Azimut will report the results for the second quarter of 2021 on July 29th. “We expect a quarter supported by the good trend of net inflows (2.5 billion in 2Q21, net inflows YTD 11.9 billion) and market performance, with an upward trend in management fees (expected + 27% YoY)” they affirm Equita analysts. “We estimate a contribution from performance fees of 11 million in line with 1Q21 (from 30 million in 2Q20 reflecting the new method of calculating performance fees with prevailing collection at the end of the year)”. Finally, concludes Equita, which has a Hold rating on Azimut with a target price of € 22.8, “We expect costs to rise by + 25% YoY due to the full consolidation of the Sanctuary acquisition, and consequently a flat YoY operating profit “.