Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Azimut Holding S.p.A. (AZM.MI)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$97.71 - $347.96$162.13
Multi-Stage$70.41 - $76.86$73.58
Blended Fair Value$117.86
Current Price$27.18
Upside333.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.29%6.01%1.481.691.921.371.351.451.621.121.680.84
YoY Growth---12.43%-12.34%40.68%1.22%-7.19%-9.94%44.78%-33.62%100.93%1.62%
Dividend Yield--5.73%7.12%9.90%6.56%7.05%11.20%10.93%6.97%11.21%4.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)493.32
(-) Cash Dividends Paid (M)351.15
(=) Cash Retained (M)142.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)98.6661.6737.00
Cash Retained (M)142.18142.18142.18
(-) Cash Required (M)-98.66-61.67-37.00
(=) Excess Retained (M)43.5180.51105.18
(/) Shares Outstanding (M)141.94141.94141.94
(=) Excess Retained per Share0.310.570.74
LTM Dividend per Share2.472.472.47
(+) Excess Retained per Share0.310.570.74
(=) Adjusted Dividend2.783.043.21
WACC / Discount Rate8.03%8.03%8.03%
Growth Rate5.04%6.04%7.04%
Fair Value$97.71$162.13$347.96
Upside / Downside259.50%496.52%1,180.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)493.32523.10554.68588.17623.68661.33681.17
Payout Ratio71.18%74.94%78.71%82.47%86.24%90.00%92.50%
Projected Dividends (M)351.15392.03436.58485.07537.83595.20630.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.03%8.03%8.03%
Growth Rate5.04%6.04%7.04%
Year 1 PV (M)359.48362.91366.33
Year 2 PV (M)367.09374.12381.21
Year 3 PV (M)374.01384.79395.78
Year 4 PV (M)380.26394.95410.06
Year 5 PV (M)385.87404.60424.04
PV of Terminal Value (M)8,127.698,522.038,931.52
Equity Value (M)9,994.4110,443.3810,908.93
Shares Outstanding (M)141.94141.94141.94
Fair Value$70.41$73.58$76.86
Upside / Downside159.06%170.70%182.77%

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