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Azerion Group ENXTAM:AZRN Stock Report

Last Price


Market Cap







11 Aug, 2022


Company Financials +
AZRN fundamental analysis
Snowflake Score
Future Growth5/6
Past Performance0/6
Financial Health2/6

AZRN Stock Overview

Azerion Group N.V. operates a digital entertainment and media platform worldwide.


Trading at 39.4% below our estimate of its fair value

Earnings are forecast to grow 98.02% per year

Risk Analysis

No risks detected for AZRN from our risk checks.

Azerion Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Azerion Group
Historical stock prices
Current Share Price€6.64
52 Week High€10.39
52 Week Low€6.30
1 Month Change-13.32%
3 Month Change-21.88%
1 Year Changen/a
3 Year Changen/a
5 Year Changen/a
Change since IPO-27.39%

Recent News & Updates

Shareholder Returns

AZRNNL Interactive Media and ServicesNL Market

Return vs Industry: Insufficient data to determine how AZRN performed against the Dutch Interactive Media and Services industry.

Return vs Market: Insufficient data to determine how AZRN performed against the Dutch Market.

Price Volatility

Is AZRN's price volatile compared to industry and market?
AZRN volatility
AZRN Average Weekly Movement4.7%
Interactive Media and Services Industry Average Movement7.5%
Market Average Movement5.1%
10% most volatile stocks in NL Market8.1%
10% least volatile stocks in NL Market3.1%

Stable Share Price: AZRN is not significantly more volatile than the rest of Dutch stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: AZRN's weekly volatility (5%) has been stable over the past year.

About the Company

20141,242Atilla Aytekin

Azerion Group N.V. operates a digital entertainment and media platform worldwide. Its integrated platform provides technology solutions to automate the purchase and sale of digital advertising inventory for advertisers, publishers, and game creators, as well as to develop, publish, distribute, and operate online social and casual games, and digital content. The company was founded in 2014 and is headquartered in Schiphol-Rijk, the Netherlands.

Azerion Group Fundamentals Summary

How do Azerion Group's earnings and revenue compare to its market cap?
AZRN fundamental statistics
Market Cap€740.25m
Earnings (TTM)-€32.93m
Revenue (TTM)€356.95m


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AZRN income statement (TTM)
Cost of Revenue€273.21m
Gross Profit€83.74m
Other Expenses€116.68m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 31, 2022

Earnings per share (EPS)-0.30
Gross Margin23.46%
Net Profit Margin-9.23%
Debt/Equity Ratio68,100.0%

How did AZRN perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


Is AZRN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AZRN?

Other financial metrics that can be useful for relative valuation.

AZRN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.6x
Enterprise Value/EBITDA38.2x
PEG Ration/a

Price to Sales Ratio vs Peers

How does AZRN's PS Ratio compare to its peers?

AZRN PS Ratio vs Peers
The above table shows the PS ratio for AZRN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average2.1x
ZH Zhihu
BETCO Better Collective
AZRN Azerion Group

Price-To-Sales vs Peers: AZRN is good value based on its Price-To-Sales Ratio (2.1x) compared to the peer average (2.1x).

Price to Earnings Ratio vs Industry

How does AZRN's PE Ratio compare vs other companies in the European Interactive Media and Services Industry?

Price-To-Sales vs Industry: AZRN is good value based on its Price-To-Sales Ratio (2.1x) compared to the European Interactive Media and Services industry average (3.1x)

Price to Sales Ratio vs Fair Ratio

What is AZRN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AZRN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.1x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate AZRN's Price-To-Sales Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of AZRN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AZRN (€6.64) is trading below our estimate of fair value (€10.95)

Significantly Below Fair Value: AZRN is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Azerion Group forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score


Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AZRN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.1%).

Earnings vs Market: AZRN is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: AZRN is expected to become profitable in the next 3 years.

Revenue vs Market: AZRN's revenue (14.4% per year) is forecast to grow faster than the Dutch market (7% per year).

High Growth Revenue: AZRN's revenue (14.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AZRN's Return on Equity is forecast to be high in 3 years time (33.5%)

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Past Performance

How has Azerion Group performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AZRN is currently unprofitable.

Growing Profit Margin: AZRN is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: AZRN is unprofitable, and losses have increased over the past 5 years at a rate of 35.9% per year.

Accelerating Growth: Unable to compare AZRN's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: AZRN is unprofitable, making it difficult to compare its past year earnings growth to the Interactive Media and Services industry (46.3%).

Return on Equity

High ROE: AZRN has a negative Return on Equity (-11026%), as it is currently unprofitable.

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Financial Health

How is Azerion Group's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: AZRN's short term assets (€131.7M) do not cover its short term liabilities (€194.2M).

Long Term Liabilities: AZRN's short term assets (€131.7M) do not cover its long term liabilities (€258.4M).

Debt to Equity History and Analysis

Debt Level: AZRN's net debt to equity ratio (53900%) is considered high.

Reducing Debt: Insufficient data to determine if AZRN's debt to equity ratio has reduced over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable AZRN has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: AZRN is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 62.3% per year.

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What is Azerion Group current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate AZRN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate AZRN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if AZRN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if AZRN's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as AZRN has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Atilla Aytekin



Mr. Atilla Aytekin Co-Founded Azerion in 2014 and serves as its Co-Chief Executive Officer since 2014. He also serves as the Member of Management Board at Azerion Group N.V. He started his career as a busi...

Leadership Team

Experienced Management: AZRN's management team is considered experienced (4.4 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: AZRN insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: AZRN only recently listed within the past 12 months.

Top Shareholders

Company Information

Azerion Group N.V.'s employee growth, exchange listings and data sources

Key Information

  • Name: Azerion Group N.V.
  • Ticker: AZRN
  • Exchange: ENXTAM
  • Founded: 2014
  • Industry: Interactive Media and Services
  • Sector: Media
  • Implied Market Cap: €740.249m
  • Shares outstanding: 111.48m
  • Website:

Number of Employees


  • Azerion Group N.V.
  • Boeing Avenue 30
  • Schiphol-Rijk
  • Noord-Holland
  • 1119 PE
  • Netherlands


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/11 00:00
End of Day Share Price2022/08/11 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.