# Azelis Group NV (AZE.BR)

Canonical: https://gigainvestors.com/s/AZE.BR

Analysis as of: 2026-10-16T07:38:33.081Z. Financial observations: FY2018–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 13.30 per share; close as of 2026-10-15.

Estimated value: low EUR 11.31 per share, central EUR 12.77 per share, high EUR 14.73 per share. Buy at or below the central value EUR 12.77 per share. Valuation as of 2026-10-16T07:38:33.081Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.04×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 9.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.0%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: 9.5 pp

- Typical gross margin (annual median): 21.6%

- Recent gross margin (lower of latest and 3-year median): 12.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 0.9%

- FY2019: 10.8%

- FY2020: 15.5%

- FY2021: 10.4%

- FY2022: 19.6%

- FY2023: 19.2%

- FY2024: 15.2%

- FY2025: 10.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.36×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 751M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.2 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.40×

- FY2022: 1.22×

- FY2023: 1.34×

- FY2024: 1.38×

- FY2025: 1.63×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.8% vs 15.2%

- Per-share earnings: 0.21 to 0.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- Per-share value growth: 28.6%

- Per-share value change: EUR 0.52

- Per-share value, starting three-year median: EUR 0.21

- Per-share value, ending three-year median: EUR 0.72

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 10.8%

- ROIC, last three-year median: 15.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR -0.09

- FY2019: EUR 0.21

- FY2020: EUR 0.30

- FY2021: EUR 0.29

- FY2022: EUR 0.91

- FY2023: EUR 0.72

- FY2024: EUR 0.74

- FY2025: EUR 0.47

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.39×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.2%

- FY2019: -1.0%

- FY2020: -1.6%

- FY2021: -0.6%

- FY2022: -3.1%

- FY2023: -4.5%

- FY2024: -2.5%

- FY2025: -3.7%

## Holders

## Price story

Down 52% since Oct 2021 · sales -2.5%

Story as of 2026-10-16T10:00:10.050Z; price observation 2026-10-15.

Price needs cash profits to grow 1.4% a year for ten years

### Sales · FY2024–2025

sales -2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: EUR 257M 

- FY2019: EUR 2.1B 

- FY2020: EUR 2.3B 

- FY2021: EUR 2.8B 

- FY2022: EUR 4.1B 

- FY2023: EUR 4.2B 

- FY2024: EUR 4.2B 

- FY2025: EUR 4.1B 

### Gross margin · FY2025

gross margin 12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 10.3% 

- FY2019: 20.7% 

- FY2020: 22.4% 

- FY2021: 22.7% 

- FY2022: 23.3% 

- FY2023: 13.4% 

- FY2024: 24.3% 

- FY2025: 12.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are EUR 4.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2025: revenue 4132480000; grossProfit 499920999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AZE.BR: Azelis Group NV engages in the distribution of specialty chemicals and food ingredients. The company provides specialty chemical products used in the life sciences, such as personal care, home care, industrial cleaning, pharmaceuticals, healthcare, food and nutrition, animal nutrition, agricultural environmental, flavours and fragrances, and nutraceuticals solutions; and industrial chemicals industry, including CASE, advanced materials and additives, lubricants, metalworking fluids, electronics, essential and fine chemicals, textiles, leather, and paper markets. It operates in Europe, Middle East, and Africa, as well as the Americas and the Asia-Pacific. Azelis Group NV was founded in 1996 and is headquartered in Antwerp, Belgium.

### Why customers stay

Margins ranged from 12.1% to 24.3% during 2023–25; it earns 13% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2023: grossProfit / revenue = 13.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2024: grossProfit / revenue = 24.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2025: grossProfit / revenue = 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); 8-year return on capital observations [[2018,0.009045483426242283],[2019,0.10783019918500654],[2020,0.1549902943088442],[2021,0.10439571437845659],[2022,0.19613639532485444],[2023,0.1919871534565688],[2024,0.15196768165261035],[2025,0.10400621224742289]]; median 0.12989894041880845. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 8 years; bought back EUR 1.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2019: growth capex 0; upkeep 12296000; owner earnings 81420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2020: growth capex 0; upkeep 12072000; owner earnings 98205400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2021: growth capex 0; upkeep 18288000; owner earnings 94996400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2022: growth capex 0; upkeep 18443000; owner earnings 259170400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2023: growth capex 0; upkeep 15485000; owner earnings 237994400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2024: growth capex 0; upkeep 13877000; owner earnings 248987400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2025: growth capex 0; upkeep 24906000; owner earnings 180999600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,7012000],[2023,67772000],[2024,53311000],[2025,54906000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); FY2025: cash repurchases 1138000 EUR.

### Are managers owners

Insiders own 5.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AZE.BR SharesStats.PercentInsiders = 5.103 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.081Z); Ten-year compound average after fade. Initial solved rate 0.007593658290036423. Price 13.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2021-09: EUR 27.20 per share

- 2021-10: EUR 28.00 per share

- 2021-11: EUR 25.14 per share

- 2021-12: EUR 25.23 per share

- 2022-01: EUR 22.63 per share

- 2022-02: EUR 17.96 per share

- 2022-03: EUR 22.00 per share

- 2022-04: EUR 23.58 per share

- 2022-05: EUR 23.38 per share

- 2022-06: EUR 20.88 per share

- 2022-07: EUR 21.36 per share

- 2022-08: EUR 19.72 per share

- 2022-09: EUR 22.80 per share

- 2022-10: EUR 23.16 per share

- 2022-11: EUR 25.60 per share

- 2022-12: EUR 26.52 per share

- 2023-01: EUR 24.78 per share

- 2023-02: EUR 23.96 per share

- 2023-03: EUR 23.36 per share

- 2023-04: EUR 21.50 per share

- 2023-05: EUR 22.94 per share

- 2023-06: EUR 20.88 per share

- 2023-07: EUR 23.50 per share

- 2023-08: EUR 20.44 per share

- 2023-09: EUR 18.71 per share

- 2023-10: EUR 16.10 per share

- 2023-11: EUR 20.52 per share

- 2023-12: EUR 22.18 per share

- 2024-01: EUR 19.12 per share

- 2024-02: EUR 18.94 per share

- 2024-03: EUR 19.59 per share

- 2024-04: EUR 22.64 per share

- 2024-05: EUR 19.44 per share

- 2024-06: EUR 16.76 per share

- 2024-07: EUR 17.50 per share

- 2024-08: EUR 18.92 per share

- 2024-09: EUR 19.69 per share

- 2024-10: EUR 18.23 per share

- 2024-11: EUR 18.42 per share

- 2024-12: EUR 19.00 per share

- 2025-01: EUR 19.86 per share

- 2025-02: EUR 18.26 per share

- 2025-03: EUR 16.23 per share

- 2025-04: EUR 13.64 per share

- 2025-05: EUR 14.57 per share

- 2025-06: EUR 13.53 per share

- 2025-07: EUR 13.68 per share

- 2025-08: EUR 12.74 per share

- 2025-09: EUR 11.54 per share

- 2025-10: EUR 10.25 per share

- 2025-11: EUR 9.29 per share

- 2025-12: EUR 9.35 per share

- 2026-01: EUR 8.36 per share

- 2026-02: EUR 8.40 per share

- 2026-03: EUR 8.68 per share

- 2026-04: EUR 11.28 per share

- 2026-05: EUR 9.86 per share

- 2026-06: EUR 9.31 per share

- 2026-07: EUR 11.31 per share

- 2026-08: EUR 12.43 per share

- 2026-09: EUR 12.09 per share

- 2026-10: EUR 13.20 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 8.29 per share, central EUR 9.33 per share, high EUR 10.70 per share

- FY2023: low EUR 9.38 per share, central EUR 10.44 per share, high EUR 11.87 per share

- FY2024: low EUR 11.78 per share, central EUR 13.28 per share, high EUR 15.28 per share

- FY2025: low EUR 11.71 per share, central EUR 13.22 per share, high EUR 15.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:15.010Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.