In This Article:
Release Date: February 05, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Anima Holding SpA (STU:124) reported a significant increase in assets, reaching 204 billion by the end of 2024.
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The company achieved almost 1 billion in net flows for the year, with an average asset performance of 8.6%.
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Total revenues increased by 44% compared to the previous year, reaching 530 million.
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Net profit rose by 53% year-over-year, amounting to approximately 228 million.
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The company proposed a dividend increase of 80% compared to the previous year, demonstrating strong cash generation and shareholder returns.
Negative Points
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The performance fees for 2025 are expected to be lower than in 2024, indicating potential volatility in revenue streams.
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The company's net financial position was impacted by a 220 million investment in Montreals, which may depress short-term liquidity returns.
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There is uncertainty surrounding the timing of interest rate cuts and geopolitical factors, which could affect future business conditions.
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The profitability of certain asset classes remains low or negligible, particularly in underlying funds and class one insurance mandates.
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The company's cost-income ratio increased slightly due to the consolidation of Castello and Cros, which have higher structural costs.
Q & A Highlights
Q: What is the trend of flows in January and expectations for Q1 2025, both institutional and retail? Could we see some performance fees in Q1 2025 to help with the top line? A: The trend is positive, especially in retail, with networks pushing products. However, performance fees are expected to be lower in 2025 compared to 2024 due to market volatility. (Alessandro Melzi, CEO)
Q: Can you provide details on the impact of the Montepaschi stake on the year-end net financial position and future plans for it? A: The year-end net financial position is approximately 340 million, with an 80 million capital gain from the Montepaschi stake. This stake is strategic, and we plan to keep it, expecting significant returns. (Alessandro Melzi, CEO)
Q: Could you provide more color on the trends in retail flows? A: All networks are performing well, with Montepaschi and BMI leading due to their size. The positive trend in the market is favorable for our asset management products. (Alessandro Melzi, CEO)
Q: How is the company handling the tender offer situation? A: We are restricted from commenting on the tender offer's outcome or changes. We can only provide factual information about the process, which will be handled by the board after the final prospectus is published. (Luca Mirali, Head of Investor Relations)