AFC Ajax NV (AJAX.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

AFC Ajax NV operates a football club primarily in the Netherlands.The company also operates a stadium and an youth academy.In addition, it sells tickets online.

The company was founded in 1900 and is based in Amsterdam, the Netherlands.

Show Full description

1.b. Last Insights on AJAX

AFC Ajax NV's recent performance was driven by a 18% increase in revenue to €96.8m, primarily due to a strong showing in the first half of 2025. The company's revenue growth was driven by increased commercial activities and a robust fan engagement strategy. Furthermore, the company's ability to maintain a net loss of €0.73 per share, despite a decline from €1.51 profit in 1H 2024, suggests a resilient business model.

1.c. Company Highlights

Last Price	9.02
Change Percentage	0.22%
Open	9
Previous Close	9
Market Cap ( Millions)	165
Volume	618
Year High	10.25
Year Low	8.6
M A 50	9.21
M A 200	9.65

FCF Yield	-30.21%
Dividend Yield	0.00%
ROE	-22.92%
Debt / Equity	52.35%
Net Debt / EBIDTA	20173.25%
Price To Book	0.78
Price Earnings Ratio	-3.28
Price To FCF	-3.31
Price To sales	0.99
EV / EBITDA	728.38

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.48%)

6. Segments

Football

Expected Growth: 10.5%

AFC Ajax NV's successful history, attractive playing style, and talented youth academy drive growth. Increasing popularity, sponsorship deals, and merchandise sales contribute to revenue growth.

Partnerships

Expected Growth: 10.5%

AFC Ajax NV's partnerships with top brands like Adidas, Ziggo, and Ajax Foundation drive revenue and promote the club's global brand, fostering growth.

Merchandising

Expected Growth: 10.5%

Growing popularity of AFC Ajax, increasing fan base, and rising demand for branded merchandise drive the growth of the merchandising segment. Additionally, strategic partnerships and e-commerce platforms enhance accessibility and convenience for fans to purchase branded products.

Television

Expected Growth: 10.2%

AFC Ajax's growing popularity, increasing fan base, and successful performances in European competitions drive revenue growth. Sponsorship deals, merchandise sales, and broadcasting rights contribute to the club's financial growth.

Other

Expected Growth: 10.5%

The 'Other' segment of AFC Ajax NV, comprising merchandising, licensing, and other revenue streams, is expected to grow steadily driven by increasing brand popularity, strategic partnerships, and expanding global fan base.

7. Detailed Products

Match Tickets

AFC Ajax NV sells tickets to its home and away matches, allowing fans to attend live games at the Johan Cruyff Arena or other stadiums.

Merchandise

AFC Ajax NV offers a range of merchandise, including jerseys, hats, scarves, and other apparel, featuring the team's logo and colors.

Sponsorship and Partnerships

AFC Ajax NV partners with various brands and organizations to promote their products or services, generating revenue for the club.

Youth Academy and Training Programs

AFC Ajax NV offers youth development programs, training sessions, and camps, providing coaching and training to young players.

Stadium Tours

AFC Ajax NV offers guided tours of the Johan Cruyff Arena, giving fans a behind-the-scenes look at the stadium and its facilities.

Hospitality and Events

AFC Ajax NV offers hospitality packages and event hosting services, including corporate events, weddings, and other functions.

8. AFC Ajax NV's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AFC Ajax NV is medium, as there are some alternative sports and entertainment options available to fans, but the unique experience and loyalty of Ajax fans mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as individual fans have limited influence over the club's operations and pricing.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium, as the club relies on a few key suppliers for stadium operations and merchandise, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low, as the Dutch football league has a strong established presence and high barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high, as Ajax competes with other top Dutch clubs like PSV Eindhoven and Feyenoord for domestic and international success.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	30.72%
Debt Cost	6.13%
Equity Weight	69.28%
Equity Cost	6.13%
WACC	6.13%
Leverage	44.34%

11. Quality Control: AFC Ajax NV passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Borussia Dortmund

A-Score: 5.3/10

Value: 7.0

Growth: 6.6

Quality: 5.6

Yield: 1.2

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Cyfrowy Polsat

A-Score: 5.3/10

Value: 8.4

Growth: 4.9

Quality: 3.4

Yield: 2.5

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

Kinepolis

A-Score: 4.4/10

Value: 5.3

Growth: 6.0

Quality: 4.5

Yield: 1.2

Momentum: 2.0

Volatility: 7.3

1-Year Total Return ->

Deezer

A-Score: 4.2/10

Value: 8.5

Growth: 5.8

Quality: 2.9

Yield: 0.0

Momentum: 5.5

Volatility: 2.3

1-Year Total Return ->

AFC Ajax

A-Score: 4.0/10

Value: 7.2

Growth: 2.2

Quality: 2.1

Yield: 0.0

Momentum: 2.5

Volatility: 10.0

1-Year Total Return ->

Gaumont

A-Score: 3.3/10

Value: 7.2

Growth: 1.8

Quality: 3.5

Yield: 0.0

Momentum: 1.5

Volatility: 6.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

15.47%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.13%

AFC Ajax NV - NL0000018034

1. Company Snapshot

1.a. Company Description

AFC Ajax NV operates a football club primarily in the Netherlands.The company also operates a stadium and an youth academy.In addition, it sells tickets online.The company was founded in 1900 and is based in Amsterdam, the Netherlands.

1.b. Last Insights on AJAX

1.c. Company Highlights

Cheaper

Less Volatile

Average Quality

Stable Momentum

Higher Growth

Weak Momentum

Lower Yield

Lower Growth

Lower Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.48%)

6. Segments

Football

Expected Growth: 10.5%

Partnerships

Expected Growth: 10.5%

Merchandising

Expected Growth: 10.5%

Television

Expected Growth: 10.2%

Other

Expected Growth: 10.5%

7. Detailed Products

Match Tickets

Merchandise

Sponsorship and Partnerships

Youth Academy and Training Programs

Stadium Tours

Hospitality and Events

8. AFC Ajax NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: AFC Ajax 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.02$

Current Price

9.02$

Potential

-0.00%

Expected Cash-Flows

AFC Ajax NV operates a football club primarily in the Netherlands.The company also operates a stadium and an youth academy.In addition, it sells tickets online.

The company was founded in 1900 and is based in Amsterdam, the Netherlands.

12.e Scoring ^Insights

12.f DCF ^BETA