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AVAX (ASE: AVAX)

Last close As at 20/11/2024

EUR1.37

▲ 0.03 (2.24%)

Market capitalisation

EUR204m

Based in Greece, AVAX operates through three main segments – construction, concessions and real estate, and marinas – with a large international footprint. The largest segment, construction, is involved in large-scale private and public works, with unique experience among its peers in energy infrastructure and subway construction.

The Greek construction market is worth around €7.5bn and can be split into two distinct sectors: housebuilding (c 30%) and civil engineering (c 70% non-residential construction, including commercial and infrastructure projects), including both private and public works. According to ELSTAT, overall average construction activity fell by just 9.5% in 2020, before increasing 7% in 2021 and 24.4% in 2022, the highest level since 2017 in absolute terms.

Latest Insights

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Industrials | Update

AVAX — Strong pipeline reaffirmed

Industrials | Flash note

AVAX — Exceeding expectations

Industrials | Update

AVAX — Record work-in-hand points to strong growth

Industrials | Flash note

AVAX — Completed divestment from energy sector
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Sector

Industrials

Equity Analyst

Analyst avatar placeholder
Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Christos Ioannou

    Executive chairman

Balance Sheet

Forecast net debt (€m)

170.5

Forecast gearing ratio (%)

93

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.4) (2.4) (0.7)
Relative (3.5) 0.5 (10.5)
52 week high/low €1.9/€1.2

Financials

In its interim results, AVAX announced a solid performance for H124, with revenues of €289.1m up 50.4% y-o-y, EBITDA of €54.2m up 97.5% y-o-y and net income of €19.4m up from €3.4m in the prior year. The end-H124 order book stood at €2.99bn, up 9.1% y-o-y, with the company commenting that it had €243m in contracts pending signature. AVAX also recently announced the successful issue of a €300m bond by its concessions subsidiary, with the aim of aligning the assets and debt of its project business and putting the entity in a position to target new investments. Our FY24 estimates include a substantial y-o-y increase in profits, with both PBT and net income more than doubling. Our fair value stands at €3.0/share, more than 100% above the current share price.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 402.7 58.2 25.1 13.33 10.3 3.4
2023A 453.5 61.1 21.8 10.41 13.2 3.3
2024E 733.7 86.1 45.5 22.62 6.1 2.3
2025E 834.9 104.5 63.3 30.72 4.5 1.9

Research

Flash note

Industrials

AVAX — Exceeding expectations

Update

Industrials

AVAX — Record work-in-hand points to strong growth

Industrials

Update

AVAX — Strong pipeline reaffirmed

Flash note

Industrials

AVAX — Completed divestment from energy sector

Flash note

Industrials

AVAX — Significant international project secured

Initiation

Industrials

AVAX — Building on strong foundations

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