Azelis Group N.V. (AZE.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+307.0%

€47.70

vs €11.72 price

Levered DCF

€80.44

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.92

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.33×	25.68×	29.97×	29.14×	87×	93.33×	133.33×	-304.68×
P/B	0.84×	1.61×	2.06×	2.6×	2.65×	5.39×	5.31×	5.55×
P/S	0.55×	1.09×	1.28×	1.5×	2.09×	2.8×	3.13×	25.49×
EV / EBITDA	9.24×	12.93×	14.85×	16.31×	29.51×	39×	44.38×	-964.89×
Gross margin	12.1%	24.3%	13.4%	23.3%	22.7%	22.4%	20.7%	10.3%
Operating margin	7.1%	9.1%	8.9%	9.4%	7.4%	7.4%	6.2%	3.7%
Net margin	2.7%	4.3%	4.3%	5.2%	2.4%	3.0%	2.3%	-8.4%
Current ratio	1.95×	1.93×	1.7×	1.48×	1.54×	1.66×	1.62×	1.64×
Debt / equity	0.7×	0.64×	0.69×	0.6×	0.45×	1.06×	0.98×	0.85×
Interest coverage	2.36×	2.77×	3.03×	7.41×	3.46×	2.01×	1.89×	0×
Dividend yield	2.4%	1.2%	1.3%	0.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	49.4%	29.5%	38.1%	3.3%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	6.3%	6.9%	8.9%	3.0%	5.8%	3.9%	-1.8%
Return on invested capital	3.9%	5.7%	5.9%	6.5%	3.5%	5.9%	4.1%	0.4%
Return on assets	2.1%	3.1%	3.2%	4.3%	1.7%	2.4%	1.7%	-0.8%
Free cash flow yield	12.7%	6.7%	7.7%	5.6%	1.2%	1.6%	1.0%	0.9%
Earnings yield	4.9%	3.9%	3.3%	3.4%	1.1%	1.1%	0.7%	-0.3%
Enterprise value	€3.9B	€6.2B	€6.6B	€7.4B	€6.8B	€7.7B	€7.7B	€7.5B
Net debt / EBITDA	3.85×	3.23×	2.9×	2.58×	3.8×	5.74×	6.43×	-118.93×
Cash conversion cycle (days)	51	72	52	19	72	47	48	295