Azimut shines with the launch of the digital bank project with Fsi
The two companies will create Tnb, which will start with 23.6 billion in assets under management. For analysts, this is a positive transaction that creates value over time
2' min read
Le ultime da Radiocor
Usa: Trump firma ordine esecutivo, chiede ad aziende di fornire modelli AI in anteprima
Borsa: Europa di slancio con febbre Ai e schiarite MO, Milano al top chiude a +1,6%
UniCredit: raggiunto target Ops sopra 30%, 'flessibili per salire ancora' (RCO)
2' min read
(Il Sole 24 Ore Radiocor) - Azimut soars at Piazza Affari after the agreement with Fsi for the creation of Tnb, the new digital bank dedicated to wealth management. The deal - announced in March 2024 - envisages as a first step the acquisition of an already identified bank (according to rumours the target is Banca di Sconto of the Ibl group), with which discussions are at an advanced stage. Then, the renaming into Tnb and the contribution, through a partial demerger, of a selected perimeter of the distribution activities. Tnb will start with 928 financial advisors, 23.6 billion of assets under management, 103 thousand clients, 40 employees and revenues indicated at 234 million with an estimated profit of 42 million. Azimut will sell 80.01% to Fsi and will remain a shareholder with 19.99%, for a potential value of approximately 1.2 billion over time. From an industrial point of view, Tnb will become the main third-party distributor of Azimut products and the group's new banking partner for a minimum period of 20 years. Commissions for Azimut of at least 2.4 billion for at least 12 years are also envisaged.
The transaction, notes Intermonte (Outperform rating and 30 euro target price), allows to finalise the partial spin-off of Azimut's distribution activities in Italy through "a complex and articulated agreement with a primary investor with experience in the Italian financial sector". The valuation of the assets of the new wealth management bank, Tnb, is subject to a value creation process that will have to take place over several years to allow the actual realisation of the indicated value of up to €1.2 billion. From a financial point of view, the sale will provide Azimut with an immediate cash-in of €240 million, while the deferred cash-in of €210 million is linked to future dividends distributed by Tnb or the materialisation of an exit by FSI. Further deferred are the earn-outs from potential future 760 million. "The loss of profits linked to the sale," the analysts write, "is expected to be in the region of 40-50 million a year and Azimut will benefit directly and indirectly from the residual 19.99% stake in Tnb.
The Pietro Giuliani-led group modified its 2025 net profit guidance to around 1 billion (from the previous range of 0.4-1.2 billion). Analysts at Equita (recommendation 'Hold' and target of 27.2 euro) expect "positive results", as the transaction, among other things, "allows for the valuation of a part of the business at higher multiples than those at which Azimut trades, strengthens the capital position (over 1 billion in net cash)" and "demonstrates Azimut's ability to execute".
