Azerion Group N.V. (AZRN.AS) 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

-106.3%

-€0.04

vs €0.58 price

Levered DCF

-€0.96

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.31

Distress zone

Rating

Overall 2 / 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	-4.04×	-2.32×	9.45×	-4.52×	-45.18×	-0.22×	0×	0×
P/B	9.39×	2.79×	2.18×	6.45×	-40.09×	0.28×	0×	0×
P/S	0.26×	0.26×	0.44×	1.34×	2.89×	0.01×	0×	0×
EV / EBITDA	6.11×	19.32×	3.14×	-9.84×	33.34×	3.95×	4.98×	3.48×
Gross margin	27.0%	31.5%	35.5%	36.7%	39.2%	35.9%	31.4%	28.3%
Operating margin	-0.8%	-4.4%	14.1%	-30.7%	2.7%	2.0%	1.1%	-4.1%
Net margin	-6.4%	-10.5%	4.6%	-29.7%	-6.4%	-2.7%	-2.2%	-5.4%
Current ratio	0.74×	0.87×	0.74×	0.74×	29.94×	0.66×	0.49×	0.61×
Debt / equity	15.67×	5.83×	1.77×	2.44×	-10.12×	21.87×	-7.02×	-4.22×
Interest coverage	-0.08×	-0.73×	2.63×	-5.94×	0.3×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	-235.4%	-114.9%	22.7%	-143.2%	88.3%	-129.7%	37.8%	112.7%
Return on invested capital	-1.6%	-5.5%	12.1%	-36.0%	1.2%	3.7%	2.7%	-21.3%
Return on assets	-5.9%	-8.5%	3.6%	-21.0%	-5.1%	-2.7%	-2.3%	-8.9%
Free cash flow yield	-7.1%	-9.2%	11.0%	3.8%	0.7%	1690.9%	0.0%	0.0%
Earnings yield	-25.1%	-41.1%	10.4%	-22.2%	-2.2%	-465.1%	0.0%	0.0%
Enterprise value	€310.5M	€343.8M	€371.6M	€782.6M	€1.1B	€80.4M	€61.2M	€24.2M
Net debt / EBITDA	3.39×	11.4×	1.22×	-2.24×	6.69×	3.89×	4.98×	3.48×
Cash conversion cycle (days)	-36	-41	-36	-35	-15	-29	-84	-94