S.p.A. operates in the asset management sector. It distributes, manages, and promotes financial and insurance products in Italy, Luxembourg, Ireland, China, Principality of Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, the United States, Australia, Turkey, the United Arab Emirates, and Egypt. It sells and manages Italian mutual funds and Italian alternative investment funds, as well as individual investment portfolios; and distributes group and third-party products in Italy through a network of financial advisors. The company also manages multi strategy funds; and offers life insurance products. Azimut Holding S.p.A. was incorporated in 1989 and is headquartered in Milan, Italy.

How the Company Makes Money

Azimut generates revenue primarily through asset management fees, which are charged based on the assets under management (AUM) across its various investment products. The company also earns performance fees when it exceeds specific investment benchmarks, adding a significant stream of income. Additionally, Azimut benefits from commissions on the sale of financial products and advisory services. Strategic partnerships with other financial institutions and a growing international presence enhance its revenue diversification. The company’s focus on expanding its distribution network and innovative product offerings further contributes to its earnings.

Azimut Holding SPA Financial Statement Overview

Summary

Strong profitability (very high operating and net margins) and a conservatively positioned balance sheet with very low leverage and solid ROE support a high fundamental score. This is offset by below-average and volatile cash-flow performance, including negative operating/free cash flow in some recent annual periods and a sharp free-cash-flow decline in the latest TTM versus the prior period.

Income Statement

Profitability is a clear strength, with very strong margins in both the latest TTM (Trailing-Twelve-Months) period (net margin ~40%, operating margin ~55%) and 2024 (net margin ~43%). Revenue has been broadly stable but not consistently growing: small growth in TTM (~4.6%) follows a slight decline in 2024, after a stronger 2023 rebound. Net income remains high but has fluctuated year to year, which slightly tempers the score despite excellent underlying profitability.

Balance Sheet

The balance sheet is conservatively positioned with very low leverage in the latest periods (debt-to-equity ~0.05 in TTM and ~0.01 in 2024) and strong shareholder equity relative to the business size. Returns on equity are consistently strong (~27% TTM; ~30% in 2024), indicating efficient capital use. The main historical risk is that leverage was materially higher in 2020–2022, but the sharp deleveraging since then significantly improves financial flexibility and lowers balance-sheet risk.

Cash Flow

Cash generation has been volatile. While TTM (Trailing-Twelve-Months) shows positive operating and free cash flow, 2024 and 2022 posted negative operating and free cash flow, signaling meaningful swings in cash conversion. Free cash flow also declined sharply versus the prior period in the latest TTM. The primary strength is that free cash flow is positive again in the latest period, but the inconsistency and recent downturn keep the score below average.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.30B	1.33B	1.39B	1.32B	1.31B	1.22B
Gross Profit	903.63M	855.16M	860.39M	450.04M	590.12M	740.23M
EBITDA	722.80M	842.56M	691.29M	588.34M	782.46M	495.37M
Net Income	524.67M	576.16M	434.57M	406.46M	605.46M	381.69M
Balance Sheet
Total Assets	10.35B	10.23B	9.96B	9.51B	9.92B	8.47B
Cash, Cash Equivalents and Short-Term Investments	485.61M	395.28M	480.47M	298.84M	180.33M	358.60M
Total Debt	93.67M	27.82M	537.22M	539.67M	897.66M	893.37M
Total Liabilities	8.42B	8.29B	8.35B	8.04B	8.69B	7.59B
Stockholders Equity	1.91B	1.92B	1.55B	1.42B	1.18B	865.89M
Cash Flow
Free Cash Flow	68.45M	-200.29M	458.69M	-153.09M	875.40M	253.22M
Operating Cash Flow	65.34M	-197.48M	468.85M	-104.84M	926.19M	288.31M
Investing Cash Flow	-51.77M	295.12M	-73.20M	-189.66M	-335.86M	-79.47M
Financing Cash Flow	-413.66M	-237.39M	-297.49M	-175.75M	-255.94M	-267.16M

Azimut Holding SPA Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 36.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:AZM, the sentiment is Neutral. The current price of 36.4 is below the 20-day moving average (MA) of 36.55, above the 50-day MA of 35.51, and above the 200-day MA of 30.59, indicating a neutral trend. The MACD of 0.27 indicates Positive momentum. The RSI at 47.80 is Neutral, neither overbought nor oversold. The STOCH value of 45.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IT:AZM.

Azimut Holding SPA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AZM	79 Outperform	€5.04B	9.74	28.43%	4.91%	-7.63%	-1.84%
ANIM	78 Outperform	€2.06B	8.22	15.75%	7.44%	14.56%	12.45%
BGN	78 Outperform	€6.47B	15.78	31.25%	4.75%	4.46%	-0.62%
FBK	71 Outperform	€13.67B	20.87	32.83%	3.35%	2.97%	4.64%
BMED	71 Outperform	€14.57B	12.38	26.99%	6.35%	-5.10%	26.87%
BMPS	69 Neutral	€26.54B	6.49	15.13%	9.69%	-5.31%	-35.03%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%