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1. Company Snapshot

1.a. Company Description

Azimut Holding S.p.A. operates in the asset management sector.It distributes, manages, and promotes financial and insurance products in Italy, Luxembourg, Ireland, China, Principality of Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, the United States, Australia, Turkey, the United Arab Emirates, and Egypt.It sells and manages Italian mutual funds and Italian alternative investment funds, as well as individual investment portfolios; and distributes group and third-party products in Italy through a network of financial advisors.


The company also manages multi strategy funds; and offers life insurance products.Azimut Holding S.p.A. was incorporated in 1989 and is headquartered in Milan, Italy.

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1.b. Last Insights on AZM

Azimut Holding's recent performance was driven by robust net inflows and profit growth, as reported in its Q3 2025 earnings call. The company navigates regulatory scrutiny and strategic delays. Its exploration activities yielded promising results, including high-grade gold assay results from channel sampling on the Rosa Zone and visible gold in 11 drill holes on the Wabamisk Project. Additionally, Azimut and SOQUEM sold their Pikwa Property to PMET Resources. The company's strategic moves and exploration successes have been key factors.

1.c. Company Highlights

2. Azimut's Strong 9M 2025 Results: A Year of Record Growth

Azimut reported a robust financial performance for the first 9 months of 2025, with total revenue reaching EUR 1 billion, a 6% increase year-over-year. The company's recurring net profit grew by 17% to EUR 386 million, driven by a significant increase in recurring fees. The EPS came out at EUR 0.874, beating analyst estimates of EUR 0.617. The company's net financial position remained positive at EUR 765 million, with an increase of around EUR 120 million compared to June 2025.

Publication Date: Nov -11

📋 Highlights
  • Record Net Inflows:: Achieved EUR 13 billion in managed net inflows, a record for Azimut.
  • Profit Growth:: Recurring net profit rose 17% to EUR 386 million, with 2025 guidance raised to exceed EUR 500 million.
  • TNB Transaction Timeline:: Expected authorization moved to Q2 2026, with 2026 net profit projected to surpass EUR 1 billion.
  • Share Buyback Program:: EUR 500 million share buyback announced over 18-24 months, aiming to cancel ~10% of shares.
  • Regional Contributions:: Americas expected to drive EUR 2-3 billion annual inflows, while strategic affiliates add EUR 1.5-2.5 billion.

Revenue Growth and Profitability

The company's revenue growth was driven by a 6% increase in total revenue, with recurring fees growing by EUR 58 million. Distribution costs increased by EUR 24 million, mainly due to the growth of assets and revenues in the Italian perimeter. EBIT grew by 12% or EUR 47 million year-over-year, while recurring net profit increased by 17% or EUR 44 million. As Alessandro Zambotti, CEO and Group CFO, noted, the finance income item showed an increase of about EUR 62 million, driven by assets and portfolio performance.

Valuation and Dividend Yield

Azimut's current valuation metrics indicate a P/E Ratio of 10.46 and a P/B Ratio of 2.89. The Dividend Yield stands at 4.82%, making it an attractive option for income-seeking investors. The company's ROE is 26.35%, indicating a strong return on equity.

Business Outlook and Growth Prospects

Azimut is raising its core group net profit guidance for 2025, projecting a figure exceeding EUR 500 million. For 2026, the company expects net profit to surpass EUR 1 billion, including the expected contribution from the TNB transaction. The company's Elevate 2030 strategic plan aims to double its asset base by 2030, with global average total assets expected to grow from around EUR 54 billion to between EUR 95 billion and EUR 110 billion.

TNB Transaction and Future Plans

The company has made meaningful progress on the TNB transaction, gaining antitrust approval and signing a binding agreement with Banca di Sconto. The transaction is expected to be finalized in Q2 2026. Azimut is also announcing a new share buyback program with a commitment to cancel up to EUR 500 million of repurchased shares over the next 18 to 24 months.

3. NewsRoom

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Nov -28

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Hamamatsu Photonics KK: A Significant Addition to Oakmark Intl Small Cap's Portfolio

Nov -25

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Azimut Identifies Visible Gold in 11 Drill Holes on the Rosa Zone, Wabamisk Project, James Bay, Québec

Nov -18

Source:

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Azimut and SOQUEM sell their Pikwa Property to PMET Resources, James Bay Region, Quebec

Nov -12

Source:

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Azimut Holding SpA (AZIHF) Q3 2025 Earnings Call Highlights: Record Inflows and Strategic ...

Nov -08

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Top European Dividend Stocks To Watch In October 2025

Oct -29

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Azimut Obtains High-Grade Gold Results from Channel Sampling on the Rosa Zone, Wabamisk Project, James Bay, Quebec

Oct -28

Source:

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Azimut Holding (BIT:AZM): Exploring Valuation After Recent 4% Share Price Momentum

Oct -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Investment and Related Activities

Expected Growth: 8.5%

Azimut Holding's Investment and Related Activities segment is expected to grow driven by increasing demand for diversified investment portfolios, expansion into alternative investments, and a strong track record of returns, attracting new clients and assets under management.

7. Detailed Products

Yachts

Luxury yachts designed for comfort, style, and performance, ranging from 34 to 120 feet in length.

Sailing Yachts

High-performance sailing yachts designed for racing and cruising, featuring advanced technology and sleek designs.

Motor Yachts

Luxurious motor yachts designed for comfort, entertainment, and relaxation, featuring advanced technology and sleek designs.

Superyachts

Custom-built superyachts designed for the ultimate in luxury and exclusivity, featuring advanced technology and bespoke designs.

Marine Equipment

High-quality marine equipment and accessories designed for safety, performance, and comfort.

Marine Services

Comprehensive marine services including maintenance, repair, and refit, designed to keep vessels in top condition.

8. Azimut Holding S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Azimut Holding S.p.A. operates in a highly competitive industry, with many substitutes available to customers. However, the company's strong brand reputation and diversified product offerings help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Azimut Holding S.p.A. has a large customer base, but individual customers do not have significant bargaining power. However, the company's reliance on a few large customers increases the bargaining power of these customers.

Bargaining Power Of Suppliers

Azimut Holding S.p.A. has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's large scale of operations also gives it negotiating power with suppliers.

Threat Of New Entrants

The financial services industry has high barriers to entry, including regulatory hurdles and the need for significant capital investments. However, new entrants can still disrupt the market with innovative products and services.

Intensity Of Rivalry

The financial services industry is highly competitive, with many established players competing for market share. Azimut Holding S.p.A. must continually innovate and improve its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 40.48%
Debt Cost 3.95%
Equity Weight 59.52%
Equity Cost 11.02%
WACC 8.16%
Leverage 68.00%

11. Quality Control: Azimut Holding S.p.A. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
KBC Ancora

A-Score: 7.4/10

Value: 4.2

Growth: 4.8

Quality: 8.6

Yield: 9.4

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Azimut Holding

A-Score: 7.4/10

Value: 6.3

Growth: 3.8

Quality: 9.0

Yield: 9.4

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
MandG

A-Score: 6.7/10

Value: 7.5

Growth: 1.8

Quality: 4.2

Yield: 10.0

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
DWS

A-Score: 6.5/10

Value: 4.7

Growth: 3.8

Quality: 7.8

Yield: 8.1

Momentum: 8.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Amundi

A-Score: 6.2/10

Value: 5.5

Growth: 5.0

Quality: 5.3

Yield: 9.4

Momentum: 5.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Industrivärden

A-Score: 5.7/10

Value: 4.3

Growth: 4.1

Quality: 7.4

Yield: 3.8

Momentum: 5.0

Volatility: 9.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

35.13$

Current Price

35.13$

Potential

-0.00%

Expected Cash-Flows