BIT:AZM

Stock Analysis Report

Executive Summary

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

Rewards

Trading at 16% below its fair value

Earnings grew by 50.9% over the past year

Risk Analysis

Earnings are forecast to decline by an average of -12.2% per year for the next 3 years

Dividend of 6.67% is not well covered by earnings

Highly volatile share price over past 3 months

Shareholders have been diluted in the past year



Snowflake Analysis

Outstanding track record average 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

-2.8%

AZM

-0.9%

IT Capital Markets

-1.6%

IT Market


1 Year Return

111.6%

AZM

63.6%

IT Capital Markets

18.9%

IT Market

Return vs Industry: AZM exceeded the Italian Capital Markets industry which returned 63.6% over the past year.

Return vs Market: AZM exceeded the Italian Market which returned 18.9% over the past year.


Shareholder returns

AZMIndustryMarket
7 Day-2.8%-0.9%-1.6%
30 Day15.3%7.3%-0.7%
90 Day33.2%16.3%4.6%
1 Year127.4%111.6%72.3%63.6%24.2%18.9%
3 Year68.9%40.2%34.3%11.4%27.1%8.1%
5 Year73.4%27.9%19.2%-10.6%27.1%-17.7%

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?

16.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AZM (€22.48) is trading below our estimate of fair value (€26.76)

Significantly Below Fair Value: AZM is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: AZM is good value based on its PE Ratio (14.1x) compared to the Capital Markets industry average (20.5x).

PE vs Market: AZM is good value based on its PE Ratio (14.1x) compared to the Italian market (18.3x).


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 (5.4x) 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 8 analysts?

-12.2%

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 (-12.2% per year).

Earnings vs Market: AZM's earnings are forecast to decline over the next 3 years (-12.2% 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 (-0.4% per year).

High Growth Revenue: AZM's revenue is forecast to decline over the next 3 years (-0.4% 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 (31.5%)


Next Steps

Past Performance

How has Azimut Holding performed over the past 5 years?

4.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AZM has high quality earnings.

Growing Profit Margin: AZM's current net profit margins (24.2%) are higher than last year (18.9%).


Past Earnings Growth Analysis

Earnings Trend: AZM's earnings have grown by 4.7% per year over the past 5 years.

Accelerating Growth: AZM's earnings growth over the past year (50.9%) exceeds its 5-year average (4.7% per year).

Earnings vs Industry: AZM earnings growth over the past year (50.9%) exceeded the Capital Markets industry 0.3%.


Return on Equity

High ROE: AZM's Return on Equity (40.4%) is considered outstanding.


Return on Assets


Return on Capital Employed


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 11.3x 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?

6.67%

Current Dividend Yield


Dividend Yield vs Market

company6.7%marketbottom25%2.0%markettop25%4.4%industryaverage5.3%forecastin3Years5.6%

Current dividend yield vs market & industry

Notable Dividend: AZM's dividend (6.67%) is higher than the bottom 25% of dividend payers in the Italian market (1.97%).

High Dividend: AZM's dividend (6.67%) is in the top 25% of dividend payers in the Italian market (4.38%)


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 high payout ratio (93.8%), AZM's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AZM's dividends in 3 years are forecast to be covered by earnings (77.1% payout ratio).


Next Steps

Management

What is the CEO of Azimut Holding's salary, the management and board of directors tenure and is there insider trading?

0.7yrs

Average management tenure


CEO

Paolo Martini 0

0.7yrs

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 ($USD0.00) is about average for companies of similar size in the Italian market ($USD0.00).

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


Management Age and Tenure

0.7yrs

Average Tenure

Experienced Management: AZM's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Insider Trading

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%.


Management Team

  • Stefano Missora

    Group Commercial Director

    • Tenure: 0yrs
    • Compensation: €555.10k
  • Giorgio Medda

    Global Head of Asset Management

    • Tenure: 0yrs
  • Andrea Aliberti (50yo)

    Head of Asset Management -Italy

    • Tenure: 0.7yrs
  • Massimo Guiati

    CEO, Global Head of Distribution & Director

    • Tenure: 0yrs
  • Claudio Foscoli

    Head of Asset Management for Luxembourg & Ireland

    • Tenure: 0.7yrs
  • Paolo Martini

    CEO, General Manager

    • Tenure: 0.7yrs
    • Compensation: €282.00k
  • Gabriele Blei

    CEO & Director

    • Tenure: 1yrs
  • Vittorio Pracca

    Head of Investor Relations

    • Tenure: 0yrs
  • Alessandro Zambotti

    CEO, Head of Administration & Finance

    • Tenure: 2.7yrs

Board Members

  • Pietro Giuliani (63yo)

    Chairman

    • Tenure: 0yrs
    • Compensation: €1.06m
  • Giorgio Medda

    Global Head of Asset Management

    • Tenure: 0yrs
  • Massimo Guiati

    CEO, Global Head of Distribution & Director

    • Tenure: 0yrs
  • Vittorio Rocchetti

    Chairman of the Board of Statutory Auditors

    • Tenure: 0yrs
  • Paolo Martini

    CEO, General Manager

    • Tenure: 0.7yrs
    • Compensation: €282.00k
  • Gabriele Blei

    CEO & Director

    • Tenure: 1yrs
  • Anna Bortolotti

    Director

    • Tenure: 0yrs
  • Antonio Monari

    Director

    • Tenure: 0yrs
  • Raffaella Pagani

    Director

    • Tenure: 0yrs
  • Alessandro Zambotti

    CEO, Head of Administration & Finance

    • Tenure: 2.7yrs

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: €3.182b
  • 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, inv ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/05 20:33
End of Day Share Price2019/12/05 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.