AVAX - Building on strong foundations
AVAX is a leader in Greek construction, operating critical assets with long-term and visible cashflow streams, particularly in concessions. Greek economic growth should be stimulated to 2026 by the National Recovery Plan, worth over €30bn. It should help unplug the infrastructure investment deficit, a key area of focus for AVAX. FY22 results highlight the group’s progress domestically as the market improved. This more than offset the weaker international performance and group operating profit rose 78% y-o-y to €39.3m. As infrastructure investment improves in Greece, AVAX could secure an improved rating, with an attractive FY22 gross dividend yield of 7.5%. With a concessions portfolio independently valued at €130m (€0.90/share), above the recognised book value of €295m (€2.05/share), there appears to be significant potential for investors.Avax SA, formerly J & P Avax SA, is a Greece-based construction company. It operates through four segments: Construction, Energy, Concessions, and Other Activities. The Construction segment is involved in the large-scale private and public works in energy and transportation infrastructure. The Energy segment designs and constructs mainly power plants and related structures. The Concessions segment manages the Company's participations in concession's projects. The Other Activities segment includes real estate development operations and facility management, which offers a wide range of services for managing and maintaining business installations, corporate offices and buildings. It is active both locally and internationally.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.