AVAX is a leader in Greek construction, operating critical assets with long-term and visible cash flow streams, particularly in concessions. Greek economic growth should be stimulated to 2026 by the National Recovery Plan, worth over €30bn, which should help unplug the infrastructure investment deficit. H123 results highlight the group’s progress domestically as the market improved, which more than offset the weaker international performance, and continuing operating profit rose to €16m compared to a €9m loss in H122. As Greek infrastructure investment improves, AVAX could secure an improved rating, with an attractive FY22 gross dividend yield of 5.8%. With a concessions portfolio independently valued at €130m above the recognised book value of €295m, and a current record work-in-hand level exceeding €3bn, there appears to be significant potential for investors.