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The new week started at a fast pace for Azimut who, after gaining 0.3% last Friday, has made much wider progress today.
Azimtu running on the Ftse Mib with good trading volumes
The stock performed best in the asset management sector and did better than the Ftse Mib, occupying one of the top positions in the blue chip basket.
Azimut stopped at € 17.04, close to the intraday highs, with a rally of 3.59% and high trading volumes, given that at the end of the session almost 2.7 million shares passed on the market, against the average of the last 30 days equal to approximately 1.93 million pieces.
The stock has now gained ground and has returned to values that have not been seen since the end of the first decade of June, after ending up under the lens of several investment banks that overall maintain a cautious view, but revise upward the target price. and estimates.
Azimut: Equita raises target prices and estimates in view of the quarterly report
This is the case of Equita SIM which today reiterated the “hold” recommendation, with a target price raised by 3% to 17 euros. After the close of the second quarter, analysts of the Milanese SIM have decided to update their estimates on Azimut.
In detail, the forecast of net profit 2020 was increased in the order of 7%, while improving the estimate of performance fees to 43 to 52 million euros, to incorporate the recovery of the markets during the second quarter.
With reference to the accounts for the quarter ended 30 June, Equita SIM analysts expect a net profit down 7% to 74 million euros, while for the first six months of 2020 the estimates speak of a figure of 122 million euros, with a 28% contraction compared to the same period of 2019.
Overall, the 2020-2022 profit estimate rises by 4% on average, respectively to 236 million for this year, 225 for the next and 233 million for 2022, while consensus forecasts are positioned respectively at 213, 231 and 249 millions of euros.
Azimut: UBS and Mediobanca also revise fair value upwards
In view of the second quarter accounts, UBS analysts also decided to revise the Azimut target price, increasing it from 12.5 to 14.1 euros, with a rating that is firm at “neutral”.
The same recommendation was reiterated today by Mediobanca Securities, with a fair value revised upwards from 17 to 18 euros.
Pending the second quarter accounts, analysts report that they expect revenues to drop by 1% on an annual basis, a net profit down 8% and an operating profit down 6%.
Mediobanca’s idea is that the performance fees will drive the overall data for the second quarter, thanks to the assets under management, given that the calculation of the performance fees is still on a quarterly basis.
Azimuth under the lens of Kepler Cheuvreux
Finally, still today Azimut ended up under the lens of Kepler Cheuvreux who maintained the “hold” rating, with an improved target price from 16 to 17 euros.
Also this broker will focus on the current method of calculating the performance fees, indicating that maintaining it for longer than expected on part of the assets managed, offers short-term advantages for Azimut.
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