Report
Azelis Recovery in America offsets slightly weaker EMEA and APAC
Azelis revenues were slightly above expectations given a recovery in the US CASE and LatAm market, supported by FX dynamics. This partially offset by lower organic growth in APAC and EMEA. The shift towards more Industrial Chemicals resulted in a slightly lower Gross profit margin compared to our estimates, yet in line with CSS. This resulted in an EBITA of € 130m and was slightly better than our and CSS expectations, both at € 128m. Overall decent results in line with what we expected. Given the strong upside we reiterate our Buy Recommendation and maintain our Target price of € 26.
Underlying
AZELIS GROUP NV
Provider
KBC Securities
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Thibault Leneeuw
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