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AZURE POWER GLOBAL LTD (AZRE) Stock Fundamental Analysis

NYSE:AZRE - New York Stock Exchange, Inc. - MU0527S00004 - Common Stock - Currency: USD

1.69  -0.05 (-2.87%)

After market: 1.74 +0.05 (+2.96%)

Fundamental Rating

3

Overall AZRE gets a fundamental rating of 3 out of 10. We evaluated AZRE against 19 industry peers in the Independent Power and Renewable Electricity Producers industry. AZRE has a medium profitability rating, but doesn't score so well on its financial health evaluation. AZRE shows excellent growth, but is valued quite expensive already.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year AZRE has reported negative net income.
AZRE had a positive operating cash flow in the past year.
AZRE Yearly Net Income VS EBIT VS OCF VS FCFAZRE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 0 -10B -20B

1.2 Ratios

AZRE has negative profitability rations, so we won't be analyzing them here.
With an excellent Return On Invested Capital value of 6.25%, AZRE belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for AZRE is in line with the industry average of 4.13%.
The 3 year average ROIC (4.48%) for AZRE is below the current ROIC(6.25%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA N/A
ROE N/A
ROIC 6.25%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)4.48%
ROIC(5y)4.18%
AZRE Yearly ROA, ROE, ROICAZRE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 0 -200 -400 -600

1.3 Margins

AZRE's Operating Margin of 65.97% is amongst the best of the industry. AZRE outperforms 100.00% of its industry peers.
AZRE's Operating Margin has improved in the last couple of years.
AZRE's Gross Margin of 91.63% is amongst the best of the industry. AZRE outperforms 95.24% of its industry peers.
In the last couple of years the Gross Margin of AZRE has remained more or less at the same level.
Industry RankSector Rank
OM 65.97%
PM (TTM) N/A
GM 91.63%
OM growth 3Y-0.03%
OM growth 5Y4.53%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.26%
GM growth 5Y-0.22%
AZRE Yearly Profit, Operating, Gross MarginsAZRE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 0 50 -50 -100 -150

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0

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), AZRE is destroying value.
Compared to 1 year ago, AZRE has more shares outstanding
AZRE has a worse debt/assets ratio than last year.
AZRE Yearly Shares OutstandingAZRE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 10M 20M 30M 40M
AZRE Yearly Total Debt VS Total AssetsAZRE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 50B 100B

2.2 Solvency

Based on the Altman-Z score of 0.14, we must say that AZRE is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of AZRE (0.14) is worse than 71.43% of its industry peers.
A Debt/Equity ratio of 3.91 is on the high side and indicates that AZRE has dependencies on debt financing.
The Debt to Equity ratio of AZRE (3.91) is worse than 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.91
Debt/FCF N/A
Altman-Z 0.14
ROIC/WACC0.77
WACC8.08%
AZRE Yearly LT Debt VS Equity VS FCFAZRE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 0 20B -20B 40B 60B 80B

2.3 Liquidity

AZRE has a Current Ratio of 0.61. This is a bad value and indicates that AZRE is not financially healthy enough and could expect problems in meeting its short term obligations.
AZRE's Current ratio of 0.61 is on the low side compared to the rest of the industry. AZRE is outperformed by 95.24% of its industry peers.
A Quick Ratio of 0.61 indicates that AZRE may have some problems paying its short term obligations.
AZRE has a worse Quick ratio (0.61) than 90.48% of its industry peers.
Industry RankSector Rank
Current Ratio 0.61
Quick Ratio 0.61
AZRE Yearly Current Assets VS Current LiabilitesAZRE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 5B 10B 15B 20B 25B

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8

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 126.67% over the past year.
AZRE shows a strong growth in Revenue. In the last year, the Revenue has grown by 20.06%.
Measured over the past years, AZRE shows a very strong growth in Revenue. The Revenue has been growing by 42.14% on average per year.
EPS 1Y (TTM)126.67%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%58.06%
Revenue 1Y (TTM)20.06%
Revenue growth 3Y25.54%
Revenue growth 5Y42.14%
Sales Q2Q%27.24%

3.2 Future

Based on estimates for the next years, AZRE will show a very strong growth in Earnings Per Share. The EPS will grow by 470.20% on average per year.
The Revenue is expected to grow by 382.17% on average over the next years. This is a very strong growth
EPS Next Y132.45%
EPS Next 2Y45.15%
EPS Next 3Y470.2%
EPS Next 5YN/A
Revenue Next Year18.19%
Revenue Next 2Y14.19%
Revenue Next 3Y382.17%
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
AZRE Yearly Revenue VS EstimatesAZRE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B
AZRE Yearly EPS VS EstimatesAZRE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40

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2

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Forward Earnings ratio of 5888.84, the valuation of AZRE can be described as expensive.
Based on the Price/Forward Earnings ratio, AZRE is valued a bit more expensive than the industry average as 66.67% of the companies are valued more cheaply.
When comparing the Price/Forward Earnings ratio of AZRE to the average of the S&P500 Index (22.44), we can say AZRE is valued expensively.
Industry RankSector Rank
PE N/A
Fwd PE 5888.84
AZRE Price Earnings VS Forward Price EarningsAZRE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0

4.2 Price Multiples

95.24% of the companies in the same industry are more expensive than AZRE, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 6.45
AZRE Per share dataAZRE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates AZRE does not grow enough to justify the current Price/Earnings ratio.
AZRE's earnings are expected to grow with 470.20% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y45.15%
EPS Next 3Y470.2%

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0

5. Dividend

5.1 Amount

No dividends for AZRE!.
Industry RankSector Rank
Dividend Yield N/A

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AZURE POWER GLOBAL LTD

NYSE:AZRE (7/12/2023, 8:04:00 PM)

After market: 1.74 +0.05 (+2.96%)

1.69

-0.05 (-2.87%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryIndependent Power and Renewable Electricity Producers
Earnings (Last)07-05 2023-07-05/amc
Earnings (Next)07-27 2023-07-27
Inst Owners0.63%
Inst Owner Change-1.79%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap81.68M
Analysts40
Price Target4.08 (141.42%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-335.8%
Min EPS beat(2)-706.91%
Max EPS beat(2)35.31%
EPS beat(4)3
Avg EPS beat(4)77.34%
Min EPS beat(4)-706.91%
Max EPS beat(4)918.59%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)7673%
Min Revenue beat(2)7280.07%
Max Revenue beat(2)8065.92%
Revenue beat(4)4
Avg Revenue beat(4)7458.47%
Min Revenue beat(4)6892.24%
Max Revenue beat(4)8065.92%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.72%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.15%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 5888.84
P/S 0.38
P/FCF N/A
P/OCF 1.22
P/B 0.28
P/tB 0.28
EV/EBITDA 6.45
EPS(TTM)0
EYN/A
EPS(NY)0
Fwd EY0.02%
FCF(TTM)-5.95
FCFYN/A
OCF(TTM)1.39
OCFY82.12%
SpS4.44
BVpS5.95
TBVpS5.95
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA N/A
ROE N/A
ROCE N/A
ROIC 6.25%
ROICexc 6.64%
ROICexgc 6.64%
OM 65.97%
PM (TTM) N/A
GM 91.63%
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)4.48%
ROIC(5y)4.18%
ROICexc(3y)5.1%
ROICexc(5y)4.83%
ROICexgc(3y)5.11%
ROICexgc(5y)4.84%
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y2.08%
ROICexcg growth 5Y6.33%
ROICexc growth 3Y2.15%
ROICexc growth 5Y6.43%
OM growth 3Y-0.03%
OM growth 5Y4.53%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.26%
GM growth 5Y-0.22%
F-Score4
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 3.91
Debt/FCF N/A
Debt/EBITDA 7.93
Cap/Depr 832.42%
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.61
Quick Ratio 0.61
Altman-Z 0.14
F-Score4
WACC8.08%
ROIC/WACC0.77
Cap/Depr(3y)816.38%
Cap/Depr(5y)993.33%
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)126.67%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%58.06%
EPS Next Y132.45%
EPS Next 2Y45.15%
EPS Next 3Y470.2%
EPS Next 5YN/A
Revenue 1Y (TTM)20.06%
Revenue growth 3Y25.54%
Revenue growth 5Y42.14%
Sales Q2Q%27.24%
Revenue Next Year18.19%
Revenue Next 2Y14.19%
Revenue Next 3Y382.17%
Revenue Next 5YN/A
EBIT growth 1Y74.08%
EBIT growth 3Y25.49%
EBIT growth 5Y48.58%
EBIT Next Year98.07%
EBIT Next 3Y471.45%
EBIT Next 5YN/A
FCF growth 1Y4.86%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y35.32%
OCF growth 3Y38.91%
OCF growth 5Y46.64%