Last close As at 05/08/2026
EUR3.55
▲ 0.13 (3.80%)
Market capitalisation
EUR527m
Research: Industrials
AVAX has announced the sale of its 100% subsidiary, Volterra, which fulfils the company’s strategic decision at the end of FY21 to divest from all energy sector operations. This follows the sale of Volterra’s portfolio of renewable energy source (RES) projects in FY22. The total transaction price for the retail segment may reach up to €24m, which may generate a small book profit. The deal enables the company to fully focus on its core activities of construction, concessions and real estate. Its strong position is reinforced by recent awards of major contracts.
AVAX |
Completed divestment from energy sector
Industrials |
Spotlight - Flash
9 August 2023 |
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AVAX is a research client of Edison Investment Research Limited |
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AVAX has announced the sale of its 100% subsidiary, Volterra, which fulfils the company’s strategic decision at the end of FY21 to divest from all energy sector operations. This follows the sale of Volterra’s portfolio of renewable energy source (RES) projects in FY22. The total transaction price for the retail segment may reach up to €24m, which may generate a small book profit. The deal enables the company to fully focus on its core activities of construction, concessions and real estate. Its strong position is reinforced by recent awards of major contracts.
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Historical financials
Source: Company reports |
Exit from energy generated significant capital gains
AVAX has announced the sale of its 100% subsidiary Volterra to Mytilineos, which comprises its 2.2% share in the retail domestic electric power and natural gas market. It will receive initial cash proceeds of €6m, in addition to a further €7m advanced payment. Should certain medium- and long-term targets be met, the total transaction price has the potential to reach a maximum total of €24m, which compares to disposal group net assets at YE22 of €22.7m, implying a €1.3m book profit. As a reminder, AVAX sold Volterra’s portfolio of RES projects in FY22, generating c €60m cash. The completion of the exit from the energy sector enables AVAX to fully focus on its construction, concessions and real estate divisions. These are exhibiting burgeoning growth prospects with a robust pipeline of projects. AVAX boasts a record work-in-hand level of over €3bn, participating in some of Greece’s largest infrastructure projects.
New significant construction contract awarded
The disposal follows last week’s announcement of a major contract award. AVAX was awarded a contract by the Global Health Initiative of the Stavros Niarchos Foundation for the construction of three new public hospitals, worth €443m. Construction will be fully financed by this charity fund. This strongly affirms AVAX’s expertise in the Greek construction industry with a recovering market aided by the Greece 2.0 National Recovery Plan, which should stimulate Greek economic growth to 2026. The increased pipeline momentum continues as AVAX is prequalified and is participating in the bidding process for numerous tenders for private projects, public-private partnerships and concessions.
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Research: Real Estate
Target Healthcare REIT’s Q423 shows a second consecutive quarter of NAV growth, as property yields stabilise and indexed rent uplifts drive valuation growth. Rental growth and near-full rent collection are supporting earnings and delivering full dividend cover. Audited full year results will be published in early October.