In This Article:
Release Date: March 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Anima Holding SA (BSP:ANIM3) reported a significant increase in assets, reaching 204 billion by the end of 2024.
-
The company achieved almost 1 billion in net inflows for the year, with an 8.6% weighted average performance of assets.
-
Total revenues increased by 44% compared to the previous year, reaching 530 million.
-
Net profit saw a substantial rise of 53%, amounting to approximately 228 million.
-
The company proposed a dividend increase of 80% compared to last year, demonstrating strong cash generation and shareholder returns.
Negative Points
-
The company is under a voluntary public tender offer, which restricts its ability to comment on future developments.
-
Performance fees are expected to be lower in 2025 compared to 2024, indicating potential volatility in revenue streams.
-
The acquisition of a 33% stake in Montreipaski has temporarily decreased liquidity, impacting short-term returns.
-
The net financial position includes significant capital gains, which may not be sustainable in the long term.
-
The company's cost structure has increased due to the consolidation of Castello and Cairos, which have higher structural costs.
Q & A Highlights
Q: What is the trend of flows in January and expectations for Q1 2025, both institutional and retail? Could we see some performance fees in Q1 2025 to help with the top line? A: The trend is positive, especially in retail, with strong client interest and network support. However, performance fees are expected to be lower than in 2024 due to market volatility. (Answered by CEO, Alessandro Mercierilla)
Q: Can you provide details on the impact of the Montepaschi stake on the net financial position and whether it will remain there or move to assets? Also, any insights on retail trends? A: The Montepaschi stake is valued at approximately 340 million with a capital gain of 180 million. It is a strategic investment and will remain in the net financial position. Retail flows are strong across all networks, with Montepaschi and Bay performing particularly well. (Answered by CEO, Alessandro Mercierilla)
Q: How is the company planning to handle the tender offer from Banco BPMvita? A: The company is restricted from commenting on the tender offer's contents or outcomes. Regulatory authorizations are expected by the end of February, and the board will express its position after the final prospectus is published. (Answered by Head of Investor Relations, Luca Mirabelli)