Stock AZUL4 AZUL S.A.
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Financials Azul S.A.

Equities

AZUL4

BRAZULACNPR4

Airlines

Market Closed - Sao Paulo
Other stock markets
 04:07:32 2024-05-03 pm EDT 		5-day change 1st Jan Change
10.95 BRL +8.09% Intraday chart for Azul S.A. +12.08% -31.61%
Apr. 18 Azul in Talks With Gol Controlling Shareholder Abra for Stock-Based Merger Deal MT
Apr. 18 Azul in Talks With Gol Controlling Shareholder Abra for Stock-Based Merger Deal MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,900 13,435 8,425 3,831 5,566 3,807 - -
Enterprise Value (EV) 1 34,065 17,796 30,259 27,803 5,566 26,000 23,836 23,884
P/E ratio -8.31 x -1.32 x -2.07 x -3.34 x -7.93 x 4.88 x 2.21 x -
Yield - - - - - 0.44% 1.42% -
Capitalization / Revenue 1.74 x 1.17 x 0.84 x 0.24 x 0.3 x 0.18 x 0.17 x 0.15 x
EV / Revenue 2.98 x 1.56 x 3.03 x 1.74 x 0.3 x 1.23 x 1.03 x 0.97 x
EV / EBITDA 9.4 x 67.2 x 19 x 8.61 x 1.07 x 4.03 x 3.38 x 3 x
EV / FCF 29.2 x 28.1 x -32.4 x 28.2 x 2.11 x 8.66 x 6.32 x -
FCF Yield 3.42% 3.56% -3.09% 3.55% 47.4% 11.5% 15.8% -
Price to Book -5.65 x -0.95 x -0.46 x -0.19 x -0.26 x -0.16 x -0.21 x -0.22 x
Nbr of stocks (in thousands) 341,456 341,846 345,836 347,914 347,634 347,634 - -
Reference price 2 58.28 39.30 24.36 11.01 16.01 10.95 10.95 10.95
Announcement Date 3/12/20 3/4/21 2/24/22 3/6/23 3/28/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,442 11,442 9,976 15,948 18,695 21,213 23,045 24,636
EBITDA 1 3,623 264.8 1,591 3,230 5,214 6,452 7,055 7,963
EBIT 1 2,031 -1,462 47 1,136 2,900 3,921 4,571 5,115
Operating Margin 17.75% -12.77% 0.47% 7.12% 15.51% 18.49% 19.84% 20.76%
Earnings before Tax (EBT) 1 -2,536 -10,422 -4,768 -1,380 -660.8 923.4 1,885 367.1
Net income 1 -2,403 -10,180 -4,768 -1,380 -700.3 781.4 1,873 -
Net margin -21% -88.97% -47.79% -8.65% -3.75% 3.68% 8.13% -
EPS 2 -7.010 -29.75 -11.74 -3.300 -2.020 2.245 4.953 -
Free Cash Flow 1 1,167 633.2 -934.9 986.3 2,636 3,002 3,770 -
FCF margin 10.2% 5.53% -9.37% 6.18% 14.1% 14.15% 16.36% -
FCF Conversion (EBITDA) 32.2% 239.11% - 30.53% 50.56% 46.53% 53.44% -
FCF Conversion (Net income) - - - - - 384.18% 201.24% -
Dividend per Share 2 - - - - - 0.0480 0.1552 -
Announcement Date 3/12/20 3/4/21 2/24/22 3/6/23 3/28/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,718 3,730 3,193 3,925 4,377 4,454 4,478 4,269 4,914 5,030 4,800 4,896 5,641 5,954 5,157
EBITDA 1 485.6 1,027 592.7 614.6 925.1 1,098 1,030 1,157 1,551 1,467 1,386 1,369 1,741 2,002 1,450
EBIT 1 136.3 524.9 70.7 136.5 403.8 524.7 462.4 591.9 957.4 883.2 760.4 754.1 1,147 1,368 852.4
Operating Margin 5.02% 14.07% 2.21% 3.48% 9.23% 11.78% 10.33% 13.86% 19.48% 17.56% 15.84% 15.4% 20.33% 22.97% 16.53%
Earnings before Tax (EBT) 1 -2,244 -945.7 2,659 -2,625 -1,645 231.2 -322.2 497.9 -1,075 442.9 104 -22 355 573 -
Net income 1 -2,244 -945.7 2,659 -2,625 -1,645 231.2 -322.2 497.9 -1,075 403.3 104 -22 355 573 -
Net margin -82.56% -25.36% 83.27% -66.87% -37.58% 5.19% -7.19% 11.66% -21.87% 8.02% 2.17% -0.45% 6.29% 9.62% -
EPS 2 -5.530 -2.360 6.550 -5.640 -3.910 0.5500 -0.7600 1.170 -3.090 1.160 0.2994 -0.0631 1.019 1.645 -
Dividend per Share 2 - - - - - - - - - - - - - 0.1441 -
Announcement Date 11/11/21 2/24/22 5/9/22 8/11/22 11/10/22 3/6/23 5/15/23 8/10/23 11/14/23 3/28/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 14,165 4,362 21,834 23,973 - 22,194 20,029 20,078
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.91 x 16.47 x 13.72 x 7.422 x - 3.44 x 2.839 x 2.521 x
Free Cash Flow 1 1,167 633 -935 986 2,636 3,002 3,770 -
ROE (net income / shareholders' equity) 45% -205% - - - - - -
ROA (Net income/ Total Assets) 4.67% -61.9% -20.2% -7.41% -3.57% 3.12% 3.36% 4.46%
Assets 1 -51,481 16,438 23,640 18,627 19,627 25,006 55,745 -
Book Value Per Share 2 -10.30 -41.40 -53.00 -56.60 -61.40 -70.10 -51.50 -50.50
Cash Flow per Share 2 7.610 2.850 -0.7600 5.830 9.900 11.20 15.30 16.80
Capex 1 1,428 343 624 1,451 803 2,293 2,372 2,057
Capex / Sales 12.48% 3% 6.26% 9.1% 4.3% 10.81% 10.29% 8.35%
Announcement Date 3/12/20 3/4/21 2/24/22 3/6/23 3/28/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Azul S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
10.95 BRL
Average target price
22.72 BRL
Spread / Average Target
+107.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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