Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €11.65, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 14x in the Machinery industry in Spain. Total returns to shareholders of 116% over the past three years. New Risk • Jul 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change). Upcoming Dividend • Jul 15
Upcoming dividend of €0.81 per share Eligible shareholders must have bought the stock before 22 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Spanish dividend payers (5.2%). Lower than average of industry peers (3.1%). Annuncio • May 11
Azkoyen, S.A., Annual General Meeting, Jun 09, 2026 Azkoyen, S.A., Annual General Meeting, Jun 09, 2026. Location: avda san silvestre sn, peralta, navarra., Spain Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: €0.71 (vs €0.76 in FY 2024) Full year 2025 results: EPS: €0.71 (down from €0.76 in FY 2024). Revenue: €211.1m (up 6.0% from FY 2024). Net income: €17.3m (down 6.8% from FY 2024). Profit margin: 8.2% (down from 9.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.7% average weekly change). Upcoming Dividend • Jun 11
Upcoming dividend of €0.31 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Spanish dividend payers (4.8%). Higher than average of industry peers (2.8%). Annuncio • Jun 03
Azkoyen, S.A. announces Annual dividend, payable on June 20, 2025 Azkoyen, S.A. announced Annual dividend of EUR 0.3110 per share payable on June 20, 2025, ex-date on June 18, 2025 and record date on June 19, 2025. Annuncio • Apr 30
Azkoyen, S.A., Annual General Meeting, May 30, 2025 Azkoyen, S.A., Annual General Meeting, May 30, 2025. Location: avda san silvestre sn, peralta, navarra., Spain New Risk • Feb 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 31
First half 2024 earnings released: EPS: €0.35 (vs €0.36 in 1H 2023) First half 2024 results: EPS: €0.35 (down from €0.36 in 1H 2023). Revenue: €100.5m (flat on 1H 2023). Net income: €8.46m (down 4.5% from 1H 2023). Profit margin: 8.4% (down from 8.9% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 26
Upcoming dividend of €0.29 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Spanish dividend payers (5.7%). In line with average of industry peers (2.7%). Annuncio • May 22
Azkoyen, S.A., Annual General Meeting, Jun 21, 2024 Azkoyen, S.A., Annual General Meeting, Jun 21, 2024. Location: avda san, silvestre sn, peralta, navarra, Spain Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: €0.71 (vs €0.61 in FY 2022) Full year 2023 results: EPS: €0.71 (up from €0.61 in FY 2022). Revenue: €192.5m (up 13% from FY 2022). Net income: €17.3m (up 16% from FY 2022). Profit margin: 9.0% (up from 8.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Feb 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buying Opportunity • Dec 29
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €7.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 26%. Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €0.36 (vs €0.27 in 1H 2022) First half 2023 results: EPS: €0.36 (up from €0.27 in 1H 2022). Revenue: €99.6m (up 28% from 1H 2022). Net income: €8.86m (up 34% from 1H 2022). Profit margin: 8.9% (up from 8.5% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of €0.15 per share at 3.8% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Spanish dividend payers (6.0%). In line with average of industry peers (3.6%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Esther Málaga was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €5.36m from profit in 1H 2021). Profit margin: (down from 8.1% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Annuncio • Jul 23
Azkoyen, S.A. (BME:AZK) acquired Ascaso Factory Slu for €21 million. Azkoyen, S.A. (BME:AZK) acquired Ascaso Factory Slu for €21 million on July 22, 2022. The consideration is for €17 million an additional €4 million subject to the fulfillment of certain objectives of gross operating profit (EBITDA) with respect to the years 2022, 2023 and 2024.
Azkoyen, S.A. (BME:AZK) completed the acquisition of Ascaso Factory Slu on July 22, 2022. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €6.20, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 13x in the Machinery industry in Spain. Total returns to shareholders of 3.1% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of €0.86 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 18 July 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Spanish dividend payers (6.1%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to €6.70, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 13x in the Machinery industry in Spain. Total loss to shareholders of 3.6% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 18% share price gain to €6.38, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 14x in the Machinery industry in Spain. Total loss to shareholders of 7.2% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Darío Ramírez was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.53 (up from €0.26 in FY 2020). Revenue: €138.9m (up 21% from FY 2020). Net income: €12.9m (up 104% from FY 2020). Profit margin: 9.3% (up from 5.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 17
Inaugural dividend of €0.16 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 28 June 2021. The company last paid an ordinary dividend in July 2017. The average dividend yield among industry peers is 1.7%. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS 0.26 (vs 109 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: 114.4m (down 100% from FY 2019). Net income: 6.33m (down 100% from FY 2019). Profit margin: 5.5% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 08
New 90-day high: €5.56 The company is up 29% from its price of €4.30 on 10 November 2020. The Spanish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: €5.24 The company is up 7.0% from its price of €4.89 on 17 September 2020. The Spanish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 16% over the same period. Reported Earnings • Dec 02
Third quarter 2020 earnings released: EPS €0.087 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €28.8m (down 16% from 3Q 2019). Net income: €2.11m (down 29% from 3Q 2019). Profit margin: 7.3% (down from 8.6% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 15% share price gain to €4.90, the stock is trading at a trailing P/E ratio of 11x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 32x in the Machinery industry in Spain. Total return to shareholders over the past three years is a loss of 29%. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 20% share price gain to €5.14, the stock is trading at a trailing P/E ratio of 11.5x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 30x in the Machinery industry in Spain. Total return to shareholders over the past three years is a loss of 26%. Is New 90 Day High Low • Oct 30
New 90-day low: €4.08 The company is down 18% from its price of €4.96 on 31 July 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 4.0% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €10.9m, down 31% from the prior year. Total revenue was €128.7m over the last 12 months, down 10.0% from the prior year. Is New 90 Day High Low • Sep 29
New 90-day low: €4.60 The company is down 11% from its price of €5.14 on 01 July 2020. The Spanish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 2.0% over the same period. 
