Azelis Group NV (AZE) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Azelis Group NV stock €8.41, price €11.76, that is 28.5% below the price, quality 54 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range €6.79 – €26.52 · fair‑value band €5.74 – €13.08 · the €11.76 price screens above the €8.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Azelis Group NV engages in the distribution of specialty chemicals and food ingredients.
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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.
Stock analysis
Azelis Group NV (AZE) currently trades at €11.76, while our model-based Fair Value estimate is €8.41, 28% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €17.38 per share, and 8 of the 24 models we run sit above the €11.76 price.
Bear case: the Dividend Discount group reads lowest at €3.78, and 16 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €5.74 (bear) to €13.08 (bull), the price of €11.76 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Azelis Group NV reported revenue of €4.1B in FY2025 versus €2.8B in FY2021, a compound +9.8%/yr. Reported net income was €111M in FY2025, compounding +13.2%/yr from FY2021.
Key figures
Market cap €2.9B Mid · P/E ratio 25.0 · P/S ratio 0.70 · EPS (TTM) €0.4700 · Dividend yield 1.9% · Net margin 2.7% · Return on equity 4.1% · Return on assets (EBIT) 6.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 73% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −41% fair-value upside, at −28%, AZE screens cheaper than that median.
Fair Value models
Bear€5.74Fair Value €8.41Bull€13.08
Price €11.76 · Downside -28.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.2106 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+48.6%
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’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.2%
Dividend (yield on the price)1.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 7%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +0.7% a year for the price and +1.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (29 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The business benefits from expanding distribution partnerships and formulation expertise bridging suppliers and end markets, yet its main weakness remains persistently low ROE and margins that indicate a weak moat.
Main risk: Leverage combined with limited visibility could prevent margin gains from new partnerships, hitting overall profitability in its distribution model.
Azelis continues expanding distribution partnerships in industrial and personal care applications while showcasing formulation expertise at events like SEPAWA. This builds on its role bridging suppliers and end markets in specialty chemicals. Our models see the shares as overvalued. Will these new agreements lift margins enough to offset leverage and limited visibility or will they mainly add scale without closing the valuation gap?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 757 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside−28.5% · Below median
Profitability
Return on equity (12 months)4.1% · Below median
Return on assets2.1% · Below median
Net margin (12 months)2.7% · Below median
Operating margin (12 months)8.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.3% · Below median
Dividend yield (12 months)1.9% · Above median
Balance sheet
Debt / equity0.60× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)25.0× · Pricier than median
P/B1.06× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Azelis Group NV Fair Value". https://www.fairvalue-calculator.com/stock/AZE
Frequently asked questions
Is Azelis Group NV (AZE) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of €8.41 versus a price of €11.76, about 28% lower (overvalued).
What is the fair value of AZE?
Our model-based fair value for Azelis Group NV is €8.41 (as of Nov 10, 2026), built from audited fundamentals. The current price: €11.76.
What is the quality score of AZE?
Azelis Group NV has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Azelis Group NV (AZE)?
Our model-based price target is the fair value of €8.41 (as of Nov 10, 2026) from 24 valuation models. Cautious scenario €5.74, optimistic scenario €13.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Azelis Group NV stock forecast for 2026?
Our models put fair value at €8.41, about 28% lower versus a price of €11.76 (overvalued). Cautious scenario €5.74, optimistic scenario €13.08. The calculation is refreshed regularly with new filings.
What is the revenue of Azelis Group NV (AZE)?
Azelis Group NV reported trailing-twelve-month revenue of about €4.1B (latest available figure, as of Nov 10, 2026).
Does Azelis Group NV pay a dividend?
Azelis Group NV currently shows a dividend yield of 1.92% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Azelis Group NV (AZE) and when is the ex-dividend date?
Azelis Group NV pays a dividend of €0.226 per share a year, a dividend yield of 1.9%. The last ex-dividend date was Jun 29, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 48.1% of earnings. Free cash flow covers the dividend 5.20 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Azelis Group NV (AZE)?
For today's price to be fair in a discounted-cash-flow model, Azelis Group NV would have to grow free cash flow by +2.9 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.9 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of AZE use?
Our models discount Azelis Group NV at 9.1 %: a base by market capitalisation (mid), damped by beta 0.54, country premium for Belgium. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Azelis Group NV that is +2.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Azelis Group NV (AZE) delivered so far?
Over the past 5 years revenue at Azelis Group NV grew +11.9 % a year. The price currently implies free-cash-flow growth of +2.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Azelis Group NV (AZE) growing?
The median revenue growth in the sector is +8.7 % a year. That is the yardstick for the growth priced into Azelis Group NV (+2.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Azelis Group NV (AZE)?
The free-cash-flow yield on the price is 9.99 %: that much free cash flow Azelis Group NV produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Azelis Group NV (AZE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Azelis Group NV it is €8.41 per share (as of Nov 10, 2026), against a price of €11.76. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Azelis Group NV stock overvalued or undervalued in 2026?
As of Nov 10, 2026, AZE trades above its calculated fair value: price €11.76, fair value €8.41, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AZE?
No. The price is what the market pays today (€11.76); the fair value is what the company's own numbers justify (€8.41). For Azelis Group NV the two are €3.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is Azelis Group NV worth?
The market values Azelis Group NV at about €2.9B (market capitalisation, as of Nov 10, 2026). Per share that is €11.76; our models calculate a fair value of €8.41 per share.
What do the bullish and bearish scenarios say about AZE?
Our models span a range for Azelis Group NV: cautious scenario €5.74, base €8.41, optimistic €13.08 per share (as of Nov 10, 2026, price €11.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AZE?
Azelis Group NV trades at a price-to-earnings ratio of 25.0 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €8.41 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 29.1. Other multiples: P/B 1.1, P/S 0.7, EV/EBITDA 10.4.
How solid is the balance sheet of Azelis Group NV (AZE)?
Balance-sheet figures for Azelis Group NV (as of Nov 10, 2026): return on equity 4.1%, debt of 0.60 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is AZE from its 52-week high?
Azelis Group NV trades at €11.76, about 12% below its 52-week high of €13.42 and 73% above the low of €6.79 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €8.41 is for.
Which stocks are comparable to Azelis Group NV?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Azelis Group NV stock attractive at the current price?
The data as of Nov 10, 2026: price €11.76, calculated fair value €8.41 (−28%), Quality Score 54/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AZE calculated?
We run Azelis Group NV through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €8.41 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Azelis Group NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Azelis Group NV (AZE)?
The closing price on Nov 10, 2026 was €11.76. Our model-based fair value is €8.41, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Azelis Group NV right now?
Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€5.74 to €13.08) leaves room in how you read the outcome.
Key figures of Azelis Group NV
How large is the market capitalisation of Azelis Group NV (AZE)?
The market capitalisation of Azelis Group NV is €2.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Azelis Group NV (AZE)?
The price-to-sales ratio of Azelis Group NV is 0.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Azelis Group NV (AZE)?
Earnings per share at Azelis Group NV are €0.4700 (price ÷ EPS = P/E 25.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Azelis Group NV (AZE)?
The dividend yield of Azelis Group NV is 1.9% (payout 48.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Azelis Group NV (AZE)?
The net margin of Azelis Group NV is 2.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Azelis Group NV (AZE)?
The return on equity (ROE) of Azelis Group NV is 4.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Azelis Group NV (AZE)?
On an EBIT basis the return on assets of Azelis Group NV is 6.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Azelis Group NV (AZE)?
The operating margin of Azelis Group NV is 8.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Azelis Group NV (AZE)?
Revenue at Azelis Group NV is growing +0.3% versus a year earlier (3y avg −0.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Azelis Group NV (AZE)?
Earnings per share at Azelis Group NV are growing +2.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Azelis Group NV (AZE) carry?
The net debt of Azelis Group NV is €1.7B (fiscal year 2025, ≈ 6.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 10, 2026