BIT:AZM

Stock Analysis Report

Executive Summary

Azimut Holding S.p.A., together with its subsidiaries, distributes, manages, and promotes financial and insurance products.


Snowflake Analysis

Solid track record established dividend payer.


Similar Companies

Share Price & News

How has Azimut Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AZM's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-4.1%

AZM

-2.6%

IT Capital Markets

-0.9%

IT Market


1 Year Return

-21.8%

AZM

-19.6%

IT Capital Markets

-26.1%

IT Market

Return vs Industry: AZM underperformed the Italian Capital Markets industry which returned -19.6% over the past year.

Return vs Market: AZM exceeded the Italian Market which returned -26.1% over the past year.


Shareholder returns

AZMIndustryMarket
7 Day-4.1%-2.6%-0.9%
30 Day-29.7%-23.3%-21.1%
90 Day-41.6%-33.8%-29.0%
1 Year-15.9%-21.8%-15.0%-19.6%-22.9%-26.1%
3 Year-12.2%-27.1%-32.9%-46.4%-13.5%-22.1%
5 Year-40.9%-56.4%-60.8%-71.3%-26.2%-51.8%

Price Volatility Vs. Market

How volatile is Azimut Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Azimut Holding undervalued compared to its fair value and its price relative to the market?

30.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AZM (€12.39) is trading below our estimate of fair value (€17.82)

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


Price To Earnings Ratio

PE vs Industry: AZM is good value based on its PE Ratio (7.7x) compared to the Capital Markets industry average (46.7x).

PE vs Market: AZM is good value based on its PE Ratio (7.7x) compared to the Italian market (12.7x).


Price to Earnings Growth Ratio

PEG Ratio: AZM's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: AZM is overvalued based on its PB Ratio (3x) compared to the IT Capital Markets industry average (1x).


Next Steps

Future Growth

How is Azimut Holding forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-17.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AZM's earnings are forecast to decline over the next 3 years (-17.4% per year).

Earnings vs Market: AZM's earnings are forecast to decline over the next 3 years (-17.4% per year).

High Growth Earnings: AZM's earnings are forecast to decline over the next 3 years.

Revenue vs Market: AZM's revenue is expected to decline over the next 3 years (-10.3% per year).

High Growth Revenue: AZM's revenue is forecast to decline over the next 3 years (-10.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AZM's Return on Equity is forecast to be high in 3 years time (25%)


Next Steps

Past Performance

How has Azimut Holding performed over the past 5 years?

9.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AZM has high quality earnings.

Growing Profit Margin: AZM's current net profit margins (29.8%) are higher than last year (14.5%).


Past Earnings Growth Analysis

Earnings Trend: AZM's earnings have grown by 9.2% per year over the past 5 years.

Accelerating Growth: AZM's earnings growth over the past year (203.3%) exceeds its 5-year average (9.2% per year).

Earnings vs Industry: AZM earnings growth over the past year (203.3%) exceeded the Capital Markets industry -13.8%.


Return on Equity

High ROE: Whilst AZM's Return on Equity (50.28%) is outstanding, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is Azimut Holding's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: AZM has a low level of unsold assets or inventory.

Debt Coverage by Assets: AZM's debt is covered by short term assets (assets are 7.4x debt).


Financial Institutions Analysis

Asset Level: AZM's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if AZM has a sufficient allowance for bad loans.

Low Risk Liabilities: AZM reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if AZM has an acceptable proportion of non-loan assets held.

Low Risk Deposits: AZM has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if AZM has an appropriate level of bad loans.


Next Steps

Dividend

What is Azimut Holding's current dividend yield, its reliability and sustainability?

8.07%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: AZM's dividend (8.07%) is higher than the bottom 25% of dividend payers in the Italian market (2.39%).

High Dividend: AZM's dividend (8.07%) is in the top 25% of dividend payers in the Italian market (5.75%)


Stability and Growth of Payments

Stable Dividend: AZM's dividend payments have been volatile in the past 10 years.

Growing Dividend: AZM's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (62.5%), AZM's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AZM's dividends in 3 years are forecast to be covered by earnings (72.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.0yrs

Average management tenure


CEO

Paolo Martini

1

Tenure

€282,000

Compensation

Mr. Paolo Martini serves as Vice Chairman of the Board at Azimut Capital Management Sgr SpA since April 2019, where he served as Co-Chief Executive Officer from October 2016 to April 2019. Mr. Martini serv ...


CEO Compensation Analysis

Compensation vs Market: Paolo's total compensation ($USD0.00) is below average for companies of similar size in the Italian market ($USD1.04M).

Compensation vs Earnings: Insufficient data to compare Paolo's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Paolo Martini
CEO, General Manager1yr€282.00kno data
Andrea Aliberti
Head of Asset Management -Italy1yrno datano data
Alessandro Zambotti
CEO, Head of Administration & Finance3yrsno datano data
Gabriele Blei
CEO & Director1.33yrsno datano data
Giorgio Medda
Global Head of Asset Managementno datano datano data
Massimo Guiati
CEO, Global Head of Distribution & Directorno datano datano data
Vittorio Pracca
Head of Investor Relationsno datano datano data
Claudio Foscoli
Head of Asset Management for Luxembourg & Ireland1yrno datano data
Stefano Missora
Group Commercial Directorno data€555.10kno data

1.0yrs

Average Tenure

Experienced Management: AZM's management team is not considered experienced ( 1 years average tenure), which suggests a new team.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.5%.


Top Shareholders

Company Information

Azimut Holding S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Azimut Holding S.p.A.
  • Ticker: AZM
  • Exchange: BIT
  • Founded: 1989
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: €1.746b
  • Shares outstanding: 140.94m
  • Website: https://www.azimut.it

Number of Employees


Location

  • Azimut Holding S.p.A.
  • Via Cusani, 4
  • Milan
  • Milan
  • 20121
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HDBDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 2004
AZMBIT (Borsa Italiana)YesCommon SharesITEURJul 2004
0MHJLSE (London Stock Exchange)YesCommon SharesGBEURJul 2004
AZIH.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJul 2004
AZMMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJul 2004
AZMWBAG (Wiener Boerse AG)YesCommon SharesATEURJul 2004
AZIH.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDNov 2011

Biography

Azimut Holding S.p.A., together with its subsidiaries, distributes, manages, and promotes financial and insurance products. The company offers mutual fund management, life insurance, wealth management, investment portfolio individual management, insurance mediation, and financial planning consultancy services; invests in the digital sector; and manages Italian, pension, alternative, discretionary, and private equity funds. It has operations in Italy, Luxembourg, Ireland, China, Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, the United States, Australia, Turkey, and the United Arab Emirates. The company was founded in 1989 and is headquartered in Milan, Italy. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/04 21:50
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.