Azimut Holding S.p.A. (AZM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Azimut Holding S.p.A. stock €62.21, price €35.82, upside +73.7%, quality 57 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €11.07 – €39.98 · fair‑value band €37.69 – €91.51 · the €35.82 price screens below the €62.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Azimut Holding S.p.A. provides asset management and advisory solutions in Italy, Europe, the Middle East, the Americas, and the Asia-Pacific.
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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.
Stock analysis
Azimut Holding S.p.A. (AZM) currently trades at €35.82, while our model-based Fair Value estimate is €62.21, implying the stock looks roughly 42% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of €84.34 per share, and 8 of the 13 models we run sit above the €35.82 price.
Bear case: the Asset-Based group reads lowest at €6.70, and 5 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: €37.69 (bear) to €91.51 (bull), the price of €35.82 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap €5.1B Mid · P/E ratio 9.9 · P/S ratio 3.23 · EPS (TTM) €3.62 · Dividend yield 5.6% · Net margin 32.5% · Return on equity 27.4% · Return on assets (EBIT) 5.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 74%, AZM screens cheaper than that median.
Fair Value models
Bear€37.69Fair Value €62.21Bull€91.51
Price €35.82 · Upside +73.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.38 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
Start year 2020 (pandemic). Over 10 years: +7.6% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)5.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.2% vs 11.9%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 44%
News mood ⓘNews mood, the average tone of recent news (88 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Azimut shows efficiency advantages through high margins and cash conversion, yet most qualitative factors lack clear signals and international deals add operational complexity.
Main risk: Bank of Italy findings of governance and organizational deficiencies at Azimut Capital Management SGR could delay or block the TNB fintech project and other M&A transactions, limiting the ability to manage operational complexity from international expansion.
Azimut keeps buying back shares even as private markets drive strong net inflows and the firm raises its annual target. International deals expand the platform but add layers of operational complexity. Will the extra scale lift recurring earnings more than it raises costs and risks?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Asset Management · 588 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Below median
Fair Value upside+73.7% · Above median
Profitability
Return on equity (12 months)27.4% · Top 25%
Return on assets4.9% · Above median
Net margin (12 months)32.5% · Above median
Operating margin (12 months)44.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)1.1% · Below median
Dividend yield (12 months)5.6% · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)9.9× · Cheaper than median
P/B2.50× · Priciest 25%
P/S (12 months)3.23× · Cheaper than median
Price / free cash flow (fiscal year)9.2× · Cheaper than median
EV/EBITDA6.7× · Cheaper than median
PEG1.74× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 60
FUTURE (revenue growth)6· sector 39
PAST (return on equity)100· sector 29
HEALTH (low debt)–
DIVIDEND (yield)100· sector 80
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
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Is Azimut Holding S.p.A. (AZM) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €62.21 versus a price of €35.82, about +74% upside (undervalued).
What is the fair value of AZM?
Our model-based fair value for Azimut Holding S.p.A. is €62.21 (as of Nov 8, 2026), built from audited fundamentals. The current price: €35.82.
What is the quality score of AZM?
Azimut Holding S.p.A. has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Azimut Holding S.p.A. (AZM)?
Our model-based price target is the fair value of €62.21 (as of Nov 8, 2026) from 13 valuation models. Cautious scenario €37.69, optimistic scenario €91.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Azimut Holding S.p.A. stock forecast for 2026?
Our models put fair value at €62.21, about +74% upside versus a price of €35.82 (undervalued). Cautious scenario €37.69, optimistic scenario €91.51. The calculation is refreshed regularly with new filings.
What is the revenue of Azimut Holding S.p.A. (AZM)?
Azimut Holding S.p.A. reported trailing-twelve-month revenue of about €1.6B (latest available figure, as of Nov 8, 2026).
Does Azimut Holding S.p.A. pay a dividend?
Azimut Holding S.p.A. currently shows a dividend yield of 5.58% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Azimut Holding S.p.A. (AZM) and when is the ex-dividend date?
Azimut Holding S.p.A. pays a dividend of €2.00 per share a year, a dividend yield of 5.6%. The last ex-dividend date was May 18, 2026. A dividend has been paid every year since 2007. The payout ratio is 55.2% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Azimut Holding S.p.A. (AZM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Azimut Holding S.p.A. it is €62.21 per share (as of Nov 8, 2026), against a price of €35.82. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Azimut Holding S.p.A. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, AZM trades below its calculated fair value: price €35.82, fair value €62.21, a gap of about +74% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AZM?
No. The price is what the market pays today (€35.82); the fair value is what the company's own numbers justify (€62.21). For Azimut Holding S.p.A. the two are €26.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is Azimut Holding S.p.A. worth?
The market values Azimut Holding S.p.A. at about €5.1B (market capitalisation, as of Nov 8, 2026). Per share that is €35.82; our models calculate a fair value of €62.21 per share.
What do the bullish and bearish scenarios say about AZM?
Our models span a range for Azimut Holding S.p.A.: cautious scenario €37.69, base €62.21, optimistic €91.51 per share (as of Nov 8, 2026, price €35.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AZM?
Azimut Holding S.p.A. trades at a price-to-earnings ratio of 9.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €62.21 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 7.2. Other multiples: PEG 1.7, P/B 2.5, P/S 3.2, EV/EBITDA 6.7.
What is the PEG ratio of AZM?
The PEG ratio of Azimut Holding S.p.A. is 1.74 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Azimut Holding S.p.A. (AZM)?
Balance-sheet figures for Azimut Holding S.p.A. (as of Nov 8, 2026): return on equity 27.4%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is AZM from its 52-week high?
Azimut Holding S.p.A. trades at €35.82, about 10% below its 52-week high of €39.98 and 20% above the low of €29.88 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €62.21 is for.
Which stocks are comparable to Azimut Holding S.p.A.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Azimut Holding S.p.A. stock attractive at the current price?
The data as of Nov 8, 2026: price €35.82, calculated fair value €62.21 (+74%), Quality Score 57/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AZM calculated?
We run Azimut Holding S.p.A. through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €62.21 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Azimut Holding S.p.A. currently trades 42% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Azimut Holding S.p.A. (AZM)?
The closing price on Nov 6, 2026 was €35.82. Our model-based fair value is €62.21, about +74% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Azimut Holding S.p.A. right now?
The price is below even our cautious bear case (€37.69). The market is more pessimistic than our downside scenario. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€37.69 to €91.51) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Azimut Holding S.p.A. (AZM) come from?
Earnings per share at Azimut Holding S.p.A. grew +13.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.3 %, EBIT margin +12.6 %, tax rate −0.7 %, residual (interest, one-offs) −7.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Azimut Holding S.p.A.
How large is the market capitalisation of Azimut Holding S.p.A. (AZM)?
The market capitalisation of Azimut Holding S.p.A. is €5.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Azimut Holding S.p.A. (AZM)?
The price-to-sales ratio of Azimut Holding S.p.A. is 3.23 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Azimut Holding S.p.A. (AZM)?
Earnings per share at Azimut Holding S.p.A. are €3.62 (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Azimut Holding S.p.A. (AZM)?
The dividend yield of Azimut Holding S.p.A. is 5.6% (payout 55.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Azimut Holding S.p.A. (AZM)?
The net margin of Azimut Holding S.p.A. is 32.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Azimut Holding S.p.A. (AZM)?
The return on equity (ROE) of Azimut Holding S.p.A. is 27.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Azimut Holding S.p.A. (AZM)?
On an EBIT basis the return on assets of Azimut Holding S.p.A. is 5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Azimut Holding S.p.A. (AZM)?
The operating margin of Azimut Holding S.p.A. is 44.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Azimut Holding S.p.A. (AZM)?
Revenue at Azimut Holding S.p.A. is growing +1.1% versus a year earlier (3y avg +6.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Azimut Holding S.p.A. (AZM)?
Earnings per share at Azimut Holding S.p.A. are growing −9.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Azimut Holding S.p.A. (AZM) generate?
The free cash flow of Azimut Holding S.p.A. is €554M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Azimut Holding S.p.A. (AZM) hold?
Azimut Holding S.p.A. holds more cash than debt, €362M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026