Azelis Group NV : Azelis – Updating our estimates
>A great base for 2023 - Azelis had a great 2022, firing on all cylinders. Revenues were up +45.3% yoy, adj. EBITA +70.5%, and the group conversion margin (EBITA / gross profit) increased by a whopping +6.3% to 47.6%. Despite these tremendous results, we remain cautious, given the high comps and some potential signs of normalisation. Demand growth has been visibly slower in 2H22, particularly during 4Q22. Volume growth in the cyclical Industrials was low/zero, while v...
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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