Corrected: Italy's Azimut acquires Turkey's Yapı Kredi Portföy
CORRECTED-Italy's Azimut acquires Turkey's Yapı Kredi Portföy Corrects to remove reference to Azimut reporting H1 results
Overview
Italy asset manager acquires Yapı Kredi Portföy, becoming Turkey's second-largest asset manager by AUM
Deal expected to deliver robust shareholder returns and ~10% EPS accretion
Outlook
Azimut expects pro-forma combined net income of €65-75 mln in 2026
Company expects average ~10% EPS accretion over 2027E-2029E period
Azimut sees highly visible, recurring cash flows from the transaction
Result Drivers
ACQUISITION IMPACT - Azimut said its acquisition of Yapı Kredi Portföy will increase scale and establish it as Turkey's second-largest asset manager by AUM
DISTRIBUTION PARTNERSHIP - Co expects a 15-year exclusive distribution agreement with Yapı Kredi Bank to expand client reach and cross-selling opportunities
EPS ACCRETION - Azimut expects the deal to generate recurring cash flows and deliver ~10% EPS accretion over the next three years
Company press release: ID:nBIA17KtFD
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy."
Wall Street's median 12-month price target for Azimut Holding SpA is €39.00, about 11.3% above its July 28 closing price of €35.04
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)