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1. Company Snapshot

1.a. Company Description

Azelis Group NV engages in the distribution of specialty chemicals and food ingredients in Belgium and internationally.It serves various segments in life sciences, including personal care, pharma, food and health, specialty agri/horti, and homecare and industrial chemicals; and industrial chemicals industry, such as CASE, rubber and plastic additives, lubricants and metalworking fluids, electronics, essential and fine chemicals, textiles, leather, and paper applications.Azelis Group NV was founded in 1996 and is headquartered in Antwerp, Belgium.


Azelis Group NV operates as a subsidiary of Akita I S.À R.L.

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1.b. Last Insights on AZE

Azelis Group NV faced negative drivers over the recent 3 months. A significant shareholder, EQT, agreed to sell approximately 44 million shares, potentially flooding the market and exerting downward pressure. This move may be perceived as a vote of confidence erosion. Furthermore, despite a neutral valuation perspective, investors reassessed the company's growth potential. The sale to existing shareholders, including JNE Partners and Temasek, may mitigate some negative impact. Azelis' earnings release did not provide a positive catalyst. Invesco Ltd. also filed a transparency notification.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Azelis: Transparency Notification From UBS Group AG

Nov -26

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Why Analysts Are Rethinking the Azelis Story After Shifting Market and Sector Outlooks

Nov -25

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Azelis: Transparency Notification from UBS Group AG

Nov -19

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Azelis: Transparency Notification From Temasek

Nov -19

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Azelis: Transparency Notification from First Pacific Advisors, LP.

Nov -18

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EQT agrees to sale of shares in Azelis Group NV

Nov -12

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Azelis: Transparency Notification From Invesco Ltd.

Oct -08

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Azelis Group (ENXTBR:AZE): Neutral Valuation Perspectives as Investors Reassess Future Growth Potential

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.88%)

6. Segments

Life Sciences

Expected Growth: 4.5%

Azelis Group NV's Life Sciences segment growth of 4.5% is driven by increasing demand for specialty chemicals in pharmaceuticals, rising adoption of biotechnology, and growing need for sustainable and eco-friendly products. Additionally, strategic acquisitions and expansion into emerging markets have contributed to the segment's growth.

Industrial Chemicals

Expected Growth: 5.5%

Azelis Group NV's Industrial Chemicals segment growth of 5.5% is driven by increasing demand from end-markets such as construction, automotive, and consumer goods. Additionally, the company's strategic expansion into emerging markets, focus on specialty chemicals, and investments in digitalization and sustainability initiatives contribute to its growth momentum.

7. Detailed Products

Specialty Chemicals

Azelis offers a wide range of specialty chemicals for various industries, including personal care, pharmaceuticals, and food and beverages.

Composites and Polymer Additives

Azelis provides a variety of composites and polymer additives for the production of plastics, coatings, and adhesives.

Food and Nutrition

Azelis offers a range of ingredients and additives for the food and beverage industry, including natural sweeteners, flavor enhancers, and texture modifiers.

Pharmaceuticals and Biotechnology

Azelis provides a range of active pharmaceutical ingredients (APIs), excipients, and biotechnology products for the pharmaceutical industry.

Personal Care and Homecare

Azelis offers a range of ingredients and additives for the personal care and homecare industries, including surfactants, emulsifiers, and fragrances.

Agrochemicals and Fertilizers

Azelis provides a range of agrochemicals and fertilizers for the agricultural industry, including pesticides, herbicides, and crop protection products.

8. Azelis Group NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Azelis Group NV operates in the specialty chemicals and food ingredients distribution industry, where substitutes are limited. However, the company's customers may still opt for alternative products or suppliers, posing a moderate threat.

Bargaining Power Of Customers

Azelis Group NV's customers are diverse and fragmented, reducing their bargaining power. The company's strong relationships with its customers and its ability to provide customized solutions also limit the customers' negotiating power.

Bargaining Power Of Suppliers

Azelis Group NV's suppliers are diverse, and the company has a strong negotiating position due to its large scale of operations. However, the suppliers of specialty chemicals and food ingredients may still exert some bargaining power, particularly if they are large multinational companies.

Threat Of New Entrants

The specialty chemicals and food ingredients distribution industry has high barriers to entry, including regulatory hurdles and the need for specialized knowledge and infrastructure. This limits the threat of new entrants to Azelis Group NV's business.

Intensity Of Rivalry

The specialty chemicals and food ingredients distribution industry is highly competitive, with several large players competing for market share. Azelis Group NV faces intense rivalry from its competitors, which may lead to pricing pressures and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.28%
Debt Cost 7.08%
Equity Weight 60.72%
Equity Cost 7.08%
WACC 7.08%
Leverage 64.70%

11. Quality Control: Azelis Group NV passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Johnson Matthey

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Value: 5.9

Growth: 3.9

Quality: 4.1

Yield: 6.9

Momentum: 8.5

Volatility: 3.0

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Covestro

A-Score: 4.4/10

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Azelis

A-Score: 4.2/10

Value: 5.6

Growth: 8.9

Quality: 4.0

Yield: 2.5

Momentum: 0.0

Volatility: 4.3

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A-Score: 3.3/10

Value: 4.1

Growth: 3.4

Quality: 6.1

Yield: 1.2

Momentum: 2.0

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.42$

Current Price

9.42$

Potential

-0.00%

Expected Cash-Flows