Azimut Holding SpA (MIL:AZM) E10: €3.08 (As of Mar. 2026)


MIL:AZM Azimut Holding SpA MIL:AZM
82 GF Score
Price €35.73
GF Value €28.53
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Azimut Holding SpA E10?

Azimut Holding SpA MIL:AZM -2.32% 82 E10 is €3.08 as of Mar. 2026. GuruFocus rates MIL:AZM with a GF Score™ of 82/100 and a GF Value™ of €28.53 (Modestly Overvalued). The stock has 5 warning signs investors should review.

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Azimut Holding SpA's adjusted earnings per share data for the three months ended in Mar. 2026 was €0.880. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is €3.08 for the trailing ten years ended in Mar. 2026.

During the past 12 months, Azimut Holding SpA's average E10 Growth Rate was 9.20% per year. During the past 3 years, the average E10 Growth Rate was 10.00% per year. During the past 5 years, the average E10 Growth Rate was 15.30% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Azimut Holding SpA was 22.20% per year. The lowest was 10.00% per year. And the median was 17.00% per year.

As of today (2026-06-28), Azimut Holding SpA's current stock price is €35.73. Azimut Holding SpA's E10 for the quarter that ended in Mar. 2026 was €3.08. Azimut Holding SpA's Shiller PE Ratio of today is 11.60.

During the past 13 years, the highest Shiller PE Ratio of Azimut Holding SpA was 19.50. The lowest was 6.87. And the median was 11.39.


Azimut Holding SpA  (MIL:AZM) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Azimut Holding SpA's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=35.73/3.08
=11.60

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of Azimut Holding SpA was 19.50. The lowest was 6.87. And the median was 11.39.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Azimut Holding SpA E10 Related Terms


Azimut Holding SpA E10 Historical Data

* Premium members only.

The historical data trend for Azimut Holding SpA's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Azimut Holding SpA E10 Chart

Azimut Holding SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.88 2.26 2.46 2.82 3.01

Azimut Holding SpA Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
E10 Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.82 2.87 2.96 3.01 3.08

MIL:AZM vs BLK, BX, KKR: E10 Comparison

For the Asset Management subindustry, Azimut Holding SpA's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Azimut Holding SpA Shiller PE Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Azimut Holding SpA's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Azimut Holding SpA's Shiller PE Ratio falls into.


MIL:AZM
82GF Score
Azimut Holding SpA MIL:AZM
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Azimut Holding SpA E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Azimut Holding SpA's adjusted earnings per share data for the three months ended in Mar. 2026 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=0.88/122.6000*122.6000
=0.880

Current CPI (Mar. 2026) = 122.6000.

Azimut Holding SpA Quarterly Data

per share eps CPI Adj_EPS
201606 0.332 99.900 0.407
201609 0.375 100.100 0.459
201612 0.360 100.300 0.440
201703 0.511 101.000 0.620
201706 0.345 101.100 0.418
201709 0.251 101.200 0.304
201712 0.420 101.200 0.509
201803 0.189 101.800 0.228
201806 0.326 102.400 0.390
201809 0.295 102.600 0.353
201812 0.073 102.300 0.087
201903 0.642 102.800 0.766
201906 0.568 103.100 0.675
201909 0.536 102.900 0.639
201912 0.876 102.800 1.045
202003 0.348 102.900 0.415
202006 0.684 102.900 0.815
202009 0.630 102.300 0.755
202012 1.096 102.600 1.310
202103 0.700 103.700 0.828
202106 0.926 104.200 1.090
202109 0.690 104.900 0.806
202112 2.027 106.600 2.331
202203 0.684 110.400 0.760
202206 0.928 112.500 1.011
202209 0.687 114.200 0.738
202212 0.617 119.000 0.636
202303 0.728 118.800 0.751
202306 0.883 119.700 0.904
202309 0.851 120.300 0.867
202312 0.679 119.700 0.695
202403 0.840 120.200 0.857
202406 1.470 120.700 1.493
202409 0.810 121.200 0.819
202412 0.980 121.200 0.991
202503 0.810 122.500 0.811
202506 0.880 122.700 0.879
202509 1.030 123.100 1.026
202512 0.990 122.600 0.990
202603 0.880 122.600 0.880

Add all the adjusted EPS together and divide 10 will get our e10.

Frequently Asked Questions Learn more about E10 →
What does a E10 of €3.08 mean?
Azimut Holding SpA (MIL:AZM) has a E10 of €3.08 as of Mar. 2026. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Azimut Holding SpA and its competitors.
Is Azimut Holding SpA's E10 too high?
Azimut Holding SpA's current E10 is €3.08. Overall, Azimut Holding SpA has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Azimut Holding SpA's E10 compare to BLK and BX?
Azimut Holding SpA's E10 of €3.08 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good E10 for an Asset Management company?
A good E10 depends on the Asset Management industry context. However, E10 should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high E10 mean?
A high E10 can signal that a stock is expensive relative to its fundamentals. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Azimut Holding SpA and its competitors. Azimut Holding SpA's current E10 is €3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azimut Holding SpA stock overvalued right now?
Based on GuruFocus' analysis, Azimut Holding SpA (MIL:AZM) is currently considered Modestly Overvalued. The stock's GF Value™ is €28.53, compared to a current price of €35.73 — trading 25.2% above its estimated fair value. The current E10 is €3.08. Azimut Holding SpA's overall GF Score™ is 82/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is E10 calculated?
E10 is calculated from a company's financial statements. For Azimut Holding SpA (MIL:AZM), the current E10 is €3.08 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Azimut Holding SpA (MIL:AZM) Overvalued in 2026?

Based on GuruFocus' analysis, Azimut Holding SpA stock appears to be overvalued. The current stock price of €35.73 is trading 25.2% above its estimated GF Value™ of €28.53. GuruFocus considers Azimut Holding SpA to be Modestly Overvalued.

Key valuation signals for MIL:AZM:

  • E10: €3.08
  • GF Value™: €28.53 vs. price of €35.73 (25.2% above fair value)
  • GF Score™: 82/100 with 5 warning signs

No single metric tells the full story. See the MIL:AZM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Azimut Holding SpA Business Description

Address Via Cusani 4, Milan, ITA, 20121
Azimut Holding SpA is a large independent asset management firm operating primarily in Italy but with an increasingly global presence. In Italy, its capital management division sells and manages Italian mutual funds, Italian hedge funds, and is active in the discretionary management of individual investment portfolios. Its international business operations involve the sale, management, and distribution of financial and insurance products. Its portfolio solutions encompass a broad array of strategies that cut across various traditional and alternative asset classes. A majority of its revenue is derived from recurring fees from assets under management.
82GF Score

Get the complete analysis for MIL:AZM

E10 is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€35.73
Price
€28.53
GF Value