Azimut Holding S.p.A.

AZIHF

Asset Management · Financial Services

Price

$44.00

+0.00 (+0.00%)

Market Cap

$6.24B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+1.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 139.2M (2021) → 141.7M (2025)

Azimut Holding S.p.A. is an Italian asset management company that helps individuals and businesses invest their money. It offers mutual funds, portfolio management, and financial planning services, mainly to retail and high-net-worth clients. Founded in 1989 and headquartered in Milan, it is one of Italy's largest independent asset managers, meaning it is not owned by a bank.

Azimut makes money by charging fees based on the assets it manages, plus performance fees when its funds beat certain targets. It operates primarily in Italy but has expanded into over 18 countries, including Brazil, Australia, and parts of Asia and the Middle East, giving it a more global footprint than most European peers. Its independence from banks is a competitive advantage, as it avoids conflicts of interest in product recommendations. The main risk is that falling financial markets reduce the value of assets under management, which directly shrinks the fees Azimut collects.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-6.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

3.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$9.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Azimut Holding S.p.A. is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

67.5%

Premium pricing power — 67.5% gross margin

Operating Margin

43.7%

Excellent — 43.7% operating margin

ROCE

8.7%

Below par — 8.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+22.9%

Fast-growing sales (+22.9% YoY)

EPS YoY

+7.2%

Modest earnings growth (+7.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

219%

Turns 219% of profit into real cash

FCF Margin

22.4%

Converts sales into free cash efficiently (22.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

53.71x

Comfortably covers interest (53.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

11.8x

Attractive valuation — P/E 11.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

5.16%

Healthy income — 5.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+34.6%

Dividend growing fast (34.6% YoY)

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