Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.00, read 2026-11-01
Ethical does not pass the values gate
Price4.36 USD
Fair value5.18
Ethical score70.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-25Read Distribution6.00-27.3% to today ✓Markup gives way to Distribution after a 16% slide in 2 weeks
2026-10-10Read Markup7.18-39.3% to today First review on file: Markup while volume is distributing
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Azul SAADR holds its Distribution at $4.36. Elevated stress, defensive posture warranted, held for 4 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 4 days
Price at the screen
$4.36
Valuation
0.00 trailing · 12.69 forward price to earnings
Values screen
FAIL· score 70.0
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
153.01%
Below 33%
Interest-bearing debt is 153.0% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.11%
Below 33%
Cash held in interest-bearing accounts and securities is 0.1% of assets, under the one-third limit.
Pass
Receivables
15.71%
Below 49%
Money owed to the company is 15.7% of assets, under the 49% limit.
Pass
Revenue purity
0.46%
Below 5%
Only 0.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Azul's business is in a permissible area, but its interest-bearing debt is about 153% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when AZUL's ethical verdict changes
Today AZUL does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 16% discount to our $5.18 fair value, 0.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 15.8% discount to the base estimate.
Where our models see it going: fair-value estimate $5.18, with a range of $5.18 to $5.96, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 1%-growth business trading at just 12.7x forward earnings. That is a 16% discount to our $5.18 fair value: the market is pricing it cautiously while the fundamentals argue otherwise.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Brazil and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AZUL trades on NYSE AMERICAN (the company is based in Brazil). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Distribution$4.00-33.3%Entry 4
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 33.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading oversold.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading neutral.
2026-10-18Markup$6.70-6.7%Entry 2
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 6.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile.
2026-10-10Markup$7.18Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
