Buy Or Sell Opportunity • Jun 08
Now 21% undervalued Over the last 90 days, the stock has risen 10% to €3.40. The fair value is estimated to be €4.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 2.9% per annum over the same time period. Buy Or Sell Opportunity • May 19
Now 21% undervalued Over the last 90 days, the stock has risen 2.4% to €3.42. The fair value is estimated to be €4.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 2.9% per annum over the same time period. Price Target Changed • May 11
Price target increased by 41% to €4.50 Up from €3.20, the current price target is provided by 1 analyst. New target price is 27% above last closing price of €3.53. Stock is up 73% over the past year. The company posted earnings per share of €0.32 last year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.50, the stock trades at a trailing P/E ratio of 10.9x. Average forward P/E is 13x in the Construction industry in Greece. Total returns to shareholders of 299% over the past three years. Reported Earnings • Apr 20
Full year 2025 earnings released: EPS: €0.32 (vs €0.14 in FY 2024) Full year 2025 results: EPS: €0.32 (up from €0.14 in FY 2024). Revenue: €958.2m (up 47% from FY 2024). Net income: €47.5m (up 123% from FY 2024). Profit margin: 5.0% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.6% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 04
Avax S.A. announces Annual dividend, payable on July 27, 2026 Avax S.A. announced Annual dividend of EUR 0.1000 per share payable on July 27, 2026, ex-date on July 21, 2026 and record date on July 22, 2026. Announcement • Apr 03
Avax S.A. to Report First Half, 2026 Results on Sep 30, 2026 Avax S.A. announced that they will report first half, 2026 results on Sep 30, 2026 New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Greek stocks, typically moving 6.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (6.2% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Feb 17
Now 20% undervalued Over the last 90 days, the stock has risen 43% to €3.29. The fair value is estimated to be €4.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.5% average weekly change). Reported Earnings • Dec 17
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.095. Revenue: €214.7m (up 71% from 3Q 2024). Net income: €14.0m (up €28.3m from 3Q 2024). Profit margin: 6.5% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 30
First half 2025 earnings released: EPS: €0.19 (vs €0.13 in 1H 2024) First half 2025 results: EPS: €0.19 (up from €0.13 in 1H 2024). Revenue: €467.5m (up 62% from 1H 2024). Net income: €28.1m (up 46% from 1H 2024). Profit margin: 6.0% (down from 6.6% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 47% per year. Upcoming Dividend • Aug 26
Upcoming dividend of €0.07 per share Eligible shareholders must have bought the stock before 02 September 2025. Payment date: 08 September 2025. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Greek dividend payers (4.6%). Lower than average of industry peers (3.4%). Reported Earnings • May 12
Full year 2024 earnings released: EPS: €0.14 (vs €0.069 in FY 2023) Full year 2024 results: EPS: €0.14 (up from €0.069 in FY 2023). Revenue: €651.5m (up 44% from FY 2023). Net income: €21.3m (up 114% from FY 2023). Profit margin: 3.3% (up from 2.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. New Risk • May 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 30
Avax S.A. announces Annual dividend, payable on September 08, 2025 Avax S.A. announced Annual dividend of EUR 0.0700 per share payable on September 08, 2025, ex-date on September 02, 2025 and record date on September 03, 2025. Announcement • Apr 28
Avax S.A., Annual General Meeting, Jul 15, 2025 Avax S.A., Annual General Meeting, Jul 15, 2025. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Profit margins are more than 30% lower than last year (4.7% net profit margin). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.72, the stock trades at a trailing P/E ratio of 9.9x. Average forward P/E is 11x in the Construction industry in Greece. Total returns to shareholders of 123% over the past three years. New Risk • Feb 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Greek stocks, typically moving 5.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (5.6% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (4.7% net profit margin). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.76, the stock trades at a trailing P/E ratio of 10.1x. Average forward P/E is 12x in the Construction industry in Greece. Total returns to shareholders of 78% over the past three years. Reported Earnings • Oct 01
First half 2024 earnings released: EPS: €0.13 (vs €0.023 in 1H 2023) First half 2024 results: EPS: €0.13 (up from €0.023 in 1H 2023). Revenue: €289.1m (up 50% from 1H 2023). Net income: €19.2m (up 483% from 1H 2023). Profit margin: 6.6% (up from 1.7% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Sep 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Announcement • Sep 27
Avax S.A. to Report First Half, 2024 Results on Sep 26, 2024 Avax S.A. announced that they will report first half, 2024 results on Sep 26, 2024 Upcoming Dividend • Jul 22
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Greek dividend payers (5.6%). Lower than average of industry peers (3.7%). New Risk • May 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.8% increase in shares outstanding). New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (141% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.8% increase in shares outstanding). New Risk • Jan 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (141% net debt to equity). Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.62, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 22x in the Construction industry in Greece. Total returns to shareholders of 181% over the past three years. Reported Earnings • Oct 01
First half 2023 earnings released First half 2023 results: Revenue: €192.2m (down 1.1% from 1H 2022). Net income: €3.40m (up €25.0m from 1H 2022). Profit margin: 1.8% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Announcement • Aug 10
Mytilineos S.A. (ATSE:MYTIL) agreed to acquire Volterra SA from Avax S.A. (ATSE:AVAX) for €24 million. Mytilineos S.A. (ATSE:MYTIL) agreed to acquire Volterra SA from Avax S.A. (ATSE:AVAX) for €24 million on August 9, 2023. On the date of the transfer, AVAX will receive the amount of €6 million as payment and further €7 million as advance payment against the additional price. The transaction is subject to all necessary approvals from the Hellenic Competition Commission and other authorities. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.44, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 18x in the Construction industry in Greece. Total returns to shareholders of 258% over the past three years. New Risk • Jun 29
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Jun 12
Upcoming dividend of €0.07 per share at 6.2% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 23 June 2023. Trailing yield: 6.2%. Within top quartile of Greek dividend payers (5.1%). Higher than average of industry peers (3.7%). Announcement • Jun 01
Avax S.A., Annual General Meeting, Jun 14, 2023 Avax S.A., Annual General Meeting, Jun 14, 2023, at 13:00 E. Europe Standard Time. Location: AMAROUSIOU - CHALANDRIOU 16, 151 25 MAROUSI Marousi Greece Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.14, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 14x in the Construction industry in Greece. Total returns to shareholders of 137% over the past three years. Reported Earnings • May 02
Full year 2022 earnings released: EPS: €0.077 (vs €0.002 in FY 2021) Full year 2022 results: EPS: €0.077 (up from €0.002 in FY 2021). Revenue: €402.7m (down 32% from FY 2021). Net income: €11.1m (up €10.8m from FY 2021). Profit margin: 2.8% (up from 0.1% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 29% per year. Reported Earnings • Dec 14
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.099. Revenue: €100.8m (down 49% from 3Q 2021). Net income: €14.3m (up €16.4m from 3Q 2021). Profit margin: 14% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non Executive Director Theodora Monohartzi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0 (vs €0.037 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €358.9m (up 11% from 1H 2021). Net income: €12.7m (up 137% from 1H 2021). Profit margin: 3.5% (up from 1.7% in 1H 2021). The increase in margin was driven by higher revenue. Reported Earnings • Apr 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.002 (down from €0.045 in FY 2020). Revenue: €592.2m (up 2.7% from FY 2020). Net income: €341.0k (down 94% from FY 2020). Profit margin: 0.1% (down from 1.1% in FY 2020). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 126%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non Executive Director Theodora Monohartzi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
First half 2021 earnings released: EPS €0.037 (vs €0.082 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: €324.3m (up 25% from 1H 2020). Net income: €5.35m (down 48% from 1H 2020). Profit margin: 1.7% (down from 4.0% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.05, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improved over the past week After last week's 23% share price gain to €1.25, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 16x in the Construction industry in Europe. Total returns to shareholders of 157% over the past three years. Reported Earnings • May 01
Full year 2020 earnings released The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €576.6m (flat on FY 2019). Net income: €6.08m (up €23.5m from FY 2019). Profit margin: 1.1% (up from net loss in FY 2019). Is New 90 Day High Low • Mar 10
New 90-day high: €0.70 The company is up 18% from its price of €0.59 on 10 December 2020. The Greek market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €0.63 The company is up 53% from its price of €0.41 on 30 September 2020. The Greek market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: €0.61 The company is up 58% from its price of €0.39 on 08 September 2020. The Greek market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 28% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: €0.48 The company is up 15% from its price of €0.42 on 10 July 2020. The Greek market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 14% over the same period. Reported Earnings • Oct 03
First half earnings released Over the last 12 months the company has reported total losses of €16.2m, with losses narrowing by 5.1% from the prior year. Total revenue was €520.8m over the last 12 months, down 13% from the prior year. Is New 90 Day High Low • Sep 18
New 90-day high: €0.45 The company is up 3.0% from its price of €0.43 on 19 June 2020. The Greek market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Construction industry, which is also up 3.0% over the same period.