_Hold_Medium.jpg)
Azkoyen, S.A.
# Azkoyen, S.A. (BME: AZK) — Equity Research Report
**Value orientation | Short/medium-term horizon ( **Source note:** Azkoyen does not run US-style quarterly earnings calls with full sell-side transcripts in English. Narrative is reconstructed from **H1/H2 and FY press releases** (2024–2025) and chairman commentary—semi-annual disclosure cadence.
### 2.1 Tone over ~4 half-year periods
| Period | Tone | Confidence |
|---|---|---|
| H2-2023 / FY2023 | Constructive post-recovery | Stable-positive |
| H1-2024 | Confident; margin focus | Stable-optimistic |
| FY2024 | Celebratory (record sales/EBITDA/NI); debt slash | **Optimistic** |
| H1-2025 | Steady; stock valuation mentioned positively | Stable-confident |
| **FY2025** | Proud of records; forward sales >2025 expected; geopolitics acknowledged | **Confident, not euphoric** |
**Overall evolution:** **Stable to slightly more confident**, never defensive. Language emphasizes **strategy validation** over aggressive new promises.
### 2.2 What management emphasizes vs downplays
**Emphasized**
- Record **revenue and EBITDA** and 80-year milestone
- **Mix / gross margin** improvement
- **Net debt elimination** and liquidity
- **Diversification** across Coffee & Vending / Payment / Security
- International footprint (**100+ countries**), Germany weight
- Sustainability / ESG credentials
- **Shareholder remuneration** (dividends; Ibex Top Dividendo)
**Downplayed / light on detail**
- Why **net profit** did not grow with sales in 2025
- Sustainability of **EUR 1.00 DPS** vs earnings (payout >100% on TTM)
- Competitive pricing pressure in vending hardware
- Granular order book / backlog metrics
- FX and UK/US coffee channel volatility
### 2.3 Analyst Q&A
No complete public earnings-call Q&A transcripts were retrieved. Interaction appears primarily through **Spanish financial press and CNMV filings** rather than global conference-call platforms. This reduces visibility into stress-test questions (WC, Soft margins, Primion integration quality).
### 2.4 Revealing quotes (FY2025 press, Chairman Juan José Suárez)
1. On people and results: achievements are “being made possible thanks to them” (employees), framing 2025 as collective execution in the anniversary year.
2. On strategy: the three-year results trend is “a recognition of the strategic plan, based on innovation oriented towards user experience, internationalisation, business diversification and sustainability as a cross-cutting axis.”
3. On outlook: growth will be complemented by “seeking ways to extract the maximum potential and greatest value from each of our business lines,” with **2026 sales expected above 2025** despite geopolitical uncertainty.
These quotes signal **continuity**, **multi-pillar strategy**, and **incremental value extraction**—not a transformational pivot narrative.
---
## 3. Thesis Validation
### 3.1 Three strongest short-term value supports
1. **De-levered compounder profile:** Near net cash, light capex, and ROIC > WACC create downside support if growth merely continues mid-single digit.
2. **Mix shift to Payment + Security (72% of sales):** Higher technology/services content and recurring maintenance/SaaS in Primion improve quality of earnings vs pure hardware cycles.
3. **Still-reasonable EV/EBITDA (~9x)** for a diversified European specialist with record EBITDA—if FCF normalizes toward CFO−capex, cash yield becomes attractive again.
### 3.2 Two key counter-arguments / risks
1. **Re-rating already happened:** +60% in 52 weeks; price near highs; DCF base upside only ~10–12%. Classic value entry is behind us.
2. **Cash conversion & dividend optics:** FOCF yield ~4%; indicated yield ~7% with **payout ~141%** is not a steady-state; normalization to ≥50% of PAT (board proposal framework) could cut cash yield narrative and disappoint income investors.
### 3.3 Verdict
**Neutral to mildly constructive (Hold).**
*Quality is real and the balance sheet is clean, but the short-term value gap has largely closed after a sharp re-rating.*
---
## 4. Sector and Macro View
**Sector overview:** Automated retail equipment, cash-management hardware/software, and physical/logical access control sit at the intersection of **capex cycles** and **digitization**. Pricing power is **moderate**—brand and installed base help, but retail and facility-management customers remain price-aware. Consolidation continues among payment and security software vendors; hardware niches remain fragmented. Cycle stage: **mid-cycle expansion** in Europe with cautious corporate capex.
**Geopolitical sensitivities**
- European industrial confidence and **security spending** (supports Primion)
- **Component supply** (electronics, mechatronics) and logistics
- Indirect energy-shock scenarios (e.g., Middle East shipping stress) via **costs and confidence**, not direct oil-upstream exposure
- Limited direct Strait-of-Hormuz volume exposure; risk is **macro second-order**
**Macro sensitivities**
| Factor | Directional impact |
|---|---|
| EUR interest rates | Higher rates → delayed customer capex; lower rates supportive |
| Energy / industrial costs | Margin pressure if not passed through |
| EUR vs USD / GBP | Translation and competitiveness in UK/US coffee & export channels |
| European retail footfall / HORECA | Coffee & vending demand |
| Trade policy / tariffs | Secondary via supply chain and LatAm/US reach |
**Competitive positioning & moat:** **Stable to slightly widening.** Moat sources: specialized brands (Azkoyen, Coffetek, Coges, Cashlogy, primion), installed base, and rising **connected / SaaS-like** revenue. Moat is **narrow-to-moderate**, not a global platform monopoly. Widening evidence: Payment share leadership in growth, connected machine counts, security recurring revenue. Narrowing risks: large global payment players and low-cost Asian hardware.
---
## 5. Catalyst Watch
### Upcoming calendar (indicative)
| Event | Timing (expected) |
|---|---|
| FY2025 full annual report / accounts package | Around AGM season 2026 (post preliminary results already out) |
| AGM & **dividend resolution** (≥50% of 2025 PAT proposed framework) | Mid-2026 window / per notice |
| H1-2026 results | ~July–September 2026 |
| Ibex Top Dividendo / index rebalances | Periodic |
| Potential bolt-on M&A in Payment or Security | Opportunistic (balance sheet capacity) |
### Short-term catalysts ( 2025** with margin stability
- **WC release** improving CFO vs 2025
- Dividend policy **clarification** (ordinary DPS level post-special years)
- Further growth in **connected devices** and Primion SaaS
- Any **accretive M&A** funded without re-levering
### Long-term catalysts
- Structural shift from cash hardware to **cashless + telemetry subscriptions**
- Convergent security (physical + IT/OT) wallet share in DACH
- Deeper **US / LatAm** coffee channel penetration
- Sustained ROIC > WACC with scale efficiencies
---
## 6. Qualitative Long-Term Assessment
### Capital allocation
| Tool | Track record |
|---|---|
| Dividends | Primary return channel; elevated recent DPS; board frames **≥50% of PAT** going forward |
| Buybacks | Minimal (share count flat) |
| Capex | Disciplined / low (EUR 2–5m/y)—asset-light relative to sales |
| Debt | Aggressive reduction 2023–2025; **net cash** endpoint |
| M&A | Historical (e.g., security/payment expansion); capacity restored |
| SBC / issuance | Not a meaningful dilution story |
**Policy quality:** Shareholder-friendly but **dividend volatility** is a governance communication risk if investors underwrite 7% yield as permanent.
### Moat durability
**Stable/slightly strengthening** via software/connectivity attach rates; hardware remains competitive. Goodwill + intangibles (~EUR 79m) vs equity EUR 125m means accounting TBV understates franchise but also embeds **acquisition risk**.
### Management quality
- **Coherence:** Multi-year strategic pillars repeated consistently.
- **Transparency:** Adequate press metrics; weaker on English call culture and granular KPIs.
- **Alignment:** Concentrated Spanish shareholder base; chairman messaging on employee and shareholder dual commitment.
- **Skin in the game:** Significant holders include long-term industrial/family names (exact insider % pending CNMV detail).
### Culture signals
Willing to celebrate records; less explicit on **profit miss vs sales**. Narrative stability is high—positive for execution risk, slightly negative for “bad news early” signaling.
### Business quality trend
**Improving** operationally (mix, scale, balance sheet). **Investment opportunity quality: deteriorating** after price run.
---
## 7. Investment Summary
- Clean **net cash** balance sheet after multi-year deleveraging
- **Record 2025 sales/EBITDA** with structural mix toward Payment & Security
- **ROIC ~13% > WACC ~8.5%** supports intrinsic compounding
- Valuation **no longer cheap** (P/E ~20x, P/FOCF ~25x, +60% 52w)
- Base DCF **~EUR 15.5–15.7** → limited **~+12%** upside; income yield likely normalizes lower
**Core rationale:** Azkoyen is a **better business than it was three years ago**, but the market has largely recognized that. For a value mandate with a **<2-year** horizon, the asymmetric entry is gone; the name is a **hold for quality/compounding**, not a fresh margin-of-safety buy. Downside is cushioned by net cash and mid-cycle earnings power; upside needs either FCF normalization above FOCF or multiple expansion that is hard to justify from already mid-to-high relative multiples.
---
## 8. Final Recommendation
| Item | Call |
|---|---|
| **Action** | **Hold** |
| **Confidence** | **Medium** |
| **Time horizon** | 6–24 months |
| **Current price (date)** | **EUR 14.00 (17 July 2026)** |
| **Target price range** | **EUR 14.0 – 16.5** |
| **Suggested entry zone** | **EUR 11.5 – 12.5** (re-build margin of safety) |
| **Stop-loss (risk discipline)** | **EUR 11.0** (~−21%) for new risk capital; holders may trail |
| **Expected risk/reward (to mid EUR 15.5)** | Upside ~+12% / downside to entry ~−15–20% → **~0.6–0.8 R/R** (unfavorable for new buys) |
| **Upside / downside ratios** | ~1 : 1.5 against stop; **upside +12%** to target mid |
| **Average dividend yield** | Indicated ~**7.1%** on EUR 1.00 DPS; **sustainable ordinary yield more like ~2.5–4%** if payout → 50–70% of EPS |
**Action: Hold | Conviction: Medium | Upside: +12%**
---
## 9. Gaps and Open Questions
| Gap | Potential Impact | How to Resolve | Priority |
|---|---|---|---|
| Full English earnings-call transcripts (4 periods) | High — tone nuance, WC, guidance | Company IR; Spanish webcasts; local brokers | High |
| Exact significant holder **percentages** & 24m insider net flow | Medium — governance / float | [CNMV significant holdings](https://www.cnmv.es/portal/consultas/derechosvoto/ps_ac_ini?nif=A-31065618&lang=es); notifications PDF drill-down | High |
| Segment EBIT (not only sales mix) | Medium — quality of growth | Full annual report notes | High |
| Official FOCF definition vs CFO−capex bridge | High — valuation | Cash-flow note in audited accounts | High |
| Peer spreadsheet (Crane NXT payment, security pure-plays) live multiples | Medium | Bloomberg/Yahoo key stats same day | Medium |
| Order backlog / book-to-bill | Medium | IR KPI pack | Medium |
| Exact next earnings date | Low–Medium | Company financial calendar | Medium |
| DPS breakdown ordinary vs extraordinary 2021–2025 | Medium — yield thesis | Dividend resolutions / annual report | Medium |
**Source failures / limits**
- User dump is rich on **standardized financials & ratios** but lacks transcripts, ownership %, and segment P&L.
- Azkoyen IR English “shareholders” deep links returned **404** in one fetch; Spanish press pages worked.
- No sell-side consensus in dump (`Estimate_summary` empty; TargetPrice NaN).
- Did **not** hit a hard tool-call ceiling, but iterative CNMV PDF extraction would need **extra turns** for complete insider tape.
**Useful links for follow-up**
- https://www.azkoyen.com/en/prensa/azkoyen-group-increases-its-turnover-by-6-reaching-211-million-euros/
- https://www.azkoyen.com/informacion-financiera/
- https://www.cnmv.es/portal/consultas/derechosvoto/ps_ac_ini?nif=A-31065618&lang=es
- https://finance.yahoo.com/quote/AZK.MC/key-statistics/
---
## 10. References
### Web / company
- Azkoyen FY2025 results press (turnover EUR 211m, regional & segment mix, chairman quotes, outlook)
- Azkoyen H1-2025 and FY2024 press releases (records, debt reduction)
- CNMV significant holdings index page for AZKOYEN, S.A. (holder names; voting rights 24,450,000)
- Yahoo Finance / market data cross-check (EV, multiples)
### Attachments provided by user
| File | Abstract |
|---|---|
| `dump/AZKOYEN_SA_(AZK.MC).txt` | Structured dump: company profile, FY2020–2025 income/balance/cash flow, H1/H2 semi-annual income, market ratios (price 14.00 on 2026-07-17, multiples, yields, growth rates) |
### Key terminology & abbreviations
| Term | Meaning |
|---|---|
| BME | Bolsas y Mercados Españoles (Spanish exchange) |
| CFO | Cash flow from operations |
| DCF / FCFF | Discounted cash flow / free cash flow to firm |
| EV | Enterprise value |
| FOCF | Free operating cash flow (vendor definition) |
| NCAV | Net current asset value |
| NOPAT | Net operating profit after tax |
| ROIC | Return on invested capital |
| WACC | Weighted average cost of capital |
| WC | Working capital |
| PAT | Profit after tax |
### Word count (excluding Section 10)
**Approximately 3,050 words** (Sections Executive summary through 9).
**Value orientation | Short/medium-term horizon ( **Source note:** Azkoyen does not run US-style quarterly earnings calls with full sell-side transcripts in English. Narrative is reconstructed from **H1/H2 and FY press releases** (2024–2025) and chairman commentary—semi-annual disclosure cadence.
### 2.1 Tone over ~4 half-year periods
| Period | Tone | Confidence |
|---|---|---|
| H2-2023 / FY2023 | Constructive post-recovery | Stable-positive |
| H1-2024 | Confident; margin focus | Stable-optimistic |
| FY2024 | Celebratory (record sales/EBITDA/NI); debt slash | **Optimistic** |
| H1-2025 | Steady; stock valuation mentioned positively | Stable-confident |
| **FY2025** | Proud of records; forward sales >2025 expected; geopolitics acknowledged | **Confident, not euphoric** |
**Overall evolution:** **Stable to slightly more confident**, never defensive. Language emphasizes **strategy validation** over aggressive new promises.
### 2.2 What management emphasizes vs downplays
**Emphasized**
- Record **revenue and EBITDA** and 80-year milestone
- **Mix / gross margin** improvement
- **Net debt elimination** and liquidity
- **Diversification** across Coffee & Vending / Payment / Security
- International footprint (**100+ countries**), Germany weight
- Sustainability / ESG credentials
- **Shareholder remuneration** (dividends; Ibex Top Dividendo)
**Downplayed / light on detail**
- Why **net profit** did not grow with sales in 2025
- Sustainability of **EUR 1.00 DPS** vs earnings (payout >100% on TTM)
- Competitive pricing pressure in vending hardware
- Granular order book / backlog metrics
- FX and UK/US coffee channel volatility
### 2.3 Analyst Q&A
No complete public earnings-call Q&A transcripts were retrieved. Interaction appears primarily through **Spanish financial press and CNMV filings** rather than global conference-call platforms. This reduces visibility into stress-test questions (WC, Soft margins, Primion integration quality).
### 2.4 Revealing quotes (FY2025 press, Chairman Juan José Suárez)
1. On people and results: achievements are “being made possible thanks to them” (employees), framing 2025 as collective execution in the anniversary year.
2. On strategy: the three-year results trend is “a recognition of the strategic plan, based on innovation oriented towards user experience, internationalisation, business diversification and sustainability as a cross-cutting axis.”
3. On outlook: growth will be complemented by “seeking ways to extract the maximum potential and greatest value from each of our business lines,” with **2026 sales expected above 2025** despite geopolitical uncertainty.
These quotes signal **continuity**, **multi-pillar strategy**, and **incremental value extraction**—not a transformational pivot narrative.
---
## 3. Thesis Validation
### 3.1 Three strongest short-term value supports
1. **De-levered compounder profile:** Near net cash, light capex, and ROIC > WACC create downside support if growth merely continues mid-single digit.
2. **Mix shift to Payment + Security (72% of sales):** Higher technology/services content and recurring maintenance/SaaS in Primion improve quality of earnings vs pure hardware cycles.
3. **Still-reasonable EV/EBITDA (~9x)** for a diversified European specialist with record EBITDA—if FCF normalizes toward CFO−capex, cash yield becomes attractive again.
### 3.2 Two key counter-arguments / risks
1. **Re-rating already happened:** +60% in 52 weeks; price near highs; DCF base upside only ~10–12%. Classic value entry is behind us.
2. **Cash conversion & dividend optics:** FOCF yield ~4%; indicated yield ~7% with **payout ~141%** is not a steady-state; normalization to ≥50% of PAT (board proposal framework) could cut cash yield narrative and disappoint income investors.
### 3.3 Verdict
**Neutral to mildly constructive (Hold).**
*Quality is real and the balance sheet is clean, but the short-term value gap has largely closed after a sharp re-rating.*
---
## 4. Sector and Macro View
**Sector overview:** Automated retail equipment, cash-management hardware/software, and physical/logical access control sit at the intersection of **capex cycles** and **digitization**. Pricing power is **moderate**—brand and installed base help, but retail and facility-management customers remain price-aware. Consolidation continues among payment and security software vendors; hardware niches remain fragmented. Cycle stage: **mid-cycle expansion** in Europe with cautious corporate capex.
**Geopolitical sensitivities**
- European industrial confidence and **security spending** (supports Primion)
- **Component supply** (electronics, mechatronics) and logistics
- Indirect energy-shock scenarios (e.g., Middle East shipping stress) via **costs and confidence**, not direct oil-upstream exposure
- Limited direct Strait-of-Hormuz volume exposure; risk is **macro second-order**
**Macro sensitivities**
| Factor | Directional impact |
|---|---|
| EUR interest rates | Higher rates → delayed customer capex; lower rates supportive |
| Energy / industrial costs | Margin pressure if not passed through |
| EUR vs USD / GBP | Translation and competitiveness in UK/US coffee & export channels |
| European retail footfall / HORECA | Coffee & vending demand |
| Trade policy / tariffs | Secondary via supply chain and LatAm/US reach |
**Competitive positioning & moat:** **Stable to slightly widening.** Moat sources: specialized brands (Azkoyen, Coffetek, Coges, Cashlogy, primion), installed base, and rising **connected / SaaS-like** revenue. Moat is **narrow-to-moderate**, not a global platform monopoly. Widening evidence: Payment share leadership in growth, connected machine counts, security recurring revenue. Narrowing risks: large global payment players and low-cost Asian hardware.
---
## 5. Catalyst Watch
### Upcoming calendar (indicative)
| Event | Timing (expected) |
|---|---|
| FY2025 full annual report / accounts package | Around AGM season 2026 (post preliminary results already out) |
| AGM & **dividend resolution** (≥50% of 2025 PAT proposed framework) | Mid-2026 window / per notice |
| H1-2026 results | ~July–September 2026 |
| Ibex Top Dividendo / index rebalances | Periodic |
| Potential bolt-on M&A in Payment or Security | Opportunistic (balance sheet capacity) |
### Short-term catalysts ( 2025** with margin stability
- **WC release** improving CFO vs 2025
- Dividend policy **clarification** (ordinary DPS level post-special years)
- Further growth in **connected devices** and Primion SaaS
- Any **accretive M&A** funded without re-levering
### Long-term catalysts
- Structural shift from cash hardware to **cashless + telemetry subscriptions**
- Convergent security (physical + IT/OT) wallet share in DACH
- Deeper **US / LatAm** coffee channel penetration
- Sustained ROIC > WACC with scale efficiencies
---
## 6. Qualitative Long-Term Assessment
### Capital allocation
| Tool | Track record |
|---|---|
| Dividends | Primary return channel; elevated recent DPS; board frames **≥50% of PAT** going forward |
| Buybacks | Minimal (share count flat) |
| Capex | Disciplined / low (EUR 2–5m/y)—asset-light relative to sales |
| Debt | Aggressive reduction 2023–2025; **net cash** endpoint |
| M&A | Historical (e.g., security/payment expansion); capacity restored |
| SBC / issuance | Not a meaningful dilution story |
**Policy quality:** Shareholder-friendly but **dividend volatility** is a governance communication risk if investors underwrite 7% yield as permanent.
### Moat durability
**Stable/slightly strengthening** via software/connectivity attach rates; hardware remains competitive. Goodwill + intangibles (~EUR 79m) vs equity EUR 125m means accounting TBV understates franchise but also embeds **acquisition risk**.
### Management quality
- **Coherence:** Multi-year strategic pillars repeated consistently.
- **Transparency:** Adequate press metrics; weaker on English call culture and granular KPIs.
- **Alignment:** Concentrated Spanish shareholder base; chairman messaging on employee and shareholder dual commitment.
- **Skin in the game:** Significant holders include long-term industrial/family names (exact insider % pending CNMV detail).
### Culture signals
Willing to celebrate records; less explicit on **profit miss vs sales**. Narrative stability is high—positive for execution risk, slightly negative for “bad news early” signaling.
### Business quality trend
**Improving** operationally (mix, scale, balance sheet). **Investment opportunity quality: deteriorating** after price run.
---
## 7. Investment Summary
- Clean **net cash** balance sheet after multi-year deleveraging
- **Record 2025 sales/EBITDA** with structural mix toward Payment & Security
- **ROIC ~13% > WACC ~8.5%** supports intrinsic compounding
- Valuation **no longer cheap** (P/E ~20x, P/FOCF ~25x, +60% 52w)
- Base DCF **~EUR 15.5–15.7** → limited **~+12%** upside; income yield likely normalizes lower
**Core rationale:** Azkoyen is a **better business than it was three years ago**, but the market has largely recognized that. For a value mandate with a **<2-year** horizon, the asymmetric entry is gone; the name is a **hold for quality/compounding**, not a fresh margin-of-safety buy. Downside is cushioned by net cash and mid-cycle earnings power; upside needs either FCF normalization above FOCF or multiple expansion that is hard to justify from already mid-to-high relative multiples.
---
## 8. Final Recommendation
| Item | Call |
|---|---|
| **Action** | **Hold** |
| **Confidence** | **Medium** |
| **Time horizon** | 6–24 months |
| **Current price (date)** | **EUR 14.00 (17 July 2026)** |
| **Target price range** | **EUR 14.0 – 16.5** |
| **Suggested entry zone** | **EUR 11.5 – 12.5** (re-build margin of safety) |
| **Stop-loss (risk discipline)** | **EUR 11.0** (~−21%) for new risk capital; holders may trail |
| **Expected risk/reward (to mid EUR 15.5)** | Upside ~+12% / downside to entry ~−15–20% → **~0.6–0.8 R/R** (unfavorable for new buys) |
| **Upside / downside ratios** | ~1 : 1.5 against stop; **upside +12%** to target mid |
| **Average dividend yield** | Indicated ~**7.1%** on EUR 1.00 DPS; **sustainable ordinary yield more like ~2.5–4%** if payout → 50–70% of EPS |
**Action: Hold | Conviction: Medium | Upside: +12%**
---
## 9. Gaps and Open Questions
| Gap | Potential Impact | How to Resolve | Priority |
|---|---|---|---|
| Full English earnings-call transcripts (4 periods) | High — tone nuance, WC, guidance | Company IR; Spanish webcasts; local brokers | High |
| Exact significant holder **percentages** & 24m insider net flow | Medium — governance / float | [CNMV significant holdings](https://www.cnmv.es/portal/consultas/derechosvoto/ps_ac_ini?nif=A-31065618&lang=es); notifications PDF drill-down | High |
| Segment EBIT (not only sales mix) | Medium — quality of growth | Full annual report notes | High |
| Official FOCF definition vs CFO−capex bridge | High — valuation | Cash-flow note in audited accounts | High |
| Peer spreadsheet (Crane NXT payment, security pure-plays) live multiples | Medium | Bloomberg/Yahoo key stats same day | Medium |
| Order backlog / book-to-bill | Medium | IR KPI pack | Medium |
| Exact next earnings date | Low–Medium | Company financial calendar | Medium |
| DPS breakdown ordinary vs extraordinary 2021–2025 | Medium — yield thesis | Dividend resolutions / annual report | Medium |
**Source failures / limits**
- User dump is rich on **standardized financials & ratios** but lacks transcripts, ownership %, and segment P&L.
- Azkoyen IR English “shareholders” deep links returned **404** in one fetch; Spanish press pages worked.
- No sell-side consensus in dump (`Estimate_summary` empty; TargetPrice NaN).
- Did **not** hit a hard tool-call ceiling, but iterative CNMV PDF extraction would need **extra turns** for complete insider tape.
**Useful links for follow-up**
- https://www.azkoyen.com/en/prensa/azkoyen-group-increases-its-turnover-by-6-reaching-211-million-euros/
- https://www.azkoyen.com/informacion-financiera/
- https://www.cnmv.es/portal/consultas/derechosvoto/ps_ac_ini?nif=A-31065618&lang=es
- https://finance.yahoo.com/quote/AZK.MC/key-statistics/
---
## 10. References
### Web / company
- Azkoyen FY2025 results press (turnover EUR 211m, regional & segment mix, chairman quotes, outlook)
- Azkoyen H1-2025 and FY2024 press releases (records, debt reduction)
- CNMV significant holdings index page for AZKOYEN, S.A. (holder names; voting rights 24,450,000)
- Yahoo Finance / market data cross-check (EV, multiples)
### Attachments provided by user
| File | Abstract |
|---|---|
| `dump/AZKOYEN_SA_(AZK.MC).txt` | Structured dump: company profile, FY2020–2025 income/balance/cash flow, H1/H2 semi-annual income, market ratios (price 14.00 on 2026-07-17, multiples, yields, growth rates) |
### Key terminology & abbreviations
| Term | Meaning |
|---|---|
| BME | Bolsas y Mercados Españoles (Spanish exchange) |
| CFO | Cash flow from operations |
| DCF / FCFF | Discounted cash flow / free cash flow to firm |
| EV | Enterprise value |
| FOCF | Free operating cash flow (vendor definition) |
| NCAV | Net current asset value |
| NOPAT | Net operating profit after tax |
| ROIC | Return on invested capital |
| WACC | Weighted average cost of capital |
| WC | Working capital |
| PAT | Profit after tax |
### Word count (excluding Section 10)
**Approximately 3,050 words** (Sections Executive summary through 9).