AVAX is a leader in Greek construction, operating critical assets with long-term and visible cashflow streams, particularly in concessions. Greek economic growth should be stimulated to 2026 by the National Recovery Plan, worth over €30bn. It should help unplug the infrastructure investment deficit, a key area of focus for AVAX. FY22 results highlight the group’s progress domestically as the market improved. This more than offset the weaker international performance and group operating profit rose 78% y-o-y to €39.3m. As infrastructure investment improves in Greece, AVAX could secure an improved rating, with an attractive FY22 gross dividend yield of 7.5%. With a concessions portfolio independently valued at €130m (€0.90/share), above the recognised book value of €295m (€2.05/share), there appears to be significant potential for investors.