AVAX - Record work-in-hand points to strong growth
In FY24 we expect a large proportion of AVAX’s recently secured construction projects to commence and consequent substantial revenue to be recognised. We therefore forecast FY24 revenue and adjusted EBITDA increases of 112% and 76% y-o-y to €851m and €90m, respectively. As Greek infrastructure investment improves and AVAX executes on its backlog, it could secure an improved rating. It is currently trading on an FY24e P/E of 5.3x, a 60% discount to peers. With our valuation of AVAX’s concessions portfolio at €433m, €138m above the recognised book value of €295m, and a record work-in-hand level exceeding €3.2bn, there appears to be significant potential for investors. Our fair value stands at €3.2/share, indicating 87% upside potential.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.