olivLaw · European equity research
Anima Holding S.p.A. ANIM.MI
Italy · Euronext Milan · ISIN IT0004998065 · Vertical: Listed companies from Italy
Anima Holding is an Italian asset management group running funds, alternative investments, real estate and asset management, now controlled by Banco BPM. Commission income reached 1,342.5 million EUR in 2025, and net profit was 266.7 million EUR.
At the close of 05 Nov 2026, Anima Holding S.p.A. (ANIM.MI) stock was 6.84 EUR (+0.44% on the day), with market capitalisation 2.2 bn EUR, P/E 8.4 on diluted EPS of 0.82 EUR over the last 12 months, dividend yield 6.61%, beta 0.36, 52-week range 5.91–7.47 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 6.81 – 7.38
- in the lower half of the band · %B 0.06 · band width 8.0%
- SMA 50 / 200
- 7.08 / 6.97
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.4% | −0.6% | −7.8 pp | — |
| 3 months | −5.3% | −4.2% | −1.1 pp | — |
| 6 months | −5.4% | +4.3% | −9.7 pp | — |
| Year to date | +12.7% | +7.5% | +5.2 pp | — |
| 1 year | +13.2% | +9.9% | +3.2 pp | −5.5% |
| 3 years | +75.9% | +49.8% | +26.1 pp | +8.9% |
| 5 years | +45.5% | +42.8% | +2.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 7.4, median 8.8, max 9.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 148.9 m | 230.0 m | 266.2 m |
| Net income YoY | unavailable | +54.5% | +15.8% |
| Diluted EPS | 0.46 | 0.71 | 0.82 |
| Diluted EPS YoY | unavailable | +55.4% | +15.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 569.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 2.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 9.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 219.8 m | 323.8 m | 381.9 m | esef· 24 Mar 2026verified |
| Income tax | 70.5 m | 93.9 m | 115.2 m | esef· 24 Mar 2026verified |
| Net income | 148.9 m | 230.0 m | 266.2 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.46 | 0.71 | 0.82 | esef· 24 Mar 2026verified |
| Dividend per share | 0.23 | 0.25 | 0.45 | esef· 24 Mar 2026derived |
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -125.8 m | 285.4 m | 413.1 m | esef· 24 Mar 2026verified |
| Investing cash flow | -64.0 m | -28.4 m | -3.6 m | esef· 24 Mar 2026verified |
| Financing cash flow | -116.4 m | -119.6 m | -146.5 m | esef· 24 Mar 2026verified |
| Dividends paid | 71.3 m | 79.5 m | 146.3 m | esef· 24 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.24 – 22.09 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E5.24 – 22.09 (Mid 11.01)21 companies used · median multiple 13.4x · quartiles 6.4x – 27.0xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)6.15 – 8.39 (Mid 7.10)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 8.4x | 74 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.6% | 94 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial94/100 · 1/2 factors with a value
- Valuation· partial74/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANIMA HOLDING S.P.A. (ANIM.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 5.70–15.24 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 9.05 EUR, the price of 6.84 EUR leaves a potential of 32.4% (value / price − 1) and a margin of safety of 24.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 8.4x
- Shareholder yield (distributions): 6.6%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for ANIM.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Anima Holding is an Italian asset management group running funds, alternative investments, real estate and asset management, now controlled by Banco BPM. Commission income reached 1,342.5 million EUR in 2025 1, and net profit was 266.7 million EUR 1.
SWOT
Strengths
- Diversifying the client base and revenue sources reduces the group's overall risk.
- Presence across several segments, from funds to real estate, gives flexibility.
- Support from the majority shareholder brings access to established distribution channels.
Weaknesses
- Volatile performance fees played a large part in the decline of net commissions.
- Personnel costs remain high and depend on variable remuneration.
- Administrative expenses rose in some categories, including consulting and IT systems.
Opportunities
- Growth in private equity deals could support the alternative funds.
- Developing products for retail and institutional investors could widen the client base.
- Use of artificial intelligence tools could improve internal efficiency.
Threats
- Geopolitical uncertainty and tariffs could reduce merger and acquisition activity.
- Climate risks could lower the value of assets under management.
- Changes in sustainability regulation could raise compliance costs.
Risks
- Reliance on performance feeshigh
Performance fees can vary sharply from year to year and reduce net revenues.
- Climate risks on portfoliosmedium
Extreme weather events could reduce the value of managed assets and assets under management.
- Transition and regulatory riskmedium
New environmental rules could lead to sanctions or adaptation costs for management companies.
- Reputation and client expectationsmedium
Failing to meet sustainability expectations could affect client trust and asset volumes.
- Dependence on the majority shareholderlow
Strategy and distribution channels depend on Banco BPM decisions, which may limit the group's autonomy.
Investment thesis
What would need to be true (bull case)
- If private and property markets keep growing, the group's alternative assets could generate steadier revenues.
- Diversifying clients and products can reduce reliance on a single revenue segment.
- Support from Banco BPM could open new distribution channels for the group's products.
What would break the thesis
- If performance fees keep falling, net revenues could be weaker than in earlier years.
- Geopolitical tensions and trade policies could slow market transaction activity.
- Personnel and administrative costs could limit operating margins.
What to watch
- Trend in performance fees and net commissionsQ1 2027
- Pace of inflows into alternative and real estate funds2027
- Effects of integration into the Banco BPM group on distribution2027
- Impact of sustainability regulation on compliance costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Based in Milan and listed since 2014 on the Mercato Telematico Azionario, the Anima group brings together asset management companies serving institutional investors, companies and private clients 1. Anima SGR offers investment solutions, Anima Alternative SGR handles illiquid alternative products such as private capital funds, Castello SGR focuses on real estate funds, and Kairos Partners SGR specialises in asset and wealth management 1. Since April 2025 the group has been part of Banco BPM following a public tender offer 1.
Revenues come mainly from management, performance and distribution commissions, while dividends from held shares and interest play a secondary role 1. Net commissions fell slightly in 2025, reflecting lower performance commissions at Anima SGR 1. The group states that diversifying its client base and revenue sources reduces its overall risk profile 1.
Management said it will keep leveraging strategic partner channels and develop products for retail and institutional investors, drawing on companies acquired in recent years 1. The support of the Banco BPM group is presented as a further growth driver 1.
Segments
Fund management (Anima SGR)
Anima SGR, a wholly owned direct subsidiary, offers funds and administration services to retail and institutional clients and generates most of the management commissions 1.
Alternative and real estate assets
Anima Alternative SGR manages private capital funds, while Castello SGR manages real estate funds, a segment where investment demand grew in 2025 1.
Wealth management (Kairos)
Kairos Partners SGR, controlled at 99%, specialises in asset and wealth management and contributes its own net commissions, including performance fees 1.
Market context
Italian private equity activity reached a record number of transactions in 2025, while overall merger and acquisition activity fell, hit by geopolitical uncertainty and US trade policy 1. In the property market, investments rose 23% last year, supporting the group's real estate segment 1.
The macroeconomic outlook in the source is cautious for the euro area and constructive for the United States, and asset managers could benefit from a falling-rate environment if that materialises 1.
Trends
- Growth in private capital investmenttailwind
The record number of private equity deals in Italy could support demand for the group's alternative funds 1.
- Recovery in property marketstailwind
Real estate investment rose in 2025, and Castello SGR could benefit if the trend continues 1.
- Geopolitical and trade uncertaintyheadwind
Tariff tensions weigh on cross-border mergers and acquisitions, which could reduce transaction activity 1.
- Climate and transition risksmixed
Climate change and environmental regulation may affect the value of assets in portfolios and demand for sustainable products 1.
Competitive position
The group operates in the Italian asset management market, where competition comes from management companies tied to banks and from independent groups. The source does not name competitors explicitly, so the list below is limited to what the text mentions.
- Banco BPM
Majority shareholder and distribution partner through its client network; not a direct competitor, but it shapes the group's strategy.
News & filings
In the press
- Anima Wings a intrat azi oficial în insolvenţă, la cererea proprie. Tribunalul Bucureşti a numit administrator judiciar consorţiul format din CITR, Infinexa Restructuring şi Popescu&Asociaţii Insolvency. Printre creditori, Banca Transilvania, ROMATSA şi aeroporturile din Bucureşti, Cluj şi Timişoara. Avocatul Anima, Piperea&AsociaţiiZiarul Financiar · 28 Oct 2026 · RO
- Anima helps clinics cut call waits by 75% with GPT-6 and GPT-LiveOpenAI Blog · 23 Oct 2026 · EN
- Anima Theater of the Feminine Underground Back at Center StageSurge — GDELT DOC · 18 Oct 2026 · RO
- Consiliul Concurenței a constatat că intrarea noilor acționari în Anima Wings nu intră sub incidența Legii concurențeiJuridice.ro · 05 Oct 2026 · RO
- Tranzacție eșuată. Evergent Investments anunță că nu mai investește în Anima Wings, companie care a solicitat nsolvențaEconomedia · 05 Oct 2026 · RO
- Evergent: Acordul pentru intrarea în acționariatul Anima Wings nu mai poate fi finalizatFinancial Intelligence (RO) · 02 Oct 2026 · RO
- Consiliul Concurenței a constatat că intrarea noilor acționari în Anima Wings nu intră sub incidența legii concurențeiFinancial Intelligence (RO) · 02 Oct 2026 · RO
- 🔬“We have foundation models for language, not for physics” — Anima Anandkumar, Bren Professor of ComputingLatent Space Newsletter · 26 Aug 2026 · EN
- Education Firm Anima Sinks Over 30% as Analysts Pan M&A DealBloomberg Markets · 15 Jul 2026 · EN
- Consiliul Concurenței analizează schimbarea acționariatului Anima WingsJuridice.ro · 15 May 2026 · RO
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Anima Holding S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.