Stock AZM AZIMUT HOLDING S.P.A.
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Financials Azimut Holding S.p.A.

Equities

AZM

IT0003261697

Investment Management & Fund Operators

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-04-26 am EDT 		5-day change 1st Jan Change
24.61 EUR +1.69% Intraday chart for Azimut Holding S.p.A. +2.50% +4.10%
Apr. 26 Citadel Advisors moves on Azimut Holding and Saipem. AN
Apr. 24 Azimut, okay from shareholders to maxi-buyback of 14 million shares AN

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,999 2,457 3,446 2,911 3,271 3,407 - -
Enterprise Value (EV) 1 2,926 2,426 3,082 3,111 3,271 2,723 2,655 2,569
P/E ratio 8.06 x 6.51 x 5.67 x 7.24 x 8.79 x 6.79 x 7.22 x 6.64 x
Yield 4.7% 5.63% 5.27% 6.21% - 5.98% 6.38% 6.69%
Capitalization / Revenue 2.86 x 2.33 x 2.38 x 2.26 x 2.49 x 2.43 x 2.28 x 2.15 x
EV / Revenue 2.79 x 2.3 x 2.13 x 2.42 x 2.49 x 1.94 x 1.78 x 1.62 x
EV / EBITDA 6.23 x 4.99 x 4.1 x 5.31 x 5.34 x 4.24 x 3.95 x 3.73 x
EV / FCF 3.27 x 9.58 x 3.52 x -20.3 x - 7.07 x 6.51 x 6.13 x
FCF Yield 30.6% 10.4% 28.4% -4.92% - 14.1% 15.4% 16.3%
Price to Book 3.99 x 2.84 x 2.91 x 2.06 x - 1.87 x 1.73 x 1.57 x
Nbr of stocks (in thousands) 140,935 138,244 139,610 139,095 138,386 138,454 - -
Reference price 2 21.28 17.77 24.68 20.93 23.64 24.61 24.61 24.61
Announcement Date 3/5/20 3/11/21 3/10/22 3/9/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,050 1,054 1,449 1,287 1,312 1,405 1,495 1,584
EBITDA 1 469.8 485.7 751.6 585.9 612.9 642.4 672.4 688.9
EBIT 1 445.4 456.6 706.8 546.6 587.4 621.1 661.1 714.1
Operating Margin 42.43% 43.33% 48.76% 42.49% 44.77% 44.22% 44.22% 45.09%
Earnings before Tax (EBT) 1 451.2 439.4 727.8 555 625.1 710.8 686.6 744.1
Net income 1 370 381.7 605.5 402.4 434.6 503.2 487.7 528.2
Net margin 35.25% 36.22% 41.77% 31.27% 33.12% 35.83% 32.63% 33.35%
EPS 2 2.641 2.730 4.351 2.890 2.690 3.625 3.407 3.706
Free Cash Flow 1 894.4 253.2 875.4 -153.1 - 385 408 419
FCF margin 85.2% 24.03% 60.4% -11.9% - 27.41% 27.29% 26.46%
FCF Conversion (EBITDA) 190.38% 52.13% 116.47% - - 59.93% 60.67% 60.82%
FCF Conversion (Net income) 241.72% 66.34% 144.59% - - 76.51% 83.65% 79.33%
Dividend per Share 2 1.000 1.000 1.300 1.300 - 1.472 1.569 1.647
Announcement Date 3/5/20 3/11/21 3/10/22 3/9/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 476 566.4 299.9 583.1 327.2 339 - 302.7 317.7 326.3 316.9 643.1 321.8 347 336.9 - - - -
EBITDA - - 129.1 373.2 144.4 149.1 - 147.7 144.7 - - - - - - - - - -
EBIT 1 183.2 232.8 120 353.4 135.3 140.7 276 139.1 131.6 149.6 136 - 145.2 156.6 151.5 - - - -
Operating Margin 38.49% 41.1% 40.02% 60.61% 41.35% 41.49% - 45.97% 41.41% 45.86% 42.9% - 45.13% 45.12% 44.98% - - - -
Earnings before Tax (EBT) 1 167.3 229.9 117.5 380.4 133.4 141 274.4 139.2 141.4 173.3 147.8 321.1 156.5 147.5 153.3 - - - -
Net income 1 143 226.1 96.38 283 95.53 106.2 201.7 100.6 100.1 100.7 122.1 222.8 117.7 94 111.3 225.4 115.4 111.9 110.3
Net margin 30.05% 39.91% 32.14% 48.53% 29.19% 31.32% - 33.23% 31.5% 30.86% 38.54% 34.65% 36.58% 27.09% 33.03% - - - -
EPS 2 - - 0.6900 2.030 0.6800 0.7600 - 0.7200 0.7300 - - - - - 0.7625 1.574 0.8059 0.7813 -
Dividend per Share 2 - - - 1.300 - - - - 1.300 - - - - - - - - 1.436 -
Announcement Date 7/30/20 7/29/21 11/11/21 3/10/22 5/12/22 7/28/22 7/28/22 11/10/22 3/9/23 5/9/23 7/27/23 7/27/23 11/9/23 3/7/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 200 - - - -
Net Cash position 1 72.7 30.5 364 - - 684 752 839
Leverage (Debt/EBITDA) - - - 0.341 x - - - -
Free Cash Flow 1 894 253 875 -153 - 385 408 419
ROE (net income / shareholders' equity) 54.9% 47.7% 28.1% 31.1% - 24.3% 23.8% 25%
ROA (Net income/ Total Assets) 4.82% 4.56% - - - - - -
Assets 1 7,670 8,364 - - - - - -
Book Value Per Share 2 5.340 6.260 8.470 10.20 - 13.10 14.20 15.70
Cash Flow per Share 7.000 2.080 6.660 -0.7500 - - - -
Capex 1 87 35.1 50.8 48.3 - 50 50 50
Capex / Sales 8.29% 3.33% 3.5% 3.75% - 3.56% 3.34% 3.16%
Announcement Date 3/5/20 3/11/21 3/10/22 3/9/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Azimut Holding S.p.A.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
24.61 EUR
Average target price
27.96 EUR
Spread / Average Target
+13.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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