AZM Stock Analysis: Azimut Holding S.p.A. | MI
Asset Management | MI, Italy | Market Cap: 5.626m EUR | 12M Return: 33.9% | IT0003261697 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 16.4M
EPS Trend: 61.4%
Qual. Beats: 2
Rev. Trend: 57.9%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Azimut Holding S.p.A. is an Italy-based financial services group that provides asset management, advisory, and insurance solutions across Italy, Europe, the Middle East, the Americas, and the Asia-Pacific. Its offerings include discretionary portfolio management, mutual funds structured under the UCITS directive, alternative investment funds, open pension funds, private and unit-linked insurance, corporate investment banking, and fintech and digital asset services. The company was founded in 1990 and is headquartered in Milan.
Operating within the asset management and custody banking segment, Azimut earns revenue primarily through management fees on client assets, performance fees on investment products, and insurance distribution. Its cross-border presence and broad product mix position it as a diversified wealth and asset management platform rather than a single-line fund manager.
- Net inflows accelerate across Private Markets and Insurance wrappers
- ECB rate cuts pressure fixed income fees and compress margins
- International expansion in Middle East and Americas scales AUM
| Net Income: 527.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 10.68 > 1.0 |
| NWC/Revenue: 11.87% < 20% (prev -95.90%; Δ 107.8% < -1%) |
| CFO/TA 0.12 > 3% & CFO 1.38b > Net Income 527.6m |
| Net Debt (-248.9m) to EBITDA (724.0m): -0.34 < 3 |
| Current Ratio: 1.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (142.5m) vs 12m ago 0.13% < -2% |
| Gross Margin: 68.57% > 18% (prev 66.40%; Δ 2.17% > 0.5%) |
| Asset Turnover: 14.50% > 50% (prev 12.45%; Δ 2.05% > 0%) |
| Interest Coverage Ratio: 54.15 > 6 (EBIT TTM 690.0m / Interest Expense TTM 12.7m) |
| A: 0.02 (Total Current Assets 498.3m - Total Current Liabilities 315.9m) / Total Assets 11.2b |
| B: 0.02 (Retained Earnings 241.6m / Total Assets 11.2b) |
| C: 0.07 (EBIT TTM 690.0m / Avg Total Assets 10.6b) |
| D: 0.22 (Book Value of Equity 1.99b / Total Liabilities 9.24b) |
| Altman-Z'' = 0.84 = B |
| DSRI: 1.00 (Receivables 566.6m/458.9m, Revenue 1.54b/1.24b) |
| GMI: 0.97 (GM 66.40% / 68.57%) |
| AQI: 1.06 (AQ_t 0.95 / AQ_t-1 0.90) |
| SGI: 1.24 (Revenue 1.54b / 1.24b) |
| TATA: -0.08 (NI 527.6m - CFO 1.38b) / TA 11.2b) |
| Beneish M = -2.86 (Cap -4..+1) = A |
As of September 27, 2026, the stock is trading at EUR 38.88 with a total of 293,283 shares traded. Over the past week, the price has changed by -0.44%, over one month by +1.09%, over three months by +6.29% and over the past year by +33.92%.
Current recommended Stop Loss: 37.80 (which is 2.8% or 1.4 ATR below the current price).
Azimut Holding S.p.A. has no consensus analysts rating.
P/E Trailing = 10.7473
P/E Forward = 6.9109
P/S = 3.5738
P/B = 2.7964
P/EG = 1.7352
Revenue TTM = 1.54b EUR
EBIT TTM = 690.0m EUR
EBITDA TTM = 724.0m EUR
Long Term Debt = 123.2m EUR (from longTermDebt, two quarters ago)
Short Term Debt = 5.75m EUR (from shortTermDebt, last quarter)
Debt = 198.1m EUR (from shortLongTermDebtTotal, last quarter) + Leases 38.6m
Net Debt = -248.9m EUR (calculated: Debt 198.1m - CCE 447.0m)
Enterprise Value = 5.38b EUR (5.63b + Debt 198.1m - CCE 447.0m)
Interest Coverage Ratio = 54.15 (Ebit TTM 690.0m / Interest Expense TTM 12.7m)
EV/FCF = 5.99x (Enterprise Value 5.38b / FCF TTM 897.4m)
FCF Yield = 16.69% (FCF TTM 897.4m / Enterprise Value 5.38b)
FCF Margin = 58.42% (FCF TTM 897.4m / Revenue TTM 1.54b)
Net Margin = 34.35% (Net Income TTM 527.6m / Revenue TTM 1.54b)
Gross Margin = 68.57% ((Revenue TTM 1.54b - Cost of Revenue TTM 482.8m) / Revenue TTM)
Gross Margin QoQ = 67.46% (prev 68.70%)
Tobins Q-Ratio = 0.48 (Enterprise Value 5.38b / Total Assets 11.2b)
Interest Expense / Debt = 6.43% (Interest Expense 12.7m / Debt 198.1m)
Taxrate = 17.48% (118.4m / 677.3m)
NOPAT = 569.4m (EBIT 690.0m * (1 - 17.48%))
Current Ratio = 1.58 (Total Current Assets 498.3m / Total Current Liabilities 315.9m)
Debt / Equity = 0.10 (Debt 198.1m / totalStockholderEquity, last quarter 1.99b)
Debt / EBITDA = -0.34 (Net Debt -248.9m / EBITDA 724.0m)
Debt / FCF = -0.28 (Net Debt -248.9m / FCF TTM 897.4m)
Total Stockholder Equity = 2.03b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.98% (Net Income 527.6m / Total Assets 11.2b)
RoE = 26.00% (Net Income TTM 527.6m / Total Stockholder Equity 2.03b)
RoCE = 32.06% (EBIT 690.0m / Capital Employed (Equity 2.03b + L.T.Debt 123.2m))
RoIC = 5.26% (NOPAT 569.4m / Invested Capital 10.8b)
WACC = 9.25% (E(5.63b)/V(5.82b) * Re(9.39%) + D(198.1m)/V(5.82b) * Rd(6.43%) * (1-Tc(0.17)))
Discount Rate = 9.39% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 50.65 | Cagr: 1.22%
[DCF] Terminal Value 72.34% ; FCFF base≈897.4m ; Y1≈901.1m ; Y5≈954.5m
[DCF] Fair Price = 93.25 (EV 12.9b - Net Debt -248.9m = Equity 13.1b / Shares 140.7m; r=9.25% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 61.42 | EPS CAGR: 9.63% | SUE: 1.13 | # QB: 2
Revenue Correlation: 57.89 | Revenue CAGR: 4.22% | SUE: 0.15 | # QB: 0
EPS current Year (2026-12-31): EPS=3.28 | Chg30d=+1.25% | Revisions=+0% | GrowthEPS=-2.9% | GrowthRev=+11.5%
EPS next Year (2027-12-31): EPS=3.65 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=+11.1% | GrowthRev=+13.2%
[Analyst] Revisions Ratio: +0% (up=0, down=0)