After a horrible 2018, Azimut rears its head in Piazza Affari and also begins to run. At 12,50 today the share gained 3,6% to 11,48 euros, realizing the best performance of the Ftse Mib. A leap that consolidates the rally that began last Monday: since 21 January the shares have recorded a rise of 12,6%, bringing the monthly balance to +20,4%. A breath of fresh air after the collapse to the lowest level of the last 5 years, under 10 euro, and the -40,3% with which 2018 ended – and which earned the unwelcome record of worst title of the Ftse Mib – also due to the change in management faced at the end of the year afterwards the resignation of CEO, Sergio Albarelli. However, the value of the shares remains far from the highs reached in January 2018 at 18,9 euros.
At the base of the ride is the Azimut announcement relating to the review of commission calculation methods on Luxembourg funds. Details of the scheme will be provided after approval from the authorities, but overall management fees are expected to increase by 0,5%, and a rebalancing of performance fees. The market was very pleased with the novelty, given the replacement of variable revenues with more certain ones.
Today's performance is also driven by theDeutsche Bank upgrades which raised the recommendation on Azimut to “Buy” from “Hold”, bringing the target price from 15 to 15,5 euros. According to analysts of the German bank, the company led by Pietro Giuliani is more vulnerable in critical phases for the market, given the absence of a banking channel. However, the focus on recruiting promoters can help compensate for this, as can the new commission scheme.
In this context, it should also be remembered that according to the latest Consob communication (January 28) BlackRock holds an aggregate stake in Azimut of 5,002% of the capital. In detail, 2,726% relates to voting rights attributable to shares, 1,97% refers to a potential stake relating to shares subject to securities lending contracts with the possibility of repayment not pre-established at the discretion of the lender or borrower, while the remaining 0,306% relates to other long positions with settlement in cash (“Contracts for Differences” which do not have an expiry date).
