Azelis remains a robust free cash flow generator despite sector-wide margin pressure and modest revenue declines. AZE trades at a double-digit free cash flow yield, with non-cash amortization weighing on reported earnings but not on cash generation. Management prioritizes M&A over dividends, leveraging sector weakness to pursue bolt-on acquisitions and enhance long-term value.
IMCD (IMCDY) and Azelis (AZLGF) are leading, capital-light specialty chemical distributors poised for 20%+ annual returns over 5-10 years. Both benefit from industry consolidation, growing scale, exclusive supplier relationships, and strong integration of acquisitions, supporting steady organic and inorganic growth. IMCD stands out with a cleaner balance sheet, longer public track record, and greater APAC exposure, offering a superior risk-adjusted return profile.
Azelis, listed on Euronext Brussels, has a market cap of approximately 3.7B EUR and generates strong cash flow, making it an attractive investment. Despite stable net income, Azelis' underlying free cash flow of 277M EUR and a proposed dividend increase highlight its financial strength. The company's exposure to US tariffs should be limited, with a positive outlook for revenue growth, especially in the Americas.
| - Industry | - Sector | Ms. Anna Bertona CEO | OTC PINK Exchange | BE0974400328 ISIN |
| BE Country | 4,321 Employees | - Last Dividend | - Last Split | - IPO Date |
Azelis Group NV is a leading distributor specializing in specialty chemicals and food ingredients with a global footprint. Founded in 1996 and based in Antwerp, Belgium, the company plays a pivotal role in the supply chains of various industry segments. Azelis serves a wide array of markets within the life sciences sectors, such as personal care, pharmaceuticals, and food and nutrition, as well as the industrial chemicals industry. With its extensive network, the company has a presence in the regions of Europe, the Middle East, Africa, the Americas, and the Asia-Pacific, underpinning its role as a key player in the distribution of complex chemical solutions worldwide.
The array of products and services offered by Azelis spans across multiple sectors, including: