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Azimut Holding (AZIHF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Azimut Holding $90.77, price $41.46, upside +118.9%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 23, 2026
Broad data
Sep 23, 2026
Azimut Holding
AZIHF · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value $90.77 · Strongly undervalued (+118.9%)
✓Quality 67/100
✓Healthy Growth (revenue 5y +9.1 %/yr)
✓Highly profitable · 35.4% net margin (TTM)
✓Low debt · generates free cash flow
✓4.8% dividend yield · Well covered
✓Wide moat 79/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $6.03 – $48.30 · fair‑value band $41.36 – $134.59 · the $41.46 price screens below the $90.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Company profile
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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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.
Stock analysis
Azimut Holding (AZIHF) currently trades at $41.46, while our model-based Fair Value estimate is $90.77, implying the stock looks roughly 54.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $90.37 per share, and 9 of the 13 models we run sit above the $41.46 price.
Bear case: the Asset-Based group reads lowest at $10.67, and 4 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: $41.36 (bear) to $134.59 (bull), the price of $41.46 sits inside 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 67/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Azimut Holding reported revenue of €1.4B in FY2025 versus €1.3B in FY2021, a compound +2.2%/yr. Reported net income was €525M in FY2025, compounding −3.5%/yr from FY2021.
Key figures
Market cap $5.9B · P/E ratio 9.4 · P/S ratio 3.48 · EPS (TTM) $4.39 · Dividend yield 4.8% · Net margin 36.8% · Return on equity 26.4% · Return on assets (EBIT) 6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 119%, AZIHF screens cheaper than that median.
Fair Value models
Bear $41.36
Fair Value $90.77
Bull $134.59
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.81 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.
Evidence ⓘEvidence = 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.
Highest evidence
Growth DCF
$72.75
$122.96
$204.79
76
Owner Earnings
$58.45
$102.33
$177.09
74
Residual Income
$24.71
$30.86
$51.45
74
All 13 models by family
DCF Models
Owner Earnings
$58.45
$102.33
$177.09
74
5Y P/E Exit
$52.14
$84.07
$120.29
70
10Y P/E Exit
$58.96
$90.37
$134.17
63
Earnings-Based
Graham-Dodd
$28.36
$137.69
$189.67
64
Lynch FV
$36.88
$52.68
$68.49
61
Dividend Discount
Gordon GGM
$23.08
$45.99
$69.64
67
DDM Multi-Stage
$23.08
$39.74
$48.54
67
Multiples
P/E Multiple
$40.67
$54.22
$67.78
63
P/B Multiple
$16.72
$22.30
$27.87
55
Asset-Based
NCAV (Graham)
$7.96
$10.67
$15.93
54
Growth DCF
Growth DCF
$72.75
$122.96
$204.79
76
Rev-Margin DCF
$37.48
$53.96
$74.98
73
Economic Profit
Residual Income
$24.71
$30.86
$51.45
74
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Set up alert →Quality Score breakdown
Overall quality
67/100
Of which business quality 56 · Market factors (momentum, volatility) 59
Profitability
50
Margins and returns on capital today
Quality Growth
44
Are margins and returns improving?
Cashflow
89
Earnings quality: real cash, not paper profit
Fin. Strength
16
Balance sheet, leverage, solvency risk
Investment
75
Disciplined investing over empire-building
Low Volatility
31
Calm price path (market factor)
Momentum
61
Price trend over the last 3–12 months (market factor)
52W Momentum
88
Distance to the 52-week high (market factor)
Net Issuance
75
Share count: buybacks or dilution?
Revenue & earnings trend
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.
89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.1%
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.
+3.0%
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.
+9.1%
Start year 2020 (pandemic). Over 10 years: +7.7% 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.
+13.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+10.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)4.8%
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.6.1% 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.53% → 48%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −12.2% a year for the price and +3.4% for the forecasts.
Forecast 2026 (sales)+6.2%
Forecast 2027 (sales)+6.3%
Projected 2028 (sales)+5.8%
Projected 2029 (sales)+5.2%
Projected 2030 (sales)+4.7%
Watch AZIHF, get fair value alerts →
Earlier news
News mood ⓘNews mood, the average tone of recent news (90 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.
- Is Azimut Holding (BIT:AZM) Still Below Fair Value On Strong Client Inflows?
- Azimut Accelerates District-Scale Gold Exploration at Wabamisk
- Mantel Raises Strategic Investment from Constellation Technology Ventures and Azimut to Scale Commercial Carbon Capture Deployment
- Azimut Holding SpA (AZIHF) (Q1 2026) Earnings Call Highlights: Record Organic Inflows and ...
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $112.09 | $52.29 | −53% |
| KKR & Co KKR | $93.18 | $29.26 | −69% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $116.06 | $197.23 | +70% |
| State Street Corporation STT | $177.78 | $139.37 | −22% |
| Ameriprise Financial, Inc AMP | $494.82 | $595.40 | +20% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €68.10 | €136.20 | +100% |
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Frequently asked questions
Is Azimut Holding (AZIHF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $90.77 versus a price of $41.46, about +119% upside (undervalued).
What is the fair value of AZIHF?
Our model-based fair value for Azimut Holding is $90.77 (as of Sep 23, 2026), built from audited fundamentals. The current price: $41.46.
What is the quality score of AZIHF?
Azimut Holding has a Quality Score of 67/100. 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 (AZIHF)?
Our model-based price target is the fair value of $90.77 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario $41.36, optimistic scenario $134.59. It is a calculation from audited fundamentals, not an analyst target.
What is the Azimut Holding stock forecast for 2026?
Our models put fair value at $90.77, about +119% upside versus a price of $41.46 (undervalued). Cautious scenario $41.36, optimistic scenario $134.59. The calculation is refreshed regularly with new filings.
What is the revenue of Azimut Holding (AZIHF)?
Azimut Holding reported trailing-twelve-month revenue of about €1.5B (latest available figure, as of Sep 23, 2026).
Does Azimut Holding pay a dividend?
Azimut Holding currently shows a dividend yield of about 4.82% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Azimut Holding (AZIHF)?
For today's price to be fair in a discounted-cash-flow model, Azimut Holding would have to grow free cash flow by -10.2 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of AZIHF use?
Our models discount Azimut Holding at 9.7 %: a base by market capitalisation (mid), damped by beta 0.99, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Azimut Holding that is -10.2 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Azimut Holding (AZIHF) delivered so far?
Over the past 5 years revenue at Azimut Holding grew +9.1 % a year. The price currently implies -10.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Azimut Holding (AZIHF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Azimut Holding (-10.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Azimut Holding (AZIHF)?
The free-cash-flow yield on the price is 13.42 %: that much free cash flow Azimut Holding produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Azimut Holding (AZIHF)?
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 it is $90.77 per share (as of Sep 23, 2026), against a price of $41.46. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Azimut Holding stock overvalued or undervalued in 2026?
As of Sep 23, 2026, AZIHF trades below its calculated fair value: price $41.46, fair value $90.77, a gap of about +119% (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 AZIHF?
No. The price is what the market pays today ($41.46); the fair value is what the company's own numbers justify ($90.77). For Azimut Holding the two are $49.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Azimut Holding worth?
The market values Azimut Holding at about $5.9B (market capitalisation, as of Sep 23, 2026). Per share that is $41.46; our models calculate a fair value of $90.77 per share.
What do the bullish and bearish scenarios say about AZIHF?
Our models span a range for Azimut Holding: cautious scenario $41.36, base $90.77, optimistic $134.59 per share (as of Sep 23, 2026, price $41.46). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is AZIHF from its 52-week high?
Azimut Holding trades at $41.46, about 14% below its 52-week high of $48.30 and 22% above the low of $33.86 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $90.77 is for.
Which stocks are comparable to Azimut Holding?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, 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 stock attractive at the current price?
The data as of Sep 23, 2026: price $41.46, calculated fair value $90.77 (+119%), Quality Score 67/100, 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 AZIHF calculated?
We run Azimut Holding through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $90.77, 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 14.5 % above its aggregate fair value. Azimut Holding currently trades 54 % 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 (AZIHF)?
The closing price on Oct 2, 2026 was $41.46. Our model-based fair value is $90.77, about +119% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Azimut Holding right now?
The model range is unusually wide ($41.36 to $134.59). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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.
Where does the earnings growth of Azimut Holding (AZIHF) come from?
Earnings per share at Azimut Holding grew +13.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.4 %, EBIT margin +3.6 %, tax rate −0.7 %, residual (interest, one-offs) +0.5 %. 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
How large is the market capitalisation of Azimut Holding (AZIHF)?
The market capitalisation of Azimut Holding is $5.9B. 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/E ratio of Azimut Holding (AZIHF)?
The price-to-earnings ratio of Azimut Holding is 9.4. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Azimut Holding (AZIHF)?
The price-to-sales ratio of Azimut Holding is 3.48 (P/E × margin). 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 (AZIHF)?
Earnings per share at Azimut Holding are $4.39 (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Azimut Holding (AZIHF)?
The dividend yield of Azimut Holding is 4.8% (payout 45.6%). 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 (AZIHF)?
The net margin of Azimut Holding is 36.8% (fiscal year 2025). 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 (AZIHF)?
The return on equity (ROE) of Azimut Holding is 26.4% (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 (AZIHF)?
On an EBIT basis the return on assets of Azimut Holding is 6.6% (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 (AZIHF)?
The operating margin of Azimut Holding is 43.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Azimut Holding (AZIHF)?
Revenue at Azimut Holding is growing +12.7% versus a year earlier (3y avg +3.0%). 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 (AZIHF)?
Earnings per share at Azimut Holding are growing +8.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Azimut Holding (AZIHF) hold?
Azimut Holding holds more cash than debt, €469M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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