Azimut Holding SPA (IT:AZM)
:AZM
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Azimut Holding SPA
(AZM)
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Rating:74Outperform
Price Target:
€40.00
▲(9.89% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial fundamentals (high margins, strong ROE, and low leverage) and supportive valuation (low P/E and strong dividend yield). This is tempered by inconsistent cash flow trends (including a sharp TTM FCF decline) and a mixed near-term technical picture.
Positive Factors
High profitability and margins
Azimut's TTM net margin (~36%) and EBIT margin (~47%) reflect durable high profitability in its asset-management model. Elevated margins create recurring cash flow buffers that help absorb AUM volatility, support reinvestment and distributions, and underpin long-term earnings resilience.
Negative Factors
Free cash flow decline & volatility
TTM free cash flow fell roughly 31% versus prior levels and cash generation has been volatile, with prior negative OCF/FCF years. Material and variable FCF undermines the firm's capacity to reliably fund buybacks, acquisitions or elevated dividends across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Azimut's TTM net margin (~36%) and EBIT margin (~47%) reflect durable high profitability in its asset-management model. Elevated margins create recurring cash flow buffers that help absorb AUM volatility, support reinvestment and distributions, and underpin long-term earnings resilience.
Read all positive factors
Azimut Holding SPA (AZM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€4.95B
Dividend Yield4.91%
Average Volume (3M)599.98K
Price to Earnings (P/E)9.0
Beta (1Y)1.14
Revenue Growth10.06%
EPS Growth-6.98%
CountryIT
Employees872
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)3.78
Shares Outstanding143,254,500
10 Day Avg. Volume654,151
30 Day Avg. Volume599,980
Financial Highlights & Ratios
PEG Ratio-1.01
Price to Book (P/B)2.52
Price to Sales (P/S)3.55
P/FCF Ratio7.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.43
Revenue Forecast (FY)€1.52B
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, Chi...
How the Company Makes Money
Azimut primarily makes money by earning fees linked to assets it manages and administers and by distributing and managing investment products for clients.
Key revenue streams typically include:
- Management fees: Recurring fees charged as a perce...
Azimut Holding SPA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47B | 1.43B | 1.33B | 1.39B | 1.32B | 1.31B |
| Gross Profit | 999.78M | 967.00M | 855.16M | 860.39M | 450.04M | 590.12M |
| EBITDA | 720.79M | 711.27M | 842.56M | 691.29M | 588.34M | 782.46M |
| Net Income | 535.71M | 525.67M | 576.16M | 434.57M | 406.46M | 605.46M |
Balance Sheet | ||||||
| Total Assets | 10.77B | 10.65B | 10.23B | 9.96B | 9.51B | 9.92B |
| Cash, Cash Equivalents and Short-Term Investments | 620.12M | 523.96M | 395.28M | 480.47M | 298.84M | 180.33M |
| Total Debt | 159.21M | 137.13M | 27.82M | 537.22M | 539.67M | 897.66M |
| Total Liabilities | 8.54B | 8.62B | 8.29B | 8.35B | 8.04B | 8.69B |
| Stockholders Equity | 2.21B | 2.01B | 1.92B | 1.55B | 1.42B | 1.18B |
Cash Flow | ||||||
| Free Cash Flow | 636.15M | 700.37M | -200.29M | 458.69M | -153.09M | 875.40M |
| Operating Cash Flow | 662.42M | 711.77M | -197.48M | 468.85M | -104.84M | 926.19M |
| Investing Cash Flow | -464.48M | -265.69M | 295.12M | -73.20M | -189.66M | -335.86M |
| Financing Cash Flow | -261.37M | -382.77M | -237.39M | -297.49M | -175.75M | -255.94M |
Azimut Holding SPA Technical Analysis
Neutral
36.40
Price Trends
33.64
Positive
33.34
Positive
32.32
Positive
Market Momentum
0.26
Positive
47.08
Neutral
24.18
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 above the 20-day moving average (MA) of 34.44, above the 50-day MA of 33.64, and above the 200-day MA of 32.32, indicating a neutral trend. The MACD of 0.26 indicates Positive momentum. The RSI at 47.08 is Neutral, neither overbought nor oversold. The STOCH value of 24.18 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €4.95B | 9.02 | 28.43% | 4.91% | 10.06% | -6.98% | |
69 Neutral | €6.22B | 13.91 | 31.07% | 4.75% | 4.69% | 10.11% | |
68 Neutral | €2.25B | 8.90 | 15.75% | 7.44% | 4.76% | 0.10% | |
61 Neutral | €59.79B | 19.45 | 13.09% | 3.99% | -13.42% | 14.69% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | €1.51B | 24.98 | 6.25% | 1.77% | 224.12% | 67.94% | |
47 Neutral | €107.93M | 13.54 | 7.01% | 7.69% | -32.01% | -6.82% |
* General Sector Average
IT:AZM
Azimut Holding SPA
34.07
9.51
38.71%
IT:ANIM
ANIMA Holding S.p.A.
7.00
1.47
26.49%
IT:G
Assicurazioni Generali S.p.A.
38.85
7.83
25.23%
IT:BGN
Banca Generali SpA
55.00
5.18
10.40%
IT:PRO
Banca Profilo SPA
0.16
>-0.01
-4.12%
IT:TIP
Tamburi Investment Partners Spa
8.74
0.88
11.13%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.