Azimut Holding SPA (AZM) AI Stock Analysis

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Azimut Holding SPA

(Milan:AZM)

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Rating:75Outperform

Price Target:EUR 39.00▲(4.98% Upside)

Action:reiterated

Date:11/01/26

The score is driven primarily by strong financial performance (high profitability and low current leverage) and attractive valuation (low P/E and high dividend yield). These positives are tempered by weak technicals, with the stock trading below key moving averages and negative MACD indicating bearish momentum.

Positive Factors

High ProfitabilityTTM net margin of about 36% and high operating profitability show a strong earnings engine. This supports reinvestment, resilience and shareholder returns, although results remain exposed to fee and market dynamics.

Negative Factors

Cash Flow VolatilityCash generation has been uneven, including negative operating and free cash flow in 2022 and 2024, while TTM free cash flow fell about 8.3% year over year. Such variability can reduce confidence in recurring funding capacity.

Azimut Holding SPA (AZM) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 5.26B
Dividend Yield: 5.38%
Average Volume (3M): 484.79K
Price to Earnings (P/E): 10.3
Beta (1Y): 1.08
Revenue Growth: 17.73%
EPS Growth: -2.17%
Country: Italy
Employees: 1,090
Sector: General
Sector Strength: 55
Industry: Asset Management

Azimut Holding SPA Business Overview & Revenue Model

Company Description

Azimut Holding S.p.A. is a prominent firm in the asset management sector, specializing in the promotion, management, and distribution of diverse financial and insurance solutions. The company maintains a substantial international footprint, conductin...

How the Company Makes Money

Azimut primarily makes money by managing client assets and earning fees tied to those assets and to investment performance. The core revenue stream is recurring management fees (often referred to as management/asset management fees) earned for portfo...

Azimut Holding SPA Financial Statement Overview

Summary

Strong overall fundamentals driven by very high profitability and a conservatively positioned balance sheet (low leverage and solid ROE). The main offset is volatility in revenue and cash flows across years, with TTM free cash flow down year over year.

Income Statement

82Very Positive

Balance Sheet

88Very Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.54B	1.43B	1.33B	1.39B	1.32B	1.31B
Gross Profit	1.05B	967.00M	855.16M	860.39M	450.04M	590.12M
EBITDA	724.01M	711.27M	842.56M	691.29M	588.34M	782.46M
Net Income	527.64M	525.67M	576.16M	434.57M	406.46M	605.46M
Balance Sheet
Total Assets	11.20B	10.65B	10.23B	9.96B	9.51B	9.92B
Cash, Cash Equivalents and Short-Term Investments	447.02M	523.96M	395.28M	480.47M	298.84M	180.33M
Total Debt	159.48M	137.13M	27.82M	537.22M	539.67M	897.66M
Total Liabilities	9.24B	8.62B	8.29B	8.35B	8.04B	8.69B
Stockholders Equity	1.99B	2.01B	1.92B	1.55B	1.42B	1.18B
Cash Flow
Free Cash Flow	800.71M	700.37M	-200.29M	458.69M	-153.09M	875.40M
Operating Cash Flow	1.38B	711.77M	-197.48M	468.85M	-104.84M	926.19M
Investing Cash Flow	-1.03B	-270.93M	295.12M	-73.20M	-189.66M	-335.86M
Financing Cash Flow	-270.77M	-377.32M	-237.39M	-297.49M	-175.75M	-255.94M

Azimut Holding SPA Technical Analysis

Technical Analysis SentimentPositive

Last Price37.15

Price Trends

50DMA37.10Positive

100DMA37.07Positive

200DMA35.36Positive

Market Momentum

MACD-0.04Negative

RSI59.63Neutral

STOCH83.42Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:AZM, the sentiment is Positive. The current price of 37.15 is above the 20-day moving average (MA) of 35.32, above the 50-day MA of 37.10, and above the 200-day MA of 35.36, indicating a bullish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 59.63 is Neutral, neither overbought nor oversold. The STOCH value of 83.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:AZM.

Azimut Holding SPA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IT:AZM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:G	78Outperform	EUR 67.48B	14.99	14.20%	3.66%	-8.06%	21.35%
IT:AZM	75Outperform	EUR 5.26B	10.26	25.01%	5.38%	17.73%	-2.17%
IT:ANIM	73Outperform	EUR 2.28B	8.60	14.58%	6.93%	0.80%	0.28%
IT:BGN	73Outperform	EUR 6.88B	3.62	127.81%	4.86%	18.70%	26.64%
IT:PRO	65Neutral	EUR 110.62M	-65.99	-1.07%	4.12%	-40.70%	-94.76%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IT:TIP	49Neutral	EUR 1.54B	1948.94	0.03%	2.84%	353.02%	-99.52%

* General Sector Average

Performance Comparison

IT:AZM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:AZM	Azimut Holding SPA	37.15	6.41	20.85%
IT:ANIM	ANIMA Holding S.p.A.	7.22	1.61	28.63%
IT:G	Assicurazioni Generali S.p.A.	44.81	11.96	36.40%
IT:BGN	Banca Generali SpA	58.60	8.07	15.97%
IT:PRO	Banca Profilo SPA	1.70	0.16	10.42%
IT:TIP	Tamburi Investment Partners Spa	9.16	0.95	11.60%

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: Nov 01, 2026

Azimut Holding SPA AI Stock Analysis