olivLaw · European equity research
Azimut Holding S.p.a. AZM.MI
Italy · Euronext Milan · ISIN IT0003261697 · Vertical: Listed companies from Italy
At the close of 06 Nov 2026, Azimut Holding S.p.a. (AZM.MI) stock was 35.82 EUR (−0.78% on the day), with market capitalisation 5.1 bn EUR, P/E 9.7 on diluted EPS of 3.71 EUR over the last 12 months, dividend yield 488.55%, beta 1.18, 52-week range 31.68–39.98 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 34.02 – 36.28
- in the upper half of the band · %B 0.80 · band width 6.4%
- SMA 50 / 200
- 37.18 / 36.06
- mixed trend
- MACD (12, 26, 9)
- -0.43 / -0.66
- MACD above 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 | −2.5% | −0.6% | −1.9 pp | — |
| 3 months | −6.0% | −4.2% | −1.8 pp | — |
| 6 months | +0.6% | +4.3% | −3.7 pp | — |
| Year to date | +0.2% | +7.5% | −7.3 pp | — |
| 1 year | +1.3% | +9.9% | −8.6 pp | −6.3% |
| 3 years | +74.9% | +49.8% | +25.1 pp | +8.4% |
| 5 years | +40.8% | +42.8% | −2.0 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 100 percentile of its own 3-quarter history (min 5.9, median 7.5, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 434.6 m | 576.2 m | 525.7 m |
| Net income YoY | unavailable | +32.6% | −8.8% |
| Diluted EPS | 3.14 | 4.10 | 3.71 |
| Diluted EPS YoY | unavailable | +30.6% | −9.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 813.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 10.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 5.0%
- 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 | 611.0 m | 804.4 m | 672.9 m | esef· 07 Apr 2026verified |
| Income tax | 161.9 m | 213.2 m | 117.9 m | esef· 07 Apr 2026verified |
| Net income | 434.6 m | 576.2 m | 525.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 3.14 | 4.10 | 3.71 | esef· 07 Apr 2026verified |
| Dividend per share | 1.73 | 1.00 | 175.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 468.8 m | -197.5 m | 614.2 m | esef· 07 Apr 2026verified |
| Investing cash flow | -73.2 m | 295.1 m | -150.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | -297.5 m | -237.4 m | -400.1 m | esef· 07 Apr 2026verified |
| Dividends paid | 239.2 m | 209.5 m | 331.2 m | esef· 07 Apr 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
06 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 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: 23.74 – 3,245.45 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/E23.74 – 98.04 (Mid 49.77)21 companies used · median multiple 13.4x · quartiles 6.4x – 26.4xAC5.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)2,380.00 – 3,245.45 (Mid 2,746.15)
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 | 9.7x | 70 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.5% | 93 (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· partial93/100 · 1/2 factors with a value
- Valuation· partial70/100 · 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
AZIMUT HOLDING S.P.A. (AZM.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 1,201.87–1,671.75 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1,397.96 EUR, the price of 35.82 EUR leaves a potential of 3,802.7% (value / price − 1) and a margin of safety of 97.4% (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
- Shareholder yield (distributions): 6.5%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
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% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 29.0 | 9.2% | 13.0% | +0.8% | +34% / −5% |
| 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 | 30.5 | 8.5% | 3.8% | −0.6% | −7% / −57% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.1 | 10.9% | 7.3% | +4.2% | +26% / +72% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.0 | 12.8% | 7.1% | −23.0% | +10% / +67% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.4 | 20.6% | 18.9% | +6.7% | +9% / +103% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −23% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 985.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 865.6 m | 85.1 | 2.1% | 1.8% | +21.5% | +16% / +283% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 800.3 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +76% |
| ASC.MIAscopiave S.p.a. | 621.5 m | 17.3 | 4.2% | 17.5% | +13.4% | −12% / +27% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 350.2 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 116.6 m | 11.5 | 18.5% | 10.2% | −1.3% | −27% / −33% |
| ABT.MIAbitare In S.p.a. | 74.9 m | 272.0 | 0.4% | 0.4% | +39.8% | −7% / −48% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 52.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| 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 | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| AEF.MIAeffe S.p.a. | 10.3 m | 0.5 | 21.9% | 7.7% | −21.3% | −58% / −86% |
1- and 3-year price returns: for AZM.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
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.