Cash flow Azimut Holding S.p.A.

Equities

AZM

IT0003261697

Investment Management & Fund Operators

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05-14	Italy - Factors to watch on May 14	RE
05-12	Webidoo S.p.A. announced that it has received $25 million in funding from 8a+ Investimenti SGR SpA, TIM Ventures s.r.l and other investors	CI

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Published financial data: AZIMUT HOLDING S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.31B	1.16B	1.32B	1.33B	1.41B
Gain (Loss) on Sale of Investment, Total (Rev)	35.6M	778K	40.54M	29.33M	46.63M
Interest And Invest. Income (Rev)	5.33M	16.68M	29.79M	28.23M	17.94M
Other Revenues, Total	363M	306M	-129K	-567K	-365K
Total Revenues	1.72B	1.49B	1.39B	1.39B	1.47B
Cost of Goods Sold, Total	644M	743M	532M	527M	568M
Gross Profit	1.07B	745M	860M	863M	904M
Selling General & Admin Expenses, Total	300M	168M	179M	170M	190M
Depreciation & Amortization - (IS)	12.77M	13.3M	12.83M	8.55M	8.99M
Amortization of Goodwill and Intangible Assets - (IS)	22.2M	22.64M	24.23M	13.79M	19.79M
Other Operating Expenses	-1.66M	-4.97M	133K	-1.64M	3.06M
Other Operating Expenses, Total	333M	199M	216M	191M	221M
Operating Income	738M	546M	644M	672M	683M
Interest Expense, Total	-16.83M	-10.34M	-8.63M	-9.09M	-1.16M
Net Interest Expenses	-16.83M	-10.34M	-8.63M	-9.09M	-1.16M
Income (Loss) On Equity Invest.	6.33M	19.38M	-3.96M	148M	-5.42M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	728M	555M	632M	811M	676M
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-	-	-6.82M	-6.48M	-3.15M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	728M	555M	625M	804M	673M
Income Tax Expense	116M	132M	167M	213M	118M
Earnings From Continuing Operations	612M	423M	458M	591M	555M
Earnings Of Discontinued Operations	-	-	-	13.26M	-
Net Income to Company	612M	423M	458M	604M	555M
Minority Interest	-6.62M	-20.54M	-23.45M	-28.32M	-29.34M
Net Income - (IS)	605M	402M	435M	576M	526M
Net Income to Common Incl Extra Items	605M	402M	435M	576M	526M
Net Income to Common Excl. Extra Items	605M	402M	435M	563M	526M
Per Share Items
Net EPS - Basic	4.35	2.89	3.14	4.1	3.71
Basic EPS - Continuing Operations	4.35	2.89	3.14	4.01	3.71
Basic Weighted Average Shares Outstanding	139M	139M	138M	140M	142M
Net EPS - Diluted	4.35	2.89	3.14	4.1	3.71
Diluted EPS - Continuing Operations	4.35	2.89	3.14	4.01	3.71
Diluted Weighted Average Shares Outstanding	139M	139M	138M	140M	142M
Normalized Basic EPS	3.22	2.34	2.68	3.41	2.77
Normalized Diluted EPS	3.22	2.34	2.68	3.41	2.77
Dividend Per Share	1.3	1.3	1	1.75	2
Payout Ratio	32.04	67.82	55.05	36.36	63
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	751M	582M	682M	675M	688M
EBITA	738M	569M	669M	673M	686M
EBIT	738M	546M	644M	672M	683M
EBITDAR	769M	606M	706M	697M	710M
Effective Tax Rate - (Ratio)	15.91	23.8	26.72	26.5	17.52
Total Current Taxes	113M	138M	161M	203M	134M
Total Deferred Taxes	3.2M	-6.04M	6.1M	10.68M	-16.05M
Normalized Net Income	448M	326M	371M	478M	393M
Interest on Long-Term Debt	16.89M	11.47M	9.9M	9.04M	1.13M
Non-Cash Pension Expense	511K	651K	936K	1.03M	1.04M
Supplemental Operating Expense Items
Advertising Expense	7.94M	9.98M	-	-	-
Marketing Expenses	-	-	11.02M	-	-
Selling and Marketing Expenses	7.94M	9.98M	11.02M	-	-
General and Administrative Expenses	121M	134M	143M	148M	167M
Net Rental Expense, Total	18.1M	23.98M	24.64M	22.15M	22.52M
Imputed Operating Lease Interest Expense	2.64M	2.76M	3.16M	5.7M	7.16M
Imputed Operating Lease Depreciation	15.46M	21.21M	21.48M	16.45M	15.35M
Maintenance & Repair Expenses, Total	1.53M	1.88M	1.54M	1.76M	1.87M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	180M	298M	465M	395M	499M
Short Term Investments	290K	696K	5.9M	473K	3.56M
Total Cash And Short Term Investments	180M	299M	470M	395M	502M
Accounts Receivable, Total	466M	165M	242M	298M	190M
Other Receivables	276M	327M	237M	253M	377M
Notes Receivable	42.44M	19.38M	20.7M	19.1M	5.45M
Total Receivables	785M	511M	499M	570M	573M
Prepaid Expenses	8.63M	147M	171M	-	16.72M
Other Current Assets, Total	18.85M	-	-	-	217M
Total Current Assets	993M	956M	1.14B	965M	1.31B
Gross Property Plant And Equipment	125M	144M	154M	157M	198M
Accumulated Depreciation	-72.67M	-95.33M	-108M	-127M	-166M
Net Property Plant And Equipment	52.04M	48.56M	45.88M	29.47M	31.88M
Long-term Investments	7.98B	7.6B	7.85B	8.46B	8.53B
Goodwill	648M	744M	750M	508M	584M
Other Intangibles, Total	119M	135M	143M	73.06M	99.09M
Deferred Tax Assets Long-Term	20.31M	22.89M	19.41M	17.98M	14.9M
Deferred Charges Long-Term	111M	-	-	178M	75.79M
Other Long-Term Assets, Total	-	-	5.63M	5.92M	6.13M
Total Assets	9.92B	9.51B	9.96B	10.23B	10.65B
Liabilities
Accounts Payable, Total	77.48M	82.8M	78.99M	45.96M	41.47M
Accrued Expenses, Total	135M	124M	123M	129M	112M
Current Portion of Long-Term Debt	-	-	497M	66K	93K
Current Income Taxes Payable	71.83M	120M	143M	60.1M	28.35M
Other Current Liabilities	-	-	-	-	91.5M
Total Current Liabilities	284M	327M	842M	235M	274M
Long-Term Debt	853M	498M	222K	88K	245K
Long-Term Leases	44.98M	41.46M	40.24M	27.67M	29.91M
Unearned Revenue Non Current	1.7M	1.23M	785K	976K	2.34M
Deferred Tax Liability Non Current	69.89M	71.07M	76.94M	69.27M	67.52M
Other Non Current Liabilities	7.43B	7.11B	7.39B	7.95B	8.21B
Total Liabilities	8.69B	8.04B	8.35B	8.29B	8.58B
Common Stock, Total	32.32M	32.32M	32.32M	32.32M	32.32M
Additional Paid In Capital	174M	174M	174M	174M	174M
Retained Earnings	612M	409M	441M	1.79B	532M
Treasury Stock	-40.83M	-56.48M	-55.07M	-7.51M	-49.28M
Comprehensive Income and Other	405M	849M	958M	-70.57M	1.35B
Total Common Equity	1.18B	1.41B	1.55B	1.92B	2.04B
Minority Interest	52.94M	54.8M	58.74M	24.85M	30.3M
Total Equity	1.24B	1.46B	1.61B	1.95B	2.07B
Total Liabilities And Equity	9.92B	9.51B	9.96B	10.23B	10.65B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	140M	138M	138M	142M	141M
ECS Total Common Shares Outstanding	140M	138M	138M	142M	141M
Book Value / Share	8.47	10.17	11.2	13.58	14.47
Tangible Book Value	416M	529M	658M	1.34B	1.36B
Tangible Book Value Per Share	2.98	3.82	4.75	9.48	9.63
Total Debt	898M	540M	537M	27.82M	30.25M
Net Debt	718M	241M	66.97M	-367M	-472M
Debt Equivalent Oper. Leases	145M	192M	197M	177M	180M
Minority Interest, Total (Incl. Fin. Div)	52.94M	54.8M	58.74M	24.85M	30.3M
Equity Method Investments, Total	217M	263M	281M	185M	160M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	78.96M	92.54M	99.3M	99.71M	131M
Machinery, Total	13.4M	14.79M	15.01M	16.04M	19.6M
Full Time Employees	1.32K	1.32K	1.48K	872	1.04K
Part Time Employees	123	130	179	20	22

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	605M	402M	435M	576M	526M
Depreciation & Amortization - CF	12.77M	13.3M	12.83M	8.55M	8.99M
Amortization of Goodwill and Intangible Assets - (CF)	-	22.64M	24.23M	1.65M	3.55M
Depreciation & Amortization, Total	12.77M	35.95M	37.06M	10.2M	12.54M
Amortization of Deferred Charges, Total - (CF)	22.2M	-	-	12.14M	16.25M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	6.82M	6.48M	3.15M
Provision and Write-off of Bad Debts	-	-	-	-	4.45M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	126M	35.02M	53.14M	62.71M	135M
Change in Trading Asset Securities	-16.6M	-61.43M	-6.62M	50.73M	60.56M
Change In Accounts Receivable	-	-	-	-	-
Change in Other Net Operating Assets	177M	-517M	-56.12M	-916M	-143M
Cash from Operations	926M	-105M	469M	-197M	614M
Capital Expenditure	-16.38M	-9.82M	-10.15M	-2.82M	-11.4M
Sale of Property, Plant, and Equipment	-	-	-	10.68M	-
Cash Acquisitions	-98.13M	-95.43M	-33.32M	-310K	-76.13M
Divestitures	-	-	27.15M	242M	-
Sale (Purchase) of Intangible assets	-34.41M	-38.43M	-39.38M	49.58M	-48.97M
Investment in Marketable and Equity Securities, Total	-189M	-59.38M	-35.37M	-4.16M	-14.32M
Other Investing Activities, Total	1.82M	13.4M	17.86M	-	-
Cash from Investing	-336M	-190M	-73.2M	295M	-151M
Issuance of Common Stock	27.46M	-	-	-	-
Repurchase of Common Stock	-	-15.65M	-	-	-61.91M
Common Dividends Paid	-194M	-273M	-239M	-209M	-331M
Common & Preferred Stock Dividends Paid	-194M	-273M	-239M	-209M	-331M
Other Financing Activities, Total	-89.4M	113M	-58.26M	-27.9M	-7M
Cash from Financing	-256M	-176M	-297M	-237M	-400M
Net Change in Cash	334M	-470M	98.15M	-140M	63.31M
Supplemental Items
Levered Free Cash Flow	326M	631M	389M	303M	374M
Unlevered Free Cash Flow	337M	637M	395M	308M	375M
Change In Net Working Capital	109M	-308M	-4.52M	181M	20.49M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.02	3.51	4.14	4.16	4.09
Return on Total Capital	23.26	16.5	19.37	20.36	20.92
Return On Equity %	57.7	31.35	29.73	33.24	27.6
Return on Common Equity	59.11	31.07	29.28	32.41	26.5
Margin Analysis
Gross Profit Margin %	62.46	50.07	61.81	62.07	61.43
SG&A Margin	17.47	11.29	12.84	12.25	12.88
EBITDA Margin %	43.79	39.11	48.96	48.56	46.74
EBITA Margin %	43.05	38.22	48.04	48.44	46.63
EBIT Margin %	43.05	36.7	46.3	48.33	46.39
Income From Continuing Operations Margin %	35.69	28.43	32.9	42.55	37.72
Net Income Margin %	35.3	27.05	31.22	41.46	35.72
Net Avail. For Common Margin %	35.3	27.05	31.22	40.51	35.72
Normalized Net Income Margin	26.14	21.94	26.69	34.43	26.72
Levered Free Cash Flow Margin	19.02	42.4	27.98	21.77	25.4
Unlevered Free Cash Flow Margin	19.64	42.83	28.36	22.18	25.45
Asset Turnover
Asset Turnover	0.19	0.15	0.14	0.14	0.14
Fixed Assets Turnover	34.14	29.58	29.48	36.89	47.98
Receivables Turnover (Average Receivables)	3.9	3.69	6.51	4.94	5.76
Short Term Liquidity
Current Ratio	3.49	2.93	1.35	4.1	4.78
Quick Ratio	3.24	2.42	1.13	4.02	3.91
Operating Cash Flow to Current Liabilities	3.26	-0.32	0.56	-0.84	2.24
Days Sales Outstanding (Average Receivables)	93.55	98.89	56.07	74.12	63.36
Average Days Payable Outstanding	40.68	39.38	55.54	43.38	28.11
Long Term Solvency
Total Debt/Equity	72.68	36.91	33.4	1.43	1.46
Total Debt / Total Capital	42.09	26.96	25.04	1.41	1.44
LT Debt/Equity	72.68	36.91	2.51	1.42	1.45
Long-Term Debt / Total Capital	42.09	26.96	1.88	1.4	1.43
Total Liabilities / Total Assets	87.55	84.62	83.84	80.96	80.54
EBIT / Interest Expense	43.86	52.77	74.65	73.88	591.04
EBITDA / Interest Expense	44.62	56.25	78.94	75	601.9
(EBITDA - Capex) / Interest Expense	43.65	55.3	77.77	74.69	592.03
Total Debt / EBITDA	1.2	0.93	0.79	0.04	0.04
Net Debt / EBITDA	0.96	0.41	0.1	-0.54	-0.68
Total Debt / (EBITDA - Capex)	1.22	0.94	0.8	0.04	0.04
Net Debt / (EBITDA - Capex)	0.98	0.42	0.1	-0.54	-0.69
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	40.33	-13.26	6.57	8.75	5.9
Gross Profit, 1 Yr. Growth %	44.72	-18.93	15.03	6.24	4.81
EBITDA, 1 Yr. Growth %	60.4	-22.53	16.18	2.79	-0.89
EBITA, 1 Yr. Growth %	61.48	-22.99	16.64	3.95	0.12
EBIT, 1 Yr. Growth %	61.48	-26.06	17.03	7.68	2.64
Earnings From Cont. Operations, 1 Yr. Growth %	57.48	-30.91	7.26	31.62	-6.13
Net Income, 1 Yr. Growth %	58.63	-33.54	6.91	32.58	-8.76
Normalized Net Income, 1 Yr. Growth %	67.51	-27.2	12.82	33.49	-17.12
Diluted EPS Before Extra, 1 Yr. Growth %	57.99	-33.58	7.57	30.22	-7.4
Accounts Receivable, 1 Yr. Growth %	126.42	-64.71	46.85	23.44	-36.16
Net Property, Plant and Equip., 1 Yr. Growth %	7.45	-6.69	-5.51	-35.78	8.19
Total Assets, 1 Yr. Growth %	17.1	-4.19	4.66	2.76	4.11
Tangible Book Value, 1 Yr. Growth %	98.67	27.32	22	104.03	1.34
Common Equity, 1 Yr. Growth %	36.58	19	9.39	24.03	6.25
Cash From Operations, 1 Yr. Growth %	221.24	-111.32	-562.7	-142.12	-411.02
Capital Expenditures, 1 Yr. Growth %	53.26	-40.02	3.34	-72.27	305.04
Levered Free Cash Flow, 1 Yr. Growth %	42.4	249.18	-38.6	-44.31	194.53
Unlevered Free Cash Flow, 1 Yr. Growth %	40.44	233.34	-38.38	-43.82	182.46
Dividend Per Share, 1 Yr. Growth %	30	0	-23.08	75	14.29
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.36	10.33	-9.91	3.14	7.31
Gross Profit, 2 Yr. CAGR %	19.53	0.32	-3.24	7.39	5.52
EBITDA, 2 Yr. CAGR %	21.92	11.47	-4.74	7.25	2.35
EBITA, 2 Yr. CAGR %	23.86	11.51	-4.83	8.36	2.93
EBIT, 2 Yr. CAGR %	23.86	9.27	-6.57	10.43	4.62
Earnings From Cont. Operations, 2 Yr. CAGR %	25.61	4.31	-13.5	17.67	11.16
Net Income, 2 Yr. CAGR %	27.92	2.67	-15.28	19.06	9.98
Normalized Net Income, 2 Yr. CAGR %	27.18	10.43	-8.97	20.55	4.73
Diluted EPS Before Extra, 2 Yr. CAGR %	28.07	2.44	-15.05	17.14	9.81
Accounts Receivable, 2 Yr. CAGR %	50.95	-10.61	-28.01	34.64	-11.23
Net Property, Plant and Equip., 2 Yr. CAGR %	3.31	0.13	-6.1	-22.1	-16.64
Total Assets, 2 Yr. CAGR %	9.64	5.92	0.18	3.71	3.43
Tangible Book Value, 2 Yr. CAGR %	91.49	59.04	25.81	57.77	43.79
Common Equity, 2 Yr. CAGR %	25.77	27.49	14.5	16.48	14.8
Cash From Operations, 2 Yr. CAGR %	-2.86	-39.7	-28.85	39.6	14.46
Capital Expenditures, 2 Yr. CAGR %	-43.36	-4.12	-21.27	-46.47	5.98
Levered Free Cash Flow, 2 Yr. CAGR %	53.22	65.92	46.83	-30.93	-17.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	51.67	63.01	43.72	-30.64	-17.37
Dividend Per Share, 2 Yr. CAGR %	14.02	14.02	-12.29	16.02	41.42
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	26.55	6.11	4.43	-6.77	4.05
Gross Profit, 3 Yr. CAGR %	36.62	-0.22	5.14	-2.09	6.52
EBITDA, 3 Yr. CAGR %	61.49	4.82	13.33	-3.51	5.44
EBITA, 3 Yr. CAGR %	65.28	5.71	13.51	-3.03	6.17
EBIT, 3 Yr. CAGR %	65.28	4.29	12.12	-3.11	7.42
Earnings From Cont. Operations, 3 Yr. CAGR %	63.13	2.92	5.62	-1.15	9.13
Net Income, 3 Yr. CAGR %	70.5	2.83	4.42	-1.64	8.95
Normalized Net Income, 3 Yr. CAGR %	78.17	5.6	11.55	2.2	6.09
Diluted EPS Before Extra, 3 Yr. CAGR %	68.9	2.89	4.47	-2.72	8.32
Accounts Receivable, 3 Yr. CAGR %	61.13	-7.01	5.47	-13.84	4.99
Net Property, Plant and Equip., 3 Yr. CAGR %	83.15	-0.14	-1.78	-17.27	-13.09
Total Assets, 3 Yr. CAGR %	11.88	4.82	5.53	1.03	3.84
Tangible Book Value, 3 Yr. CAGR %	520.93	67.13	46.51	47.81	36.13
Common Equity, 3 Yr. CAGR %	25.34	23.47	21.43	17.6	12.97
Cash From Operations, 3 Yr. CAGR %	502.25	-52.55	17.59	-40.26	82.33
Capital Expenditures, 3 Yr. CAGR %	83.23	-42.27	-1.69	-44.4	5.09
Levered Free Cash Flow, 3 Yr. CAGR %	30.66	65.56	19.34	18.76	-16.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	33.48	63.27	18.08	17.26	-16.38
Dividend Per Share, 3 Yr. CAGR %	-4.66	9.14	0	10.42	15.44
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.2	9.21	10.47	2.22	3.78
Gross Profit, 5 Yr. CAGR %	21.55	8.78	15.42	2.84	4.08
EBITDA, 5 Yr. CAGR %	30.41	16.84	30.75	5.96	7.99
EBITA, 5 Yr. CAGR %	30.29	16.51	32.54	6.94	8.46
EBIT, 5 Yr. CAGR %	30.29	15.57	31.56	6.89	8.35
Earnings From Cont. Operations, 5 Yr. CAGR %	28.12	13.36	26.57	8.79	7.38
Net Income, 5 Yr. CAGR %	28.52	13.38	28.89	9.26	6.61
Normalized Net Income, 5 Yr. CAGR %	32.22	17.07	36.2	11.54	8
Diluted EPS Before Extra, 5 Yr. CAGR %	27.33	12.02	28.3	8.59	6.14
Accounts Receivable, 5 Yr. CAGR %	34.1	-	16.73	7.83	-1.55
Net Property, Plant and Equip., 5 Yr. CAGR %	48.44	43.06	40.2	-9.58	-8.02
Total Assets, 5 Yr. CAGR %	5.13	3.24	7.04	4.39	4.69
Tangible Book Value, 5 Yr. CAGR %	30.51	71.97	227.88	63.94	45.41
Common Equity, 5 Yr. CAGR %	13.53	18.89	20.89	20.8	18.73
Cash From Operations, 5 Yr. CAGR %	37.85	-22.07	156.29	-27.43	16.33
Capital Expenditures, 5 Yr. CAGR %	35.94	24.39	30.7	-43.98	1.31
Levered Free Cash Flow, 5 Yr. CAGR %	40.4	17.89	21.64	16.83	10.29
Unlevered Free Cash Flow, 5 Yr. CAGR %	38.23	17.62	22.76	16.06	9.33
Dividend Per Share, 5 Yr. CAGR %	5.39	5.39	-7.79	11.84	14.87