AZM Stock Analysis: Azimut Holding S.p.A. | MI
Asset Management | MI, Italy | Market Cap: 5.186m EUR | 12M Return: 38% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 20.8M
EPS Trend: 74.0%
Qual. Beats: 1
Rev. Trend: 50.7%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 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: 535.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 5.20 > 1.0 |
| NWC/Revenue: -92.33% < 20% (prev -99.72%; Δ 7.39% < -1%) |
| CFO/TA 0.05 > 3% & CFO 569.8m > Net Income 535.7m |
| Net Debt (-561.3m) to EBITDA (663.4m): -0.85 < 3 |
| Current Ratio: 0.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (141.8m) vs 12m ago -0.05% < -2% |
| Gross Margin: 63.89% > 18% (prev 66.05%; Δ -2.16% > 0.5%) |
| Asset Turnover: 13.89% > 50% (prev 12.45%; Δ 1.44% > 0%) |
| Interest Coverage Ratio: 74.27 > 6 (EBIT TTM 634.6m / Interest Expense TTM 8.54m) |
| A: -0.12 (Total Current Assets 718.6m - Total Current Liabilities 2.06b) / Total Assets 10.8b |
| B: 0.01 (Retained Earnings 125.3m / Total Assets 10.8b) |
| C: 0.06 (EBIT TTM 634.6m / Avg Total Assets 10.5b) |
| D: 0.26 (Book Value of Equity 2.25b / Total Liabilities 8.51b) |
| Altman-Z'' = -0.10 = B |
As of July 08, 2026, the stock is trading at EUR 35.87 with a total of 488,865 shares traded. Over the past week, the price has changed by +1.10%, over one month by +2.46%, over three months by +14.47% and over the past year by +38.03%.
Current recommended Stop Loss: 34.30 (which is 4.4% or 2.1 ATR below the current price).
Azimut Holding S.p.A. has no consensus analysts rating.
P/E Trailing = 9.6746
P/E Forward = 6.9109
P/S = 3.4252
P/B = 2.2953
P/EG = 1.7352
Revenue TTM = 1.46b EUR
EBIT TTM = 634.6m EUR
EBITDA TTM = 663.4m EUR
Long Term Debt = 123.2m EUR (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 29.9m EUR (Leases only: 29.9m)
Net Debt = -561.3m EUR (calculated: Debt 29.9m - CCE 591.2m)
Enterprise Value = 4.62b EUR (5.19b + Debt 29.9m - CCE 591.2m)
Interest Coverage Ratio = 74.27 (Ebit TTM 634.6m / Interest Expense TTM 8.54m)
EV/FCF = 9.08x (Enterprise Value 4.62b / FCF TTM 509.5m)
FCF Yield = 11.02% (FCF TTM 509.5m / Enterprise Value 4.62b)
FCF Margin = 34.98% (FCF TTM 509.5m / Revenue TTM 1.46b)
Net Margin = 36.79% (Net Income TTM 535.7m / Revenue TTM 1.46b)
Gross Margin = 63.89% ((Revenue TTM 1.46b - Cost of Revenue TTM 525.9m) / Revenue TTM)
Gross Margin QoQ = 59.17% (prev 68.95%)
Tobins Q-Ratio = 0.43 (Enterprise Value 4.62b / Total Assets 10.8b)
Interest Expense / Debt = 28.56% (Interest Expense 8.54m / Debt 29.9m)
Taxrate = 17.25% (118.2m / 685.6m)
NOPAT = 525.1m (EBIT 634.6m * (1 - 17.25%))
Current Ratio = 0.35 (Total Current Assets 718.6m / Total Current Liabilities 2.06b)
Debt / Equity = 0.01 (Debt 29.9m / totalStockholderEquity, last quarter 2.25b)
Debt / EBITDA = -0.85 (Net Debt -561.3m / EBITDA 663.4m)
Debt / FCF = -1.10 (Net Debt -561.3m / FCF TTM 509.5m)
Total Stockholder Equity = 2.00b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.11% (Net Income 535.7m / Total Assets 10.8b)
RoE = 26.82% (Net Income TTM 535.7m / Total Stockholder Equity 2.00b)
RoCE = 29.93% (EBIT 634.6m / Capital Employed (Equity 2.00b + L.T.Debt 123.2m))
RoIC = 6.08% (NOPAT 525.1m / Invested Capital 8.63b)
WACC = 9.33% (E(5.19b)/V(5.22b) * Re(9.25%) + D(29.9m)/V(5.22b) * Rd(28.56%) * (1-Tc(0.17)))
Discount Rate = 9.25% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -58.13 | Cagr: -0.37%
[DCF] Terminal Value 72.06% ; FCFF base≈509.5m ; Y1≈511.6m ; Y5≈541.9m
[DCF] Fair Price = 54.88 (EV 7.22b - Net Debt -561.3m = Equity 7.78b / Shares 141.8m; r=9.33% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 74.00 | EPS CAGR: 14.75% | SUE: 1.34 | # QB: 1
Revenue Correlation: 50.69 | Revenue CAGR: 3.00% | SUE: -0.24 | # QB: 0
EPS current Year (2026-12-31): EPS=3.22 | Chg30d=-1.42% | Revisions=-57% | GrowthEPS=-4.7% | GrowthRev=+8.0%
EPS next Year (2027-12-31): EPS=3.48 | Chg30d=-0.29% | Revisions=-12% | GrowthEPS=+8.1% | GrowthRev=+6.3%
[Analyst] Revisions Ratio: -42% (up=2, down=7)