Last close As at 05/08/2026
EUR3.55
▲ 0.13 (3.80%)
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EUR527m
Research: Industrials
AVAX has been awarded a major €674m contract by Mass Group Holding (MGH) for the engineering, construction and commissioning of a 1,750MW combined-cycle power plant in Romania. The construction phase is anticipated to be 38 months. The project further cements AVAX’s standing in the international industrial energy market and is the third consecutive project awarded by MGH, validating AVAX’s trusted partnership credentials. AVAX’s burgeoning work-in-hand portfolio now stands at a record level of €3bn, demonstrating the company’s sustained growth strategy with a robust pipeline of projects. In addition, AVAX will propose a share buyback programme at its upcoming AGM.
AVAX |
Significant international project secured
Industrials |
Spotlight - Flash
31 May 2023 |
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AVAX is a research client of Edison Investment Research Limited |
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AVAX has been awarded a major €674m contract by Mass Group Holding (MGH) for the engineering, construction and commissioning of a 1,750MW combined-cycle power plant in Romania. The construction phase is anticipated to be 38 months. The project further cements AVAX’s standing in the international industrial energy market and is the third consecutive project awarded by MGH, validating AVAX’s trusted partnership credentials. AVAX’s burgeoning work-in-hand portfolio now stands at a record level of €3bn, demonstrating the company’s sustained growth strategy with a robust pipeline of projects. In addition, AVAX will propose a share buyback programme at its upcoming AGM.
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Historical financials
Source: Company reports |
Third consecutive project awarded by MGH
AVAX boasts a record work-in-hand level of €3bn, participating in some of Greece’s largest infrastructure projects as well as demonstrating a well-established international footprint. This includes the third consecutive contract, announced on 30 May, signed with MGH, worth €674m, with a 38-month delivery deadline. The power plant will use natural gas, and will comprise two gas turbines, one steam turbine and three water/hydrogen-cooled generators, supplied by Siemens Energy. On completion of the project, AVAX will have successfully delivered three power plants to MGH with a total capacity of 4.9GW, a clear endorsement of the industry.
Building on its robust project portfolio
Increased pipeline momentum is set to continue as AVAX is prequalified and participating in the bidding process for numerous tenders for private projects, public-private partnerships and concessions. Notably, AVAX has been selected as part of a consortium with Rizzani de Eccher (Rizzani: 60%/AVAX: 40% joint venture) for an early contractor involvement deal to deliver pre-construction management services for the Vouliagmenis Mall Complex. This retail complex is Greece’s largest and most contemporary development, encompassing a substantial area of c 420,000sqm, with main construction works scheduled to begin in H124. If awarded, the contract, which we expect to be valued at several hundred million euros, would strongly affirm AVAX’s expertise in the Greek construction industry, a recovering market as discussed in our recent initiation note.
Proposed share buyback programme
AVAX is set to propose a share repurchase programme at its upcoming AGM, whereby the company would be able to buy back up to 10m shares (corresponding to 6.9% of outstanding shares) over a maximum period of 24 months. It is not yet clear whether these shares will be held in treasury or cancelled.
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Research: Real Estate
Phoenix Spree Deutschland’s (PSD’s) core rental business continues to perform well as the demand-supply balance for Berlin rented residential accommodation remains tight. However, the challenging economic backdrop has negatively affected property values, NAV and condominium sales. While DPS has been paused to maintain cash flow for value-creating portfolio investment, PSD remains conservatively financed, with 83% of debt costs fixed/hedged and no debt maturities until 2026.