Historical record for profit in the 9 months
Azimut achieved a record of net profit of € 247 million in the first nine months of 2019 (+ 120% compared to the same period in 2018), "equaling the annual record for the whole 2015 in 9 months" , the company specifies. Also the consolidated revenues rose to 724.3 million compared to 565.6 million in the first 9 months of 2018, while the consolidated operating income reached 279.5 million against the 153.3 million registered a year ago . Looking at the performance registered in the third quarter alone, the Italian group active in the asset management sector recorded a consolidated net profit that jumped by 92% to 76 million euros, while revenues increased by 26% to 238 million. Figures better than market expectations, with the Bloomberg consensus indicating profits of 68.6 million and turnover of 231.8 million.
Total assets under management at the end of September 2019 reached the threshold of 44.6 billion; the figure including savings administered and managed by directly placed third parties comes to 57.4 billion. Net inflows in the first nine months of the year amounted to 3.7 billion, a large part of which from foreign business, which today represents 29% of the group's total assets. The consolidated net financial position at the end of September 2019 was negative by about 47 million, an improvement compared to -75 million at the end of June 2019.
Azimut also announced that in the nine months ordinary dividends were paid for over 200 million, of which about 166 million in cash plus 42 million in shares. In addition, acquisitions were made, again from January to September, amounting to around 52 million.
The unstoppable race on the stock exchange
From the best quarterly accounts to expectations, additional fuel is coming to Azimut's bullish run at Piazza Affari. The stock, which today returned to cross the 19-euro threshold, reviewing the levels of mid-2016, moves on the day's highs and ranks at the top of the Ftse Mib (+ 3.9% at € 19.56). The balance since the beginning of the year continues to rise (+ 109%), remaining the best title of the entire Ftse Mib. Analysts' consensus on Bloomberg indicates for Azimut 38.5% of Buy ratings and 46.2% Hold, while only 2 analysts say Sell.
Bond on the way? Azimut probes the market
Beyond the financial results, the Azimut Board of Directors has approved the launch of preliminary soft sounding activities with qualified investors, both Italian and international, to assess the market conditions in relation to a potential issue of a non-convertible bond loan at a fixed rate to be carried out over the next few weeks. The company, a note reads, will be supported in these activities and, where the conditions exist, a potential subsequent placement by J.P. Morgan, Banca Imi and Nomura.
The possible launch of the placement of the bond is subject to verification of a series of conditions, including, market conditions, the interest shown by potential investors and the trend in the prices of equivalent securities on the market, as well as the final decision by the administrative bodies of the company. Azimut indicated that indicatively the issue will have an intermediate duration and an amount up to 500 million euros, the proceeds of which will be used for its own business and to finance potential extraordinary transactions and / or to repay part of the debt, including the partial repayment of approximately € 140 million on the € 200 million credit line provided by a pool of banks at the beginning of the year.
The interest rate, as usual, will be identified following the potential placement of the bond. The bonds will be reserved for qualified investors, with exclusion of placement in the United States of America and other selected countries, the listing on the regulated market of the Irish Stock Exchange.
Source link
https://www.finanzaonline.com/notizie/azimut-inarrestabile-in-borsa-la-nuova-spinta-arriva-dai-numeri-trimestrali-al-vaglio-anche-bond-fino-a-500-mln
Dmca
