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Azimut Holding

DB:HDB
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HDB
DB
€2B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Azimut Holding S.p.A., together with its subsidiaries, distributes, manages, and promotes financial and insurance products. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
  • Azimut Holding has significant price volatility in the past 3 months.
HDB Share Price and Events
7 Day Returns
18%
DB:HDB
15%
DE Capital Markets
9.9%
DE Market
1 Year Returns
-13.4%
DB:HDB
-6.8%
DE Capital Markets
-17.5%
DE Market
HDB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Azimut Holding (HDB) 18% -30.6% -37.6% -13.4% -18.7% -50.2%
DE Capital Markets 15% -18.3% -13.9% -6.8% -25.4% -54.7%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • HDB underperformed the Capital Markets industry which returned -6.8% over the past year.
  • HDB outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
HDB
Industry
5yr Volatility vs Market

Value

 Is Azimut Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Azimut Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Azimut Holding.

DB:HDB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= €6.35 * 27%
€1.71
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. €6.35
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:HDB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 8.2%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.757 (1 + (1- 24%) (51.68%))
1.036
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.036 * 8.23%)
8.14%

Discounted Cash Flow Calculation for DB:HDB using Excess Returns Model Model

The calculations below outline how an intrinsic value for Azimut Holding is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:HDB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (27% – 8.14%) * €6.35)
€1.20
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €1.20 / (8.14% - -0.39%)
€14.03
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €6.35 + €14.03
€20.38
DB:HDB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HDB represents 0.99393x of BIT:AZM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99393x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 20.38 x 0.99393
€20.26
Value per share (EUR) From above. €20.26
Current discount Discount to share price of €13.10
= -1 x (€13.10 - €20.26) / €20.26
35.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Azimut Holding is available for.
Intrinsic value
35%
Share price is €13.1 vs Future cash flow value of €20.26
Current Discount Checks
For Azimut Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Azimut Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Azimut Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Azimut Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Azimut Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HDB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €1.60
BIT:AZM Share Price ** BIT (2020-03-31) in EUR €13.18
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.26x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Azimut Holding.

DB:HDB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:AZM Share Price ÷ EPS (both in EUR)

= 13.18 ÷ 1.60

8.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Azimut Holding is good value based on earnings compared to the DE Capital Markets industry average.
  • Azimut Holding is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Azimut Holding's expected growth come at a high price?
Raw Data
DB:HDB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.24x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-14.3%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.62x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:HDB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.24x ÷ -14.3%

-0.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Azimut Holding earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Azimut Holding's assets?
Raw Data
DB:HDB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €4.14
BIT:AZM Share Price * BIT (2020-03-31) in EUR €13.18
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.56x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:HDB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:AZM Share Price ÷ Book Value per Share (both in EUR)

= 13.18 ÷ 4.14

3.18x

* Primary Listing of Azimut Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Azimut Holding is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Azimut Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Azimut Holding has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Azimut Holding expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-14.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Azimut Holding expected to grow at an attractive rate?
  • Azimut Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Azimut Holding's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Azimut Holding's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HDB Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HDB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -14.3%
DB:HDB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts -8.6%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 38.9%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:HDB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HDB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 992 283 250 2
2021-12-31 1,000 276 248 4
2020-12-31 926 265 221 3
2020-03-31
DB:HDB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 1,245 981 372
2019-09-30 1,065 511 257
2019-06-30 993 500 221
2019-03-31 945 373 187
2018-12-31 846 -4 123
2018-09-30 903 39 170
2018-06-30 889 59 166
2018-03-31 906 -73 168
2017-12-31 958 365 215
2017-09-30 953 396 208
2017-06-30 969 426 226
2017-03-31 917 225

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Azimut Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Azimut Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:HDB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Azimut Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HDB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.76 2.23 1.50 5.00
2021-12-31 1.69 2.03 1.35 6.00
2020-12-31 1.57 1.86 1.20 7.00
2020-03-31
DB:HDB Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31
2019-09-30
2019-06-30 1.60
2019-03-31 1.35
2018-12-31 0.90
2018-09-30
2018-06-30 1.27
2018-03-31
2017-12-31 1.64
2017-09-30
2017-06-30 1.69
2017-03-31 1.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Azimut Holding is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Azimut Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Azimut Holding has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Azimut Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Azimut Holding's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Azimut Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Azimut Holding's 1-year earnings growth exceeds its 5-year average (203.3% vs 9.2%)
  • Azimut Holding's earnings growth has exceeded the DE Capital Markets industry average in the past year (203.3% vs 5.7%).
Earnings and Revenue History
Azimut Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Azimut Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HDB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,245.30 371.70 251.52
2019-09-30 1,064.67 257.25 239.59
2019-06-30 993.05 221.00 241.81
2019-03-31 945.41 187.04 236.89
2018-12-31 846.21 122.56 238.27
2018-09-30 903.41 170.45 231.05
2018-06-30 888.58 166.21 223.11
2018-03-31 906.34 168.28 215.34
2017-12-31 957.65 214.79 208.28
2017-09-30 953.25 207.58 206.99
2017-06-30 968.94 226.08 205.58
2017-03-31 917.18 225.28 203.31
2016-12-31 809.72 172.69 189.62
2016-09-30 771.74 160.67 173.38
2016-06-30 697.56 134.76 163.86
2016-03-31 700.27 139.96 150.64
2015-12-31 832.93 247.42 149.80
2015-09-30 797.02 176.32 143.91
2015-06-30 825.41 190.68 130.34
2015-03-31 798.36 183.39 124.30
2014-12-31 640.14 92.10 114.25
2014-09-30 637.68 169.56 112.41
2014-06-30 589.89 159.27 105.20
2014-03-31 533.77 150.85 100.28
2013-12-31 526.39 155.75 95.65
2013-09-30 485.64 149.53 84.69
2013-06-30 496.10 159.93 85.32

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Azimut Holding made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Azimut Holding used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Azimut Holding has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Azimut Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Azimut Holding has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Azimut Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Azimut Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Azimut Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Azimut Holding's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Azimut Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 7.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Azimut Holding Company Filings, last reported 3 months ago.

DB:HDB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 771.53 960.00 6,709.35
2019-09-30 671.81 551.92 6,238.70
2019-06-30 599.42 549.13 6,119.14
2019-03-31 707.70 547.69 6,076.19
2018-12-31 624.46 362.64 5,960.04
2018-09-30 602.06 352.29 6,428.33
2018-06-30 579.50 353.02 6,543.01
2018-03-31 638.27 358.61 6,743.80
2017-12-31 612.19 364.70 6,987.27
2017-09-30 566.85 361.97 0.03
2017-06-30 513.94 360.13 73.20
2017-03-31 691.29 598.07 0.03
2016-12-31 645.07 247.59 81.82
2016-09-30 740.69 246.44 0.02
2016-06-30 683.94 243.72 66.61
2016-03-31 740.73 253.77 0.03
2015-12-31 727.22 252.95 161.23
2015-09-30 680.01 251.89 118.34
2015-06-30 665.11 249.36 143.07
2015-03-31 773.68 259.41 295.81
2014-12-31 643.92 256.86 249.15
2014-09-30 683.64 256.89 299.24
2014-06-30 639.37 272.17 269.29
2014-03-31 725.48 282.03 480.69
2013-12-31 690.52 278.80 489.01
2013-09-30 614.38 69.58 256.22
2013-06-30 576.28 86.82 276.68
  • Azimut Holding's level of debt (118.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (39.8% vs 118.3% today).
  • Debt is well covered by operating cash flow (107.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 40.5x coverage).
X
Financial health checks
We assess Azimut Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Azimut Holding has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Azimut Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.59%
Current annual income from Azimut Holding dividends. Estimated to be 8.65% next year.
If you bought €2,000 of Azimut Holding shares you are expected to receive €152 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Azimut Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Azimut Holding's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Upcoming dividend payment

Purchase Azimut Holding before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:HDB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:HDB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.18 6.00
2021-12-31 1.17 9.00
2020-12-31 1.09 9.00
2020-03-31
DB:HDB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-05 1.000 7.843
2019-04-03 1.500 8.201
2019-03-07 1.500 10.244
2018-04-03 1.000 7.847
2018-03-08 1.000 5.634
2017-04-27 1.000 5.672
2016-03-10 1.500 9.245
2015-03-12 0.780 3.511
2014-04-03 0.700 3.565
2014-03-06 0.700 2.795
2013-03-07 0.550 3.307
2012-08-28 0.250 2.402
2012-07-31 0.250 3.155
2012-03-08 0.250 3.302
2011-03-10 0.100 1.637
2010-03-11 0.050 0.674

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Azimut Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Azimut Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Azimut Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Azimut Holding has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Azimut Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paolo Martini
COMPENSATION €282,000
TENURE AS CEO 0.8 years
CEO Bio

Mr. Paolo Martini serves as Vice Chairman of the Board at Azimut Capital Management Sgr SpA since April 2019, where he served as Co-Chief Executive Officer from October 2016 to April 2019. Mr. Martini serves as Chairman of the Board of Azimut Libera Impresa SGR S.p.A. since April 2019. Mr. Martini serves as f Global Head of Marketing of Azimut Holding S.p.A. since April 24, 2019. Mr. Martini serves as Chief Executive Officer and General Manager at Azimut Holding Spa since April 2019, where he served as Co-General Manager, Co-Managing Director and Director from April 2016 to April 2019. He is in Azimut since 2007, has experience in the Asset Management, Marketing and commercial sector and from 2017 is in charge of Azimut Libera Impresa SGR, the Group's platform focused on alternative investments. Mr. Martini received a degree in Marketing from the Universita Cattolica del Sacro Cuore in 1998.

CEO Compensation
  • Insufficient data for Paolo to compare compensation growth.
  • Paolo's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Azimut Holding management team in years:

0.8
Average Tenure
  • The average tenure for the Azimut Holding management team is less than 2 years, this suggests a new team.
Management Team

Paolo Martini

TITLE
CEO, General Manager
COMPENSATION
€282K
TENURE
0.8 yrs

Andrea Aliberti

TITLE
Head of Asset Management -Italy
AGE
50
TENURE
0.8 yrs

Alessandro Zambotti

TITLE
CEO, Head of Administration & Finance

Gabriele Blei

TITLE
CEO & Director

Giorgio Medda

TITLE
Global Head of Asset Management

Massimo Guiati

TITLE
CEO, Global Head of Distribution & Director

Vittorio Pracca

TITLE
Head of Investor Relations

Claudio Foscoli

TITLE
Head of Asset Management for Luxembourg & Ireland
TENURE
0.8 yrs

Stefano Missora

TITLE
Group Commercial Director
COMPENSATION
€555K
Board of Directors

Pietro Giuliani

TITLE
Chairman
COMPENSATION
€1M
AGE
63

Paolo Martini

TITLE
CEO, General Manager
COMPENSATION
€282K

Alessandro Zambotti

TITLE
CEO, Head of Administration & Finance
TENURE
2.8 yrs

Gabriele Blei

TITLE
CEO & Director
TENURE
1.3 yrs

Giorgio Medda

TITLE
Global Head of Asset Management

Massimo Guiati

TITLE
CEO, Global Head of Distribution & Director

Vittorio Rocchetti

TITLE
Chairman of the Board of Statutory Auditors

Anna Bortolotti

TITLE
Director

Antonio Monari

TITLE
Director

Raffaella Pagani

TITLE
Director
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Azimut Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Azimut Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Azimut Holding S.p.A., together with its subsidiaries, distributes, manages, and promotes financial and insurance products. The company offers mutual fund management, life insurance, wealth management, investment portfolio individual management, insurance mediation, and financial planning consultancy services; invests in the digital sector; and manages Italian, pension, alternative, discretionary, and private equity funds. It has operations in Italy, Luxembourg, Ireland, China, Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, the United States, Australia, Turkey, and the United Arab Emirates. The company was founded in 1989 and is headquartered in Milan, Italy.

Details
Name: Azimut Holding S.p.A.
HDB
Exchange: DB
Founded: 1989
€1,857,523,906
140,935,046
Website: http://www.azimut.it
Address: Azimut Holding S.p.A.
Via Cusani, 4,
Milan,
Milan, 20121,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT AZM Common Shares Borsa Italiana IT EUR 07. Jul 2004
OTCPK AZIH.F Common Shares Pink Sheets LLC US USD 07. Jul 2004
DB HDB Common Shares Deutsche Boerse AG DE EUR 07. Jul 2004
LSE 0MHJ Common Shares London Stock Exchange GB EUR 07. Jul 2004
WBAG AZM Common Shares Wiener Boerse AG AT EUR 07. Jul 2004
BATS-CHIXE AZMM Common Shares BATS 'Chi-X Europe' GB EUR 07. Jul 2004
OTCPK AZIH.Y UNSPONSORD ADR Pink Sheets LLC US USD 09. Nov 2011
Number of employees
Current staff
Staff numbers
933
Azimut Holding employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 20:32
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/05
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.