Materials

Report by Revelare Partners

Revelare, who hosts ~40 idea events p.a. where 300+ investment ideas are sourced from institutional investment clients, recently spoke with an investor who is long AZE, the second largest pure play specialty chemical and food ingredient distributor globally after IMCD. The investor is bullish because he sees AZE exiting 2024 with positive total organic growth for the first time in seven quarters, leading to revenue / EBITA acceleration in 2025 and associated multiple expansion. He believes the stock can appreciate to a ~€30 stock price at the end of 2025 (55% upside). He also considers AZE to be a very strategic asset that may be acquired by private equity or Brenntag in the medium / long-term.