Azimut Holding SPA (AZM) AI Stock Analysis

• Market Cap: €4.50B
• Dividend Yield: 4.91%
• Average Volume (3M): 599.98K
• Price to Earnings (P/E): 9.6
• Beta (1Y): 1.18
• Revenue Growth: -7.63%
• EPS Growth: -1.84%
• Country: IT
• Employees: 872
• Sector: General
• Sector Strength: N/A
• Industry: Asset Management
• EPS (TTM): 0.99
• Shares Outstanding: 143,254,500
• 10 Day Avg. Volume: 654,151
• 30 Day Avg. Volume: 599,980
• PEG Ratio: -1.01
• Price to Book (P/B): 2.52
• Price to Sales (P/S): 3.55
• P/FCF Ratio: 7.23
• 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): 3.46
• Revenue Forecast (FY): €1.50B

• Rating: 76 Outperform
• Price Target: €38.00 ▲(4.40% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is primarily supported by strong financial performance (high margins, low leverage, strong ROE) and attractive valuation (low P/E and high dividend yield). This is tempered by a weaker technical backdrop (price below key moving averages and negative MACD) and historically volatile cash-flow generation despite the strong TTM rebound.

Positive Factors

Very high sustainable margins

Extremely high trailing margins reflect a scalable, fee-rich business model that converts revenue into earnings efficiently. Over months this supports strong internal capital generation, funds for reinvestment or dividends, and resilience to moderate revenue dips without large profit compression.

Conservative balance sheet and strong ROE

Very low leverage gives financial flexibility and downside protection in market stress, while a ~27% ROE shows efficient capital use. Together these durable strengths support consistent capital allocation, dividend capacity and the ability to pursue opportunistic growth without over-relying on debt.

Diversified fee-based model with TTM revenue growth

A business built on recurring AUM fees, performance fees and multi-product distribution creates stable, predictable revenue streams over time. TTM revenue growth indicates continued client inflows or pricing power, supporting durable earnings even as markets fluctuate.

Negative Factors

Highly volatile cash generation

Large swings in operating and free cash flow reduce predictability for dividends, buybacks and reinvestment. Even with a strong TTM rebound, recurring volatility implies working-capital or market sensitivity that can force reactive capital decisions and constrain long-term planning.

Earnings and revenue sensitivity to market levels

As an asset manager, fees and performance income track AUM and market performance. This structural cyclicality means revenue and profits can fall materially in market downturns, complicating multi-quarter planning and potentially pressuring margins and capital returns during stressed periods.

Historical swings in leverage and capital structure

Meaningful past shifts in leverage indicate the company may change capital structure opportunistically. While flexibility can be positive, it also increases uncertainty about future risk appetite, interest exposure and the consistency of shareholder return policies across cycles.

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 overall fundamentals driven by very high TTM profitability (gross ~69%, EBIT ~55%, net ~40%) and a conservatively financed balance sheet (debt-to-equity ~0.05) with strong ROE (~27%). The main offset is cash-flow predictability: despite a strong TTM rebound (FCF ~918M), operating/free cash flow has been volatile and was negative in 2022 and 2024, and earnings/revenue have shown some sensitivity to market levels.

Income Statement

Profitability is a clear strength, with very high TTM (Trailing-Twelve-Months) margins (gross ~69%, EBIT ~55%, net ~40%), consistent with a strong fee-based model. Revenue is also up in TTM (+8.6%). Offsetting this, earnings have been choppy: net income declined from 2024 to TTM, and 2024 revenue contracted slightly versus 2023, showing sensitivity to market/asset levels.

Balance Sheet

The balance sheet is conservatively financed in TTM, with very low leverage (debt-to-equity ~0.05) and a large equity base (~2.0B) relative to debt (~36M). Returns on equity remain strong (~27% TTM), indicating efficient capital use. The main watch-out is the historical volatility in leverage (from elevated levels in 2020–2021 to very low levels recently), which suggests capital structure can shift meaningfully over time.

Cash Flow

Cash generation improved sharply in TTM, with strong operating cash flow (~929M) and free cash flow (~918M), and free cash flow slightly exceeding net income (~1.05x), supporting earnings quality. However, cash flow has been highly volatile (negative operating and free cash flow in 2022 and 2024), implying working-capital/timing swings or business-cycle sensitivity that reduces predictability despite the strong TTM rebound.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.43B	1.33B	1.39B	1.32B	1.31B
Gross Profit	967.00M	855.16M	860.39M	450.04M	590.12M
EBITDA	711.27M	842.56M	691.29M	588.34M	782.46M
Net Income	525.67M	576.16M	434.57M	406.46M	605.46M
Balance Sheet
Total Assets	10.65B	10.23B	9.96B	9.51B	9.92B
Cash, Cash Equivalents and Short-Term Investments	498.93M	395.28M	480.47M	298.84M	180.33M
Total Debt	36.00M	27.82M	537.22M	539.67M	897.66M
Total Liabilities	8.62B	8.29B	8.35B	8.04B	8.69B
Stockholders Equity	2.01B	1.92B	1.55B	1.42B	1.18B
Cash Flow
Free Cash Flow	700.37M	-200.29M	458.69M	-153.09M	875.40M
Operating Cash Flow	711.77M	-197.48M	468.85M	-104.84M	926.19M
Investing Cash Flow	-265.69M	295.12M	-73.20M	-189.66M	-335.86M
Financing Cash Flow	-382.77M	-237.39M	-297.49M	-175.75M	-255.94M

Azimut Holding SPA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 36.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 36.4 is above the 20-day moving average (MA) of 33.51, above the 50-day MA of 35.03, and above the 200-day MA of 32.43, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 36.01 is Neutral, neither overbought nor oversold. The STOCH value of 36.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:AZM.

Azimut Holding SPA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANIM	78 Outperform	€2.07B	7.41	15.75%	7.44%	14.56%	12.45%
BGN	78 Outperform	€5.74B	14.62	31.07%	4.75%	4.46%	-0.62%
AZM	76 Outperform	€4.50B	9.63	28.43%	4.91%	-7.63%	-1.84%
FBK	71 Outperform	€11.15B	10.31	40.02%	3.35%	2.97%	4.64%
BMED	71 Outperform	€12.13B	12.65	26.99%	6.35%	-5.10%	26.87%
BMPS	69 Neutral	€21.47B	5.31	19.13%	9.69%	-5.31%	-35.03%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%