(AZE) Azelis - BR
Sector: Basic Materials | Industry: Specialty Chemicals | Exchange: BR (Belgium) | Market Cap: 2.517m EUR | Total Return: -23.8% in 12m
Avg Turnover: 4.19M
Rev. Trend: 81.9%
Qual. Beats: 0
Warnings
High Debt/EBITDA (6.2) with thin interest coverage (1.7)
Tailwinds
No distinct edge detected
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: 69.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 0.87 > 1.0 |
| NWC/Revenue: 22.33% < 20% (prev 18.03%; Δ 4.30% < -1%) |
| CFO/TA 0.06 > 3% & CFO 310.9m > Net Income 69.4m |
| Net Debt (1.91b) to EBITDA (306.6m): 6.22 < 3 |
| Current Ratio: 1.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (236.5m) vs 12m ago -2.90% < -2% |
| Gross Margin: 15.45% > 18% (prev 24.33%; Δ -8.88% > 0.5%) |
| Asset Turnover: 54.28% > 50% (prev 73.54%; Δ -19.26% > 0%) |
| Interest Coverage Ratio: 1.68 > 6 (EBIT TTM 208.6m / Interest Expense TTM 124.0m) |
| A: 0.13 (Total Current Assets 1.39b - Total Current Liabilities 709.8m) / Total Assets 5.41b |
| B: 0.18 (Retained Earnings 989.8m / Total Assets 5.41b) |
| C: 0.04 (EBIT TTM 208.6m / Avg Total Assets 5.58b) |
| D: 1.00 (Book Value of Equity 2.69b / Total Liabilities 2.69b) |
| Altman-Z'' = 2.72 = A |
| DSRI: 1.27 (Receivables 535.3m/589.0m, Revenue 3.03b/4.24b) |
| GMI: 1.57 (GM 24.33% / 15.45%) |
| AQI: 1.02 (AQ_t 0.70 / AQ_t-1 0.69) |
| SGI: 0.72 (Revenue 3.03b / 4.24b) |
| TATA: -0.04 (NI 69.4m - CFO 310.9m) / TA 5.41b) |
| Beneish M = -2.48 (Cap -4..+1) = BBB |
As of June 20, 2026, the stock is trading at EUR 9.88 with a total of 672,717 shares traded.
Over the past week, the price has changed by -4.67%,
over one month by -8.41%,
over three months by +34.34% and
over the past year by -23.81%.
Azelis has no consensus analysts rating.
P/E Trailing = 22.4783
P/E Forward = 14.771
P/S = 0.6122
P/B = 0.9339
Revenue TTM = 3.03b EUR
EBIT TTM = 208.6m EUR
EBITDA TTM = 306.6m EUR
Long Term Debt = 1.60b EUR (from longTermDebt, last quarter)
Short Term Debt = 165.6m EUR (from shortTermDebt, last quarter)
Debt = 2.17b EUR (from shortLongTermDebtTotal, last quarter) + Leases 162.5m
Net Debt = 1.91b EUR (calculated: Debt 2.17b - CCE 263.0m)
Enterprise Value = 4.42b EUR (2.52b + Debt 2.17b - CCE 263.0m)
Interest Coverage Ratio = 1.68 (Ebit TTM 208.6m / Interest Expense TTM 124.0m)
EV/FCF = 15.76x (Enterprise Value 4.42b / FCF TTM 280.7m)
FCF Yield = 6.34% (FCF TTM 280.7m / Enterprise Value 4.42b)
FCF Margin = 9.26% (FCF TTM 280.7m / Revenue TTM 3.03b)
Net Margin = 2.29% (Net Income TTM 69.4m / Revenue TTM 3.03b)
Gross Margin = 15.45% ((Revenue TTM 3.03b - Cost of Revenue TTM 2.56b) / Revenue TTM)
Gross Margin QoQ = 11.11% (prev 23.30%)
Tobins Q-Ratio = 0.82 (Enterprise Value 4.42b / Total Assets 5.41b)
Interest Expense / Debt = 5.72% (Interest Expense 124.0m / Debt 2.17b)
Taxrate = 38.42% (44.1m / 114.7m)
NOPAT = 128.5m (EBIT 208.6m * (1 - 38.42%))
Current Ratio = 1.95 (Total Current Assets 1.39b / Total Current Liabilities 709.8m)
Debt / Equity = 0.81 (Debt 2.17b / totalStockholderEquity, last quarter 2.69b)
Debt / EBITDA = 6.22 (Net Debt 1.91b / EBITDA 306.6m)
Debt / FCF = 6.80 (Net Debt 1.91b / FCF TTM 280.7m)
Total Stockholder Equity = 2.73b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.24% (Net Income 69.4m / Total Assets 5.41b)
RoE = 2.54% (Net Income TTM 69.4m / Total Stockholder Equity 2.73b)
RoCE = 4.82% (EBIT 208.6m / Capital Employed (Equity 2.73b + L.T.Debt 1.60b))
RoIC = 2.73% (NOPAT 128.5m / Invested Capital 4.71b)
WACC = 5.68% (E(2.52b)/V(4.69b) * Re(7.55%) + D(2.17b)/V(4.69b) * Rd(5.72%) * (1-Tc(0.38)))
Discount Rate = 7.55% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 20.46 | Cagr: 0.53%
[DCF] Terminal Value 77.62% ; FCFF base≈268.0m ; Y1≈301.4m ; Y5≈422.2m
[DCF] Fair Price = 18.39 (EV 6.38b - Net Debt 1.91b = Equity 4.48b / Shares 243.4m; r=8.35% [WACC [floored]]; 5y FCF grow 12.76% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 81.95 | Revenue CAGR: 8.47% | SUE: -0.04 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.77 | Chg30d=-1.85% | Revisions=+27% | GrowthEPS=+67.6% | GrowthRev=+1.1%
EPS next Year (2027-12-31): EPS=0.84 | Chg30d=+0.68% | Revisions=+38% | GrowthEPS=+8.9% | GrowthRev=+3.7%
[Analyst] Revisions Ratio: +38%