Azelis The strong undervaluation is the trigger

In this note we lower our organic growth, gross profit margin expectations and increase OpEx expectations, which results in an estimated adj. EBITA of € 471m for FY25e or 8.1% below our prior estimate. We provide a detailed overview for each region on a quarterly basis. Furthermore, we compare the organic growth dynamics between Azelis and IMCD. Azelis is trading at a very attractive valuation not only compared to IMCD but also to the broader market. The recent market developments drive a lower TP of € 24 per share given the sharp upside we reiterate our Buy recommendation.