olivLaw · European equity research
Azelis Group NV AZE.BR
Belgium · Euronext Brussels · ISIN BE0974400328 · Vertical: Listed companies from Belgium
Azelis Group NV is a global distributor of specialty chemicals and food ingredients, active in the Life Sciences and Industrial Chemicals segments. In fiscal 2024 the group reported revenue of 4214.0 million EUR, up 1.5%, while adjusted EBITA grew more slowly, which makes its trajectory relevant for investors and the public.
At the close of 05 Nov 2026, Azelis Group NV (AZE.BR) stock was 11.95 EUR (−0.42% on the day), with market capitalisation 2.9 bn EUR, P/E 16.1 on diluted EPS of 0.74 EUR over the last 12 months, dividend yield 1.84%, beta 0.71, 52-week range 6.95–13.42 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 11.04 – 13.74
- in the lower half of the band · %B 0.34 · band width 21.8%
- SMA 50 / 200
- 12.19 / 10.43
- mixed trend
- MACD (12, 26, 9)
- -0.11 / -0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.2% | +0.4% | −1.6 pp | — |
| 3 months | +3.0% | −3.3% | +6.3 pp | — |
| 6 months | +13.7% | +4.0% | +9.7 pp | — |
| Year to date | +27.8% | +8.1% | +19.7 pp | — |
| 1 year | +19.5% | +10.7% | +8.8 pp | +6.3% |
| 3 years | −28.8% | +50.1% | −78.9 pp | −4.6% |
| 5 years | −57.6% | +43.6% | −101.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 25.7, median 27.8, max 30.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 4.2 bn | 4.2 bn |
| Revenue YoY | unavailable | +1.5% |
| Net income | 177.7 m | 180.7 m |
| Net income YoY | unavailable | +1.7% |
| Diluted EPS | 0.74 | 0.74 |
| Diluted EPS YoY | unavailable | 0.0% |
| net % | 4.3% | 4.3% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 303.9 m EUR
- Financial debt
- 1.7 bn EUR
- Net debt
- 1.4 bn EUR
- Equity
- 2.9 bn EUR
- Total assets
- 5.8 bn EUR
- Debt / equity
- 0.57x
- Current ratio
- 1.93x
- ROE
- 6.5%
- ROA
- 3.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.2 bn | 4.2 bn | esef· 06 Mar 2025verified |
| Gross profit | 984.1 m | 1.0 bn | esef· 06 Mar 2025verified |
| Operating income | 386.9 m | 385.9 m | esef· 06 Mar 2025verified |
| Interest expense | 157.4 m | 178.2 m | esef· 06 Mar 2025verified |
| Pre-tax income | 247.2 m | 256.1 m | esef· 06 Mar 2025verified |
| Income tax | 57.9 m | 66.6 m | esef· 06 Mar 2025verified |
| Net income | 177.7 m | 180.7 m | esef· 06 Mar 2025verified |
| Diluted EPS | 0.74 | 0.74 | esef· 06 Mar 2025verified |
| Dividend per share | — | 0.22 | esef· 06 Mar 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 484.9 m | 303.9 m | esef· 06 Mar 2025verified |
| Receivables | 521.9 m | 589.0 m | esef· 06 Mar 2025verified |
| Inventories | 562.8 m | 677.9 m | esef· 06 Mar 2025verified |
| Current assets | 1.6 bn | 1.6 bn | esef· 06 Mar 2025verified |
| Property, plant & equipment, net | 73.6 m | 66.1 m | esef· 06 Mar 2025verified |
| Goodwill | 2.4 bn | 2.5 bn | esef· 06 Mar 2025verified |
| Intangibles (excl. goodwill) | 1.3 bn | 1.4 bn | esef· 06 Mar 2025verified |
| Total assets | 5.6 bn | 5.8 bn | esef· 06 Mar 2025verified |
| Short-term debt | 80.6 m | 47.2 m | esef· 06 Mar 2025verified |
| Long-term debt | 1.6 bn | 1.6 bn | esef· 06 Mar 2025verified |
| Current liabilities | 939.8 m | 818.9 m | esef· 06 Mar 2025verified |
| Total liabilities | 2.9 bn | 2.8 bn | esef· 06 Mar 2025verified |
| Equity | 2.7 bn | 2.9 bn | esef· 06 Mar 2025verified |
| Shares outstanding at year end | 240.1 m | 244.2 m | esef· 06 Mar 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.99 – 17.48 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E7.62 – 17.48 (Mid 10.71)24 companies used · median multiple 14.5x · quartiles 10.3x – 23.6xACKB.BR, AGS.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)2.99 – 4.08 (Mid 3.45)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.0% | 37 (vs peers) | 24% |
| Net margin · Quality | 4.3% | 51 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 10 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.9x | 94 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 16.1x | 52 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet44/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial52/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Azelis Group (AZE.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 4.2 bn EUR in 2024; YoY growth 1.5%; net margin 4.3%; ROE 6.6%.
The estimated value range is 5.30–10.78 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.08 EUR, the price of 11.95 EUR leaves a potential of -40.8% (value / price − 1) and a margin of safety of -68.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Interest coverage: 2.2x
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for AZE.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.85 Total return -41% · Per year -41% | 12.13 Total return 3% · Per year 3% | 18.29 Total return 55% · Per year 55% |
| 3 years | 6.25 Total return -44% · Per year -17% | 12.49 Total return 10% · Per year 3% | 20.74 Total return 81% · Per year 22% |
| 5 years | 5.71 Total return -46% · Per year -12% | 12.87 Total return 17% · Per year 3% | 23.52 Total return 110% · Per year 16% |
- Exit P/E± 3.12
- Net margin± 2.19
- Annual revenue growth± 1.85
- Annual dilution± 0.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Azelis Group NV is a global distributor of specialty chemicals and food ingredients, active in the Life Sciences and Industrial Chemicals segments. In fiscal 2024 the group reported revenue of 4214.0 million EUR, up 1.5%, while adjusted EBITA grew more slowly, which makes its trajectory relevant for investors and the public. 1
SWOT
Strengths
- Broad geographic coverage across three regions and a diversified supplier portfolio support its position as a specialty distributor.
- Technical expertise on the management team, many members having prior experience at major chemical and pharmaceutical companies.
- The acquisition strategy has added significant contributions to revenue growth.
Weaknesses
- Free cash flow fell considerably because of large working capital investment.
- High net debt and leverage increase the group's sensitivity to financing costs.
- The Industrial Chemicals segment is declining, affected by weakness in important markets.
Opportunities
- A recovery in demand in Life Sciences and personal care could support revenue growth.
- The Impact 2030 sustainability programme could open access to customers and investors focused on ESG criteria.
- Debt refinancing and longer maturities may reduce near-term refinancing risk.
Threats
- Economic weakness in China and Canada could continue to weigh on the Industrial Chemicals segment.
- Currency fluctuations can reduce results reported in euro.
- Inflationary pressure on wages may limit margin expansion.
Risks
- High leveragehigh
Net debt rose in fiscal 2024, and the level of indebtedness could limit financial flexibility if demand or financing costs worsen.
- Cash flow under pressurehigh
Working capital investment significantly reduced free cash flow, and a full return to the earlier cash conversion level remains to be confirmed.
- Exposure to China and Canadamedium
Persistent weakness in these markets affects the Industrial Chemicals segment and could continue if conditions do not improve.
- Currency riskmedium
Exchange rate effects reduced reported growth, and further volatility could again lower revenue expressed in euro.
- Wage and bonus costslow
Higher personnel costs and bonus provisions slowed adjusted profit and could continue to weigh on margins.
Investment thesis
What would need to be true (bull case)
- If the recovery in Life Sciences demand continues and acquisitions are integrated effectively, revenue growth could accelerate and cash conversion could gradually return to higher levels.
- A global distributor position with coverage across three regions could support market share in a fragmented sector.
- The major refinancing completed in 2024 extended debt maturities, which could reduce near-term refinancing pressure.
What would break the thesis
- If working capital investment stays high, free cash flow could remain below earlier levels, limiting the capacity to reduce debt.
- Continued weakness in China and Canada could keep pressure on the Industrial Chemicals segment.
- Financing costs and currency effects could further reduce net profit even if revenue grows.
What to watch
- Trend in free cash flow conversion and working capital2025
- Level of net debt and leverage ratio after refinancing2025
- Revenue recovery in the Industrial Chemicals segment2025
- Progress of the Impact 2030 programme and emission reduction targets2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Azelis distributes specialty chemicals and food ingredients for food, personal care and industrial customers, mainly through its distribution network across the Americas, EMEA and Asia Pacific. The group is organised in two segments, Life Sciences and Industrial Chemicals, and its revenue depends on volumes sold and distribution margins. The company is listed on Euronext Brussels and uses a one-tier governance structure. 1
Segments
Life Sciences
The Life Sciences segment reported revenue of 2653.5 million EUR in fiscal 2024, up 3.4%, supported by a recovery in the Agricultural & Environmental Solutions and Flavors & Fragrances markets. The segment also saw gross margin rise thanks to a favourable mix. 1
Industrial Chemicals
The Industrial Chemicals segment reported revenue of 1560.5 million EUR, down 1.7%, due to persistent weakness in China and Canada and portfolio optimisation. Management indicates that the group's ongoing portfolio optimisation also affects this segment. 1
Market context
Management describes the market for specialty chemicals and food ingredient distribution as remaining highly attractive, with structural trends supporting long-term growth. Volumes and demand began to recover in 2024, which raised inventory levels and working capital. 1
Trends
- Demand recovery and inventory buildmixed
Recovering demand led to higher working capital investment, which reduced free cash flow in fiscal 2024. If demand keeps growing, elevated inventories could support revenue, but they would keep pressure on cash.
- Consolidation through acquisitionstailwind
Acquisitions contributed 3.7% to revenue growth in fiscal 2024, an important driver for the group. If integration goes well, they could add value, though they would also raise net debt.
- Wage costs and margin pressureheadwind
Wage cost inflation and higher bonus provisions slowed adjusted EBITA growth in fiscal 2024, particularly in the US. If wage pressure persists, margins could remain under strain.
- Financing costs and debtheadwind
Net financial costs rose in fiscal 2024 due to higher gross debt and a larger negative currency effect, and the group refinanced a significant part of its debt. If interest rates stay high, net profitability could remain limited.
Competitive position
Azelis operates in a specialty distribution sector where competition comes from global and regional distributors of chemicals and ingredients. The group's competitive advantages lie in geographic coverage, its supplier portfolio and technical expertise, although the sector remains fragmented. The source document does not name specific competitors.
- Brenntag
Global chemical distributor, mentioned in the source only as a former employer of some management members, not as an identified direct competitor.
- Univar Solutions
Specialty chemicals and ingredients distributor, a possible competitor in distribution, though the source does not name it explicitly.
- IMCD
European distributor of specialty ingredients and chemicals, a possible competitor in Europe, not directly identified in the source document.
- Regional distributors
A large number of local distributors in Asia and Europe compete with the group in niche markets and for regional customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202406 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Azelis Group NV · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.