Azimut Holding S.p.A. (AZM) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Azimut Holding S.p.A. €59.50, price €39.36, upside +51.2%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Azimut Holding S.p.A. for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €11.07 – €39.98 · fair‑value band €35.90 – €87.57 · the €39.36 price screens below the €59.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow Azimut Holding S.p.A. in your weekly email
Every Wednesday you see whether Azimut Holding S.p.A. is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Azimut Holding S.p.A. provides asset management and advisory solutions in Italy, Europe, the Middle East, the Americas, and the Asia-Pacific.
Show more
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 S.p.A. (AZM) currently trades at €39.36, while our model-based Fair Value estimate is €59.50, implying the stock looks roughly 33.8% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of €69.33 per share, and 9 of the 13 models we run sit above the €39.36 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.
Scenario range: €35.90 (bear) to €87.57 (bull), the price of €39.36 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 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 €5.6B · P/E ratio 10.6 · P/S ratio 3.95 · EPS (TTM) €3.72 · Dividend yield 5.1% · Net margin 37.4% · Return on equity 29.4% · Return on assets (EBIT) 5.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 2% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 51%, AZM screens cheaper than that median.
Fair Value models
Bear €35.90Fair Value €59.50Bull €87.57
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 (€1.26 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.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.
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%
’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.
+11.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)5.1%
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% vs 12%, 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%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−0.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −2.3% a year for the price.
News mood ⓘNews mood, the average tone of recent news (83 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.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 659 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+51% · Above median
Profitability
Return on equity (TTM)29% · Top 25%
Return on assets4% · Above median
Net margin (TTM)34% · Above median
Operating margin (TTM)42% · Above median
Growth and dividend
Revenue growth17% · Above median
Dividend yield (TTM)5.1% · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Azimut Holding S.p.A. (AZM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €59.50 versus a price of €39.36, about +51% upside (undervalued).
What is the fair value of AZM?
Our model-based fair value for Azimut Holding S.p.A. is €59.50 (as of Sep 24, 2026), built from audited fundamentals. The current price: €39.36.
What is the quality score of AZM?
Azimut Holding S.p.A. 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 S.p.A. (AZM)?
Our model-based price target is the fair value of €59.50 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario €35.90, optimistic scenario €87.57. 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 €59.50, about +51% upside versus a price of €39.36 (undervalued). Cautious scenario €35.90, optimistic scenario €87.57. 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 Sep 24, 2026).
Does Azimut Holding S.p.A. pay a dividend?
Azimut Holding S.p.A. currently shows a dividend yield of about 5.08% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Azimut Holding S.p.A. (AZM)?
For today's price to be fair in a discounted-cash-flow model, Azimut Holding S.p.A. would have to grow free cash flow by -0.1 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of AZM use?
Our models discount Azimut Holding S.p.A. at 11.9 %: a base by market capitalisation (mid), damped by beta 0.98, country premium for Italy. 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 S.p.A. that is -0.1 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Azimut Holding S.p.A. (AZM) delivered so far?
Over the past 5 years revenue at Azimut Holding S.p.A. grew +8.8 % a year. The price currently implies -0.1 % 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 S.p.A. (AZM) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Azimut Holding S.p.A. (-0.1 % 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 S.p.A. (AZM)?
The free-cash-flow yield on the price is 9.96 %: that much free cash flow Azimut Holding S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), 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 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 €59.50 per share (as of Sep 24, 2026), against a price of €39.36. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Azimut Holding S.p.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AZM trades below its calculated fair value: price €39.36, fair value €59.50, a gap of about +51% (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 (€39.36); the fair value is what the company's own numbers justify (€59.50). For Azimut Holding S.p.A. the two are €20.14 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 €5.6B (market capitalisation, as of Sep 24, 2026). Per share that is €39.36; our models calculate a fair value of €59.50 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 €35.90, base €59.50, optimistic €87.57 per share (as of Sep 24, 2026, price €39.36). 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 10.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €59.50 is built from several models across several years. Other multiples: PEG 1.7, P/B 3.1, P/S 4.0, EV/EBITDA 8.2.
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 Sep 24, 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 Sep 24, 2026): return on equity 29.4%. They feed the Quality Score of 67/100, 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 €39.36, about 2% below its 52-week high of €39.98 and 36% above the low of €29.03 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €59.50 is for.
Which stocks are comparable to Azimut Holding S.p.A.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 Sep 24, 2026: price €39.36, calculated fair value €59.50 (+51%), 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 AZM calculated?
We run Azimut Holding S.p.A. 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 €59.50, 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 14.1 % above its aggregate fair value. Azimut Holding S.p.A. currently trades 51 % 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 Sep 23, 2026 was €39.36. Our model-based fair value is €59.50, about +51% 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?
Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€35.90 to €87.57) 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 +15.3 % a year from 2012 to 2023. Broken into its drivers: revenue per share +12.1 %, EBIT margin +3.1 %, tax rate +0.5 %, residual (interest, one-offs) −0.7 %. 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 €5.6B. 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 3.95 (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 S.p.A. (AZM)?
Earnings per share at Azimut Holding S.p.A. are €3.72 (price ÷ EPS = P/E 10.6). 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 5.1% (payout 53.8%). 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 37.4% (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 S.p.A. (AZM)?
The return on equity (ROE) of Azimut Holding S.p.A. is 29.4% (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 42.3% (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 +17.0% 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 −7.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Azimut Holding S.p.A. (AZM) carry?
The net debt of Azimut Holding S.p.A. is €109M (fiscal year 2023, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Azimut Holding S.p.A. in the live analysis
One click puts Azimut Holding S.p.A. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
