Azimut Holding S.p.A.

WBAG:AZM Stock Report

Market Cap: €3.3b

Azimut Holding Valuation

Is AZM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AZM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AZM (€23.61) is trading below our estimate of fair value (€61.38)

Significantly Below Fair Value: AZM is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AZM?

Key metric: As AZM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AZM. This is calculated by dividing AZM's market cap by their current earnings.
What is AZM's PE Ratio?
PE Ratio6.3x
Earnings€531.65m
Market Cap€3.34b

Price to Earnings Ratio vs Peers

How does AZM's PE Ratio compare to its peers?

The above table shows the PE ratio for AZM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.4x
VONN Vontobel Holding
14.9x17.7%CHF 3.2b
APAM Artisan Partners Asset Management
14.6x6.9%US$3.9b
HMC HMC Capital
78.3x20.5%AU$5.2b
EMG Man Group
9.7x15.0%UK£2.4b
AZM Azimut Holding
6.3x-2.3%€3.3b

Price-To-Earnings vs Peers: AZM is good value based on its Price-To-Earnings Ratio (6.3x) compared to the peer average (29.4x).

Price to Earnings Ratio vs Industry

How does AZM's PE Ratio compare vs other companies in the European Capital Markets Industry?

17 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AZM 6.3xIndustry Avg. 13.0xNo. of Companies37PE01224364860+
17 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AZM is good value based on its Price-To-Earnings Ratio (6.3x) compared to the European Capital Markets industry average (13x).

Price to Earnings Ratio vs Fair Ratio

What is AZM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AZM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.3x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AZM's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AZM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€23.61
€26.64
+12.8%
7.6%€30.60€23.50n/a10
Nov ’25€22.94
€26.94
+17.4%
8.8%€31.00€23.70n/a10
Oct ’25€23.29
€26.84
+15.2%
9.0%€31.00€24.00n/a10
Sep ’25€22.79
€27.08
+18.8%
8.7%€31.00€24.00n/a10
Aug ’25€23.21
€27.44
+18.2%
9.7%€33.00€24.00n/a10
Jul ’25€22.40
€28.12
+25.5%
7.5%€33.00€25.63n/a10
Jun ’25€24.60
€28.12
+14.3%
7.5%€33.00€25.63n/a10
May ’25€24.70
€27.96
+13.2%
7.6%€33.00€26.00n/a10
Apr ’25€25.29
€27.56
+9.0%
5.7%€30.60€26.00n/a10
Mar ’25€26.70
€26.56
-0.5%
5.2%€28.60€22.90n/a10
Feb ’25€25.73
€26.08
+1.4%
6.4%€28.60€22.90n/a11
Jan ’25€23.69
€24.88
+5.0%
5.9%€27.00€22.10n/a11
Dec ’24€22.42
€24.82
+10.7%
5.7%€27.00€22.10n/a11
Nov ’24€19.91
€24.82
+24.7%
7.1%€27.00€20.50€22.9411
Oct ’24€20.88
€25.15
+20.4%
5.8%€27.00€22.50€23.2911
Sep ’24€21.48
€25.15
+17.1%
5.8%€27.00€22.50€22.7911
Aug ’24€21.53
€25.12
+16.7%
6.0%€27.00€22.50€23.2111
Jul ’24€19.68
€25.21
+28.1%
7.0%€28.00€22.00€22.4011
Jun ’24€18.83
€25.21
+33.9%
7.0%€28.00€22.00€24.6011
May ’24€20.44
€25.21
+23.3%
7.0%€28.00€22.00€24.7011
Apr ’24€19.78
€25.23
+27.5%
7.0%€28.00€22.00€25.2911
Mar ’24€22.41
€24.64
+9.9%
9.8%€28.00€21.00€26.7011
Feb ’24€22.86
€24.04
+5.1%
9.7%€27.00€21.00€25.7311
Jan ’24€21.01
€23.05
+9.7%
13.4%€27.00€16.00€23.6911
Dec ’23€19.27
€22.32
+15.8%
13.2%€27.00€16.00€22.4211
Nov ’23€16.36
€22.01
+34.6%
14.7%€27.00€16.00€19.9111

Analyst Forecast: Target price is less than 20% higher than the current share price.

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