In This Article:
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Inflows: EUR14.3 billion as of the end of October 2024.
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Adjusted Net Income: EUR447 million, a 28% increase year-over-year.
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Net Weighted Average Performance: 8.25% year-to-date, 52 basis points ahead of the industry.
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Assets Under Management: EUR108 billion as of the latest update.
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Revenue Growth: 9% year-over-year, approximately EUR90 million increase.
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Management Fees: Increased by 5% to almost EUR900 million.
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Recurring Margin: Stable at 196 basis points in Q2 and Q3 2024.
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Performance Fees: Net performance fees of almost EUR9 million.
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Distribution Costs: Increased by EUR25 million, with EUR20 million from Italy.
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EBIT: EUR458 million with an EBIT margin of 43.5%.
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Net Financial Position: Cash and cash equivalents above EUR1.1 billion, net financial position of EUR661 million.
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Net Profit Target Achievement: 89% of the original EUR500 million target achieved.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Azimut Holding SpA (AZIHF) reported adjusted net income of EUR447 million, marking a 28% increase compared to the same period last year.
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The company achieved significant inflows, reaching EUR14.3 billion by the end of October, surpassing revised guidelines.
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Azimut Holding SpA (AZIHF) completed a successful exit from its GP staking business, generating EUR165 million gross from an initial investment of EUR60 million.
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The strategic partnership with Oaktree in Australia is set to invest EUR124 million in AZ NGA, valuing the business at an EV of AUD 690 million.
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The company is reorganizing its Italian FA network to create a digital bank, aiming to capture net interest income and consolidate client relationships.
Negative Points
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Distribution costs increased by EUR25 million, with Italy accounting for EUR20 million of this rise.
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Personnel and SG&A costs rose by EUR30 million, with a significant portion attributed to foreign operations.
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The company faces challenges in maintaining a stable recurring margin, which has seen a downward trend in previous quarters.
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There is uncertainty regarding the completion of the Oaktree transaction, which is subject to Foreign Investment Review Board approval in Australia.
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The New Bank Project faces potential delays and complexities, with multiple strategic options still under consideration.
Q & A Highlights
Q: Can you clarify the Fintech project and whether listing is an alternative to partnering with a financial or banking partner? A: The listing remains a goal, but partnering with a banking or financial partner might delay it. The plan is to double AUM and net profit over five years. The stake Azimut will retain is now considered to be just below 20% to avoid CRD IV regulation implications.