ANIMA Holding S.p.A. (ANIM) AI Stock Analysis

ANIMA Holding S.p.A.

(Milan:ANIM)

Select Model

Rating:80Outperform

Price Target:EUR 8.50▲(19.89% Upside)

Action:upgraded

Date:08/06/26

The score is driven primarily by strong financial performance with improving margins and manageable leverage, supported by very attractive valuation (low P/E and high dividend yield). Technicals are positive with the price above major moving averages, but near-overbought readings and historical cash-flow volatility modestly temper the overall rating.

Positive Factors

Improving profitability and marginsANIMA’s margins and reported profitability improved through 2022–2025, with 2025 revenue growth and materially higher gross, operating and net margins. Sustained margin expansion supports reinvestment, funds operating needs, and strengthens long-term earnings quality in its fee-driven business.

Negative Factors

Uneven revenue growth historyTop-line inconsistency across 2022–2025 shows ANIMA’s fee revenue is sensitive to market cycles and distribution flows. This uneven growth makes multi-period planning harder, reduces certainty around recurring fee trajectories, and increases reliance on market-driven AUM performance for sustained revenue.

ANIMA Holding S.p.A. (ANIM) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 2.23B
Dividend Yield: 7.05%
Average Volume (3M): 252.90K
Price to Earnings (P/E): 8.4
Beta (1Y): 0.34
Revenue Growth: 0.80%
EPS Growth: 0.28%
Country: Italy
Employees: 548
Sector: General
Sector Strength: 55
Industry: Asset Management

ANIMA Holding S.p.A. Business Overview & Revenue Model

Company Description

Anima Holding S.p.A. is a publicly traded investment management company headquartered in Milan, Italy. The firm primarily focuses its equity investments on the Italian public markets. It provides an extensive array of investment solutions, including...

How the Company Makes Money

ANIMA primarily generates revenue from asset management activities tied to the assets it manages (AUM). The core revenue stream is recurring management fees charged as a percentage of AUM on its mutual funds and discretionary/mandate-based portfolio...

ANIMA Holding S.p.A. Financial Statement Overview

Summary

Strong and improving profitability (2025 revenue +5.8% with healthy gross ~37.9%, operating ~26.8%, net ~18.6%) and manageable leverage (debt-to-equity ~0.37–0.44) support a solid fundamental profile. The main offsets are uneven revenue growth across 2022–2025 and notable cash-flow volatility, including materially negative operating/free cash flow in 2023 and limited confidence in latest-year cash conversion metrics.

Income Statement

82Very Positive

Balance Sheet

78Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.47B	1.43B	1.32B	1.02B	1.02B	1.23B
Gross Profit	556.62M	542.55M	506.99M	388.41M	309.99M	440.69M
EBITDA	420.94M	445.51M	384.98M	279.74M	243.50M	375.01M
Net Income	255.68M	266.24M	227.92M	148.88M	120.80M	238.66M
Balance Sheet
Total Assets	2.98B	2.95B	2.69B	2.39B	2.33B	2.53B
Cash, Cash Equivalents and Short-Term Investments	869.08M	692.91M	649.16M	207.55M	499.27M	585.30M
Total Debt	839.51M	818.14M	611.30M	621.98M	591.84M	595.99M
Total Liabilities	1.11B	1.05B	1.03B	948.90M	943.47M	1.09B
Stockholders Equity	1.86B	1.88B	1.64B	1.43B	1.39B	1.45B
Cash Flow
Free Cash Flow	249.83M	411.85M	281.82M	-128.06M	79.75M	410.62M
Operating Cash Flow	251.04M	413.08M	282.14M	-125.83M	83.80M	413.04M
Investing Cash Flow	-3.22M	-3.59M	-25.14M	-63.96M	-3.98M	-2.40M
Financing Cash Flow	-146.48M	-146.48M	-119.59M	-116.39M	-190.53M	-112.70M

ANIMA Holding S.p.A. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IT:ANIM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:ANIM	80Outperform	EUR 2.23B	8.44	14.58%	7.05%	0.80%	0.28%
IT:G	78Outperform	EUR 63.91B	14.20	14.20%	3.86%	-8.06%	21.35%
IT:AZM	77Outperform	EUR 4.92B	9.33	26.00%	5.76%	17.28%	6.84%
IT:BGN	73Outperform	EUR 6.75B	3.64	128.43%	4.81%	17.02%	33.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IT:TIP	49Neutral	EUR 1.49B	1874.47	0.03%	2.95%	353.02%	-99.52%
IT:PRO	38Underperform	EUR 109.30M	12.59	5.26%	4.22%	-32.50%	82.22%

* General Sector Average

Performance Comparison

IT:ANIM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:ANIM	ANIMA Holding S.p.A.	7.09	1.39	24.34%
IT:G	Assicurazioni Generali S.p.A.	42.47	10.62	33.36%
IT:AZM	Azimut Holding SPA	34.70	2.89	9.07%
IT:BGN	Banca Generali SpA	59.25	12.12	25.72%
IT:PRO	Banca Profilo SPA	1.65	0.11	7.33%
IT:TIP	Tamburi Investment Partners Spa	8.81	0.40	4.73%

ANIMA Holding S.p.A. Corporate Events

Anima Holding Delivers Higher H1 2026 Profits Despite Net Outflows

Aug 3, 2026

Anima Holding reported solid first-half 2026 results, balancing negative net inflows with higher revenues and profits in a challenging market environment. Assets under management rose 3% year-on-year to €212.2 billion, highlighting the group&#8...

ANIMA Holding Sees Retail Inflow Recovery as Total Assets Edge Higher

Jul 8, 2026

ANIMA Holding reported June 2026 net inflows for managed savings, excluding branch I insurance mandates, of €202 million, with total assets under management rising to €210.4 billion and €211.9 billion including administered assets....

Anima Holding Takes Full Control of Real Estate Manager Castello SGR

Jun 29, 2026

Anima Holding S.p.A. has acquired the remaining 20% stake in Castello SGR from funds managed by Oaktree Capital Management, taking full ownership of the real estate-focused alternative investment manager. Castello ranks among Italy’s top 10 rea...

ANIMA Holding posts strong institutional inflows as assets rise despite insurance outflows

Jun 9, 2026

ANIMA Holding reported May 2026 net inflows of €342 million into managed assets excluding Class I insurance mandates, with total assets under management rising to €209.4 billion and €210.8 billion including administered assets. Reta...

ANIMA Holding posts April net inflows on institutional strength despite insurance outflows

May 8, 2026

ANIMA Holding reported April 2026 net inflows of €160 million into managed assets excluding Class I insurance mandates, taking total assets under management to €205.5 billion and €206.9 billion including administered assets. The mon...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 06, 2026

ANIMA Holding S.p.A. AI Stock Analysis