Nightmare day in Piazza Affari for the Azimut stock, which at the beginning of the afternoon collapsed by 5,4 percentage points, to 20,82 euros, suffering the worst drop of the Ftse Mib.
The sell-off is linked to the quarterly accounts released yesterday by the financial company, which has seen net profit drop from 41,4 to 36,5 million euros on an annual basis (-12%). Furthermore, in the light of this decline, this morning Equita reduced its target price from 28 to 26,50 euro, while confirming the recommendation to buy the stock.
As for the other balance sheet items, in the first three months revenues increased to 117,6 million, from 112 in the same period of 2012. Total assets at the end of March 2014 amounted to 25,6 billion, including assets under administration and managed by third parties directly placed (€22,6 billion assets managed internally, +5,7% compared to the end of 2013).
The consolidated net financial position at the end of March 2014 was positive for approximately 394,7 million euro, up compared to the 363,5 million at the end of December 2013.
Finally, from 22 May 2014 the ordinary dividend pertaining to 2013 will be paid (with ex-dividend date 19 May 2014 and record date 21 May 2014), for a total of 0,70 euro per share (it was 0,55 euro in 2013), gross of withholding taxes required by law (excluding any treasury shares held the day before the ex-dividend date), with a total outlay of approximately 93 million (against 73 million in 2013).
