Market: Milan | Symbol: AZM | ISIN: IT0003261697 | Industry: Financial Services |
Azimut is an independent, global group in the asset management, wealth management, investment banking and fintech space, serving private and corporate clients. A public company listed on the Milan Stock Exchange (AZM.IM), the group is a leader in Italy and active in 18 countries around the world, with a focus on emerging markets. The shareholder structure includes around 2,000 managers, employees and financial advisors bound by a shareholders’ agreement that controls ca. 22% of the company. The remaining is free float. The Group comprises various companies active in the sale, management, and distribution of financial and insurance products, with registered offices in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey, UAE, and USA. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR distributes Group and third-party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the alternatives business. The main foreign companies are Azimut Investments SA (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset, and the Irish Azimut Life DAC, which offers life insurance products.
Currency: | EUR |
Previous Close | 23.25 |
Number of Shares | 143,254,497 |
Market Cap | 3,330,667,055 |
Income Statement: |
||
---|---|---|
€/000 | FY 2023 | FY 2022 |
Entry commission income |
12,162 | 11,329 |
Recurring fees | 1,138,307 | 1,097,924 |
Variable fees |
18,208 | 45,774 |
Other income | 32,358 | 38,239 |
Insurance revenues | 110,981 | 96,313 |
Total Revenues | 1,312,016 | 1,289,579 |
Distribution costs | (388,954) | (420,972) |
Personnell and SG&A |
(310,196) | (278,014) |
Depreciation, amort./provisions |
(25,470) | (39,234) |
Total costs |
(724,620) |
(738,220) |
Operating Profit |
587,396 |
551,359 |
Interest income | 60,865 | 7,731 |
Net non operating costs | (14,565) | 10,958 |
Interest expenses | (8,633) | (10,345) |
Profit Before Taxation | 625,065 | 559,704 |
Income taxation | (160,954) |
(138,745) |
Deferred taxation |
(6,096) |
6,043 |
Net Profit | 458,013 | 427,001 |
Minorities | 203,446 | 20,540 |
Consolidated Net Profit | 434,567 | 406,461 |
Adjusted Net Profit | 453,988 | 402,371 |
Note: 1. 2022: Restated for the adoption of IFRS 17. 2. To better reflect the underlying net profit, anticipated FY 2023 adjusted net profit excludes the € 19.4 million one-off charge related to a tax settlement with the Italian Revenue Agency for the tax periods from 2016 to 2021 and the € 0.1 million (FY 2022: € 4.1 million) accounting impact of the implementation of the IFRS 17 standard (insurance contracts).
Net Financial Position: |
|||
---|---|---|---|
€/000 | 31/12/2023 | 30/06/2023 | 31/12/2022 |
Bank loan | (222) | (255) | (288) |
Securities issued | (496,982) | (500,874) | (497,916) |
Total debt | (497,204) | (501,129) | (498,204) |
Cash and cash equivalents | 889,416 | 755,755 | 791,262 |
Net Financial Position | 392,212 | 254,626 | 293,058 |
Earnings per share: |
||
---|---|---|
€ | 2023 | 2022 |
Basic earnings per share | 3.14 | 2.92 |
Average number of outstanding shares (*) | 138,454,284 | 139,226,158 |
Note:
* Outstanding shares are calculated net of treasury shares held by Azimut Holding S.p.A. at the reporting date.
Fitch Ratings |
|||
---|---|---|---|
Long term | BBB | ||
Short term | F3 | Outlook | Stable |
Reporting date as of 03-Jul-2024