Azimut Holding S.p.A. (AZM) Fair Value & Analysis
Financial Services · IT · Market cap €5.5B · ISIN IT0003261697
What is Azimut Holding S.p.A. really worth?
A solid business, trading 18% below our fair value of €47.87.
Strengths
For context
Fair value as of: Aug 13, 2026
From 13 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from €20.17 to €47.87 (+137.3%) since Jul 25, 2026. Share price +1.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €11.07 – €39.23 · fair‑value band €35.90 – €62.68 · the €39.23 price screens below the €47.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Azimut Holding S.p.A. (AZM) currently trades at €39.23, while our model-based Fair Value estimate is €47.87, implying the stock looks roughly 18.0% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of €69.05 per share, and 9 of the 13 models we run sit above the €39.23 price. Bear case: the Asset-Based group reads lowest at €9.59, and 4 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Azimut Holding S.p.A. generated revenue of €1.5B at a net margin of 35.4%. Revenue grew 12.7% year over year. It earns a return on equity of 26.4%. Net debt stands at €109M. Fundamentals as of Aug 13, 2026
Our scenario range runs from €35.90 (bear case) to €62.68 (bull case); at €39.23, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 22%, AZM screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €1.17 per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models (€69.05) versus Asset-Based (€9.59). Highest evidence: Growth DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 74
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Azimut Holding S.p.A. provides asset management and advisory solutions in Italy, Europe, the Middle East, the Americas, and the Asia-Pacific.
Full company description
Azimut Holding S.p.A. provides asset management and advisory solutions in Italy, Europe, the Middle East, the Americas, and the Asia-Pacific. It offers public and private markets, discretionary portfolio management, and token and digital asset solutions; advisory services; corporate investment banking and fintech solutions; mutual funds harmonized with the UCITS directive; alternative investment funds and open pension funds; and individual management of investment portfolios on behalf of third parties. The company also provides private insurance, unit linked insurance plans, and optional coverage; and pensions for individuals and companies. Azimut Holding S.p.A. was incorporated in 1990 and is headquartered in Milan, Italy.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Azimut Holding S.p.A. reported revenue of €1.4B in FY2025 versus €1.3B in FY2021, a compound +1.8%/yr. Reported net income was €526M in FY2025, compounding −3.5%/yr from FY2021.
of which total revenue +11.8 % · buybacks/dilution +0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Mantel Raises Strategic Investment from Constellation Technology Ventures and Azimut to Scale Commercial Carbon Capture Deployment
- Azimut Closes $7 Million Private Placement Financing with Participation of Key Existing Shareholders
- Azimut Holding SpA (AZIHF) (Q1 2026) Earnings Call Highlights: Record Organic Inflows and ...
- Azimut Announces $7 Million Private Placement Financing
Peer Group
Asset Management · 697 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 417.20 | kr 824.66 | +98% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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