AZE Stock Analysis: Azelis | BR
Specialty Chemicals | BR, Belgium | Market Cap: 2.969m EUR | 12M Return: 9.4% | BE0974400328 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.37M
Rev. Trend: 81.2%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Seasonality 5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Azelis Group NV is a Belgian specialty chemicals and food ingredients distributor founded in 1996 and headquartered in Antwerp. The company supplies a wide range of specialty products across life sciences applications (including personal care, home care, pharmaceuticals, food and nutrition, animal nutrition, and flavours and fragrances) as well as industrial chemical markets such as CASE, advanced materials and additives, lubricants, electronics, and textiles. It operates globally across Europe, the Middle East and Africa, the Americas, and Asia-Pacific.
As a specialty chemicals distributor, Azelis operates within a value-added distribution model, providing technical support, formulation expertise, and supply chain solutions between chemical producers and downstream industrial customers. The specialty chemicals distribution industry generally offers higher margins and more stable demand than commodity chemicals distribution, due to the technical complexity and tailored nature of the products involved.
- M&A pipeline expansion in Asia-Pacific boosts specialty distribution scale
- Life Sciences margin expansion outpaces Industrial Chemicals segment
- EMEA volume softness pressures group organic revenue growth
| Net Income: 112.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 1.69 > 1.0 |
| NWC/Revenue: 18.51% < 20% (prev 21.91%; Δ -3.40% < -1%) |
| CFO/TA 0.05 > 3% & CFO 284.2m > Net Income 112.8m |
| Net Debt (1.76b) to EBITDA (419.9m): 4.19 < 3 |
| Current Ratio: 1.87 > 1.5 & < 3 |
| Outstanding Shares: last quarter (243.5m) vs 12m ago -0.04% < -2% |
| Gross Margin: 12.17% > 18% (prev 24.24%; Δ -12.07% > 0.5%) |
| Asset Turnover: 72.33% > 50% (prev 55.96%; Δ 16.37% > 0%) |
| Interest Coverage Ratio: 2.29 > 6 (EBIT TTM 288.8m / Interest Expense TTM 126.1m) |
| A: 0.13 (Total Current Assets 1.64b - Total Current Liabilities 875.0m) / Total Assets 5.72b |
| B: 0.19 (Retained Earnings 1.07b / Total Assets 5.72b) |
| C: 0.05 (EBIT TTM 288.8m / Avg Total Assets 5.69b) |
| D: 0.99 (Book Value of Equity 2.83b / Total Liabilities 2.87b) |
| Altman-Z'' = 2.86 = A |
| DSRI: 1.02 (Receivables 708.7m/534.0m, Revenue 4.12b/3.17b) |
| GMI: 1.99 (GM 24.24% / 12.17%) |
| AQI: 1.02 (AQ_t 0.67 / AQ_t-1 0.66) |
| SGI: 1.30 (Revenue 4.12b / 3.17b) |
| TATA: -0.03 (NI 112.8m - CFO 284.2m) / TA 5.72b) |
| Beneish M = -1.89 (Cap -4..+1) = B |
As of September 27, 2026, the stock is trading at EUR 12.10 with a total of 250,071 shares traded. Over the past week, the price has changed by +0.75%, over one month by +0.83%, over three months by +24.82% and over the past year by +9.39%.
Current recommended Stop Loss: 11.50 (which is 5% or 1.8 ATR below the current price).
Azelis has no consensus analysts rating.
P/E Trailing = 25.9574
P/E Forward = 15.1515
P/S = 0.7211
P/B = 1.0281
Revenue TTM = 4.12b EUR
EBIT TTM = 288.8m EUR
EBITDA TTM = 419.9m EUR
Long Term Debt = 1.60b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 97.2m EUR (from shortTermDebt, last quarter)
Debt = 2.01b EUR (from shortLongTermDebtTotal, last quarter) + Leases 162.5m
Net Debt = 1.76b EUR (calculated: Debt 2.01b - CCE 245.3m)
Enterprise Value = 4.73b EUR (2.97b + Debt 2.01b - CCE 245.3m)
Interest Coverage Ratio = 2.29 (Ebit TTM 288.8m / Interest Expense TTM 126.1m)
EV/FCF = 17.31x (Enterprise Value 4.73b / FCF TTM 273.2m)
FCF Yield = 5.78% (FCF TTM 273.2m / Enterprise Value 4.73b)
FCF Margin = 6.63% (FCF TTM 273.2m / Revenue TTM 4.12b)
Net Margin = 2.74% (Net Income TTM 112.8m / Revenue TTM 4.12b)
Gross Margin = 12.17% ((Revenue TTM 4.12b - Cost of Revenue TTM 3.62b) / Revenue TTM)
Gross Margin QoQ = 13.13% (prev 11.11%)
Tobins Q-Ratio = 0.83 (Enterprise Value 4.73b / Total Assets 5.72b)
Interest Expense / Debt = 6.29% (Interest Expense 126.1m / Debt 2.01b)
Taxrate = 35.27% (62.1m / 176.0m)
NOPAT = 187.0m (EBIT 288.8m * (1 - 35.27%))
Current Ratio = 1.87 (Total Current Assets 1.64b / Total Current Liabilities 875.0m)
Debt / Equity = 0.71 (Debt 2.01b / totalStockholderEquity, last quarter 2.83b)
Debt / EBITDA = 4.19 (Net Debt 1.76b / EBITDA 419.9m)
Debt / FCF = 6.45 (Net Debt 1.76b / FCF TTM 273.2m)
Total Stockholder Equity = 2.76b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.98% (Net Income 112.8m / Total Assets 5.72b)
RoE = 4.08% (Net Income TTM 112.8m / Total Stockholder Equity 2.76b)
RoCE = 6.61% (EBIT 288.8m / Capital Employed (Equity 2.76b + L.T.Debt 1.60b))
RoIC = 3.95% (NOPAT 187.0m / Invested Capital 4.73b)
WACC = 6.00% (E(2.97b)/V(4.98b) * Re(7.30%) + D(2.01b)/V(4.98b) * Rd(6.29%) * (1-Tc(0.35)))
Discount Rate = 7.30% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 28.84 | Cagr: 1.40%
[DCF] Terminal Value 77.97% ; FCFF base≈234.0m ; Y1≈268.3m ; Y5≈394.8m
[DCF] Fair Price = 17.18 (EV 5.94b - Net Debt 1.76b = Equity 4.18b / Shares 243.4m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 81.22 | Revenue CAGR: 7.64% | SUE: 1.86 | # QB: 1
EPS current Quarter (2026-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.77 | Chg30d=+0.45% | Revisions=+42% | GrowthEPS=+66.5% | GrowthRev=+2.9%
EPS next Year (2027-12-31): EPS=0.82 | Chg30d=-0.04% | Revisions=+46% | GrowthEPS=+7.1% | GrowthRev=+3.5%
[Analyst] Revisions Ratio: +50% (up=15, down=4)