Avax S.A (AVAX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Avax S.A stock €6.08, price €3.34, upside +82.0%, quality 52 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €0.6040 – €3.89 · fair‑value band €3.38 – €8.00 · the €3.34 price screens below the €6.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Avax S.A. operates as a construction company in Greece and internationally. It operates through Construction, Concessions, and Other Activities segments.
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The company constructs civil engineering projects, including airports, banks, buildings, education facilities, garages, hospitals, hotels, Olympic sports facilities, special projects, sports facilities, and other civil engineering projects.
It also constructs environmental plants, natural gas and petrochemical projects, and power plant projects; and bridges, harbors, railroads, roads, and other infrastructure projects.
In addition, the company is involved in activities focusing on the residential development-urban and country/holiday homes and investing in commercial real estate; and vehicle technical inspection, and facilities management services.
The company was formerly known as J&P-AVAX S.A. and changed its name to Avax S.A. in April 2019. Avax S.A. was founded in 1986 and is headquartered in Marousi, Greece.
Stock analysis
Avax S.A (AVAX) currently trades at €3.34, while our model-based Fair Value estimate is €6.08, implying the stock looks roughly 45% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €6.15 per share, and 18 of the 26 models we run sit above the €3.34 price.
Bear case: the Dividend Discount group reads lowest at €0.6900, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €3.38 (bear) to €8.00 (bull), the price of €3.34 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Avax S.A reported revenue of €958M in FY2025 versus €592M in FY2021, a compound +12.8%/yr. Reported net income was €47.5M in FY2025.
Key figures
Market cap €492M Small · P/E ratio 10.4 · P/S ratio 0.51 · EPS (TTM) €0.3200 · Dividend yield 3.0% · Net margin 4.8% · Return on equity 22.1% · Return on assets (EBIT) 3.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 82%, AVAX screens cheaper than that median.
Fair Value models
Bear€3.38Fair Value €6.08Bull€8.00
Price €3.34 · Upside +82.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.1881 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+47.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.7%
Start year 2020 (pandemic). Over 10 years: +7.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+54.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+51.5%
Dividend (yield on the price)3.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 8%
2025 sits 58% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 2.9%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +15.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+82.0% · Top 25%
Profitability
Return on equity (12 months)22.1% · Top 25%
Return on assets3.4% · Above median
Net margin (12 months)4.8% · Above median
Operating margin (12 months)9.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.9% · Below median
Dividend yield (12 months)3.0% · Above median
Balance sheet
Debt / equity0.83× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)10.4× · Cheaper than median
P/B2.35× · Pricier than median
P/S (12 months)0.51× · Cheaper than median
Price / free cash flow (fiscal year)13.3× · Pricier than median
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Cite: Fair Value Calculator (2026). "Avax S.A Fair Value". https://www.fairvalue-calculator.com/stock/AVAX
Frequently asked questions
Is Avax S.A (AVAX) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €6.08 versus a price of €3.34, about +82% upside (undervalued).
What is the fair value of AVAX?
Our model-based fair value for Avax S.A is €6.08 (as of Nov 7, 2026), built from audited fundamentals. The current price: €3.34.
What is the quality score of AVAX?
Avax S.A has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Avax S.A (AVAX)?
Our model-based price target is the fair value of €6.08 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario €3.38, optimistic scenario €8.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Avax S.A stock forecast for 2026?
Our models put fair value at €6.08, about +82% upside versus a price of €3.34 (undervalued). Cautious scenario €3.38, optimistic scenario €8.00. The calculation is refreshed regularly with new filings.
What is the revenue of Avax S.A (AVAX)?
Avax S.A reported trailing-twelve-month revenue of about €963M (latest available figure, as of Nov 7, 2026).
Does Avax S.A pay a dividend?
Avax S.A currently shows a dividend yield of 2.99% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Avax S.A (AVAX) and when is the ex-dividend date?
Avax S.A pays a dividend of €0.1 per share a year, a dividend yield of 3.0%. The last ex-dividend date was Jul 21, 2026. The payout ratio is 31.3% of earnings. Free cash flow covers the dividend 2.51 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Avax S.A (AVAX)?
For today's price to be fair in a discounted-cash-flow model, Avax S.A would have to grow free cash flow by +18.2 % per year for five years (discount rate 14.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of AVAX use?
Our models discount Avax S.A at 14.1 %: a base by market capitalisation (small), damped by beta 1.07, country premium for Greece. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Avax S.A that is +18.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.1 %) and the same formula as our fair value.
How much growth has Avax S.A (AVAX) delivered so far?
Over the past 5 years revenue at Avax S.A grew +15.7 % a year. The price currently implies free-cash-flow growth of +18.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Avax S.A (AVAX) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Avax S.A (+18.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Avax S.A (AVAX)?
The free-cash-flow yield on the price is 7.50 %: that much free cash flow Avax S.A produces per unit of market value. When it exceeds the discount rate of our models (14.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Avax S.A (AVAX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Avax S.A it is €6.08 per share (as of Nov 7, 2026), against a price of €3.34. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Avax S.A stock overvalued or undervalued in 2026?
As of Nov 7, 2026, AVAX trades below its calculated fair value: price €3.34, fair value €6.08, a gap of about +82% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AVAX?
No. The price is what the market pays today (€3.34); the fair value is what the company's own numbers justify (€6.08). For Avax S.A the two are €2.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Avax S.A worth?
The market values Avax S.A at about €492M (market capitalisation, as of Nov 7, 2026). Per share that is €3.34; our models calculate a fair value of €6.08 per share.
What do the bullish and bearish scenarios say about AVAX?
Our models span a range for Avax S.A: cautious scenario €3.38, base €6.08, optimistic €8.00 per share (as of Nov 7, 2026, price €3.34). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AVAX?
Avax S.A trades at a price-to-earnings ratio of 10.4 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €6.08 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2020 to 2025), reported earnings, FY2025 ex one-offs: 9.3. Other multiples: P/B 2.4, P/S 0.5, EV/EBITDA 7.5.
How solid is the balance sheet of Avax S.A (AVAX)?
Balance-sheet figures for Avax S.A (as of Nov 7, 2026): return on equity 22.1%, debt of 0.83 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is AVAX from its 52-week high?
Avax S.A trades at €3.34, about 14% below its 52-week high of €3.89 and 45% above the low of €2.30 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €6.08 is for.
Which stocks are comparable to Avax S.A?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Avax S.A stock attractive at the current price?
The data as of Nov 7, 2026: price €3.34, calculated fair value €6.08 (+82%), Quality Score 52/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AVAX calculated?
We run Avax S.A through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €6.08 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Avax S.A currently trades 45% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Avax S.A (AVAX)?
The closing price on Nov 6, 2026 was €3.34. Our model-based fair value is €6.08, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Avax S.A right now?
Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€3.38 to €8.00) leaves room in how you read the outcome.
Key figures of Avax S.A
How large is the market capitalisation of Avax S.A (AVAX)?
The market capitalisation of Avax S.A is €492M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Avax S.A (AVAX)?
The price-to-sales ratio of Avax S.A is 0.51 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Avax S.A (AVAX)?
Earnings per share at Avax S.A are €0.3200 (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Avax S.A (AVAX)?
The dividend yield of Avax S.A is 3.0% (payout 31.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Avax S.A (AVAX)?
The net margin of Avax S.A is 4.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Avax S.A (AVAX)?
The return on equity (ROE) of Avax S.A is 22.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Avax S.A (AVAX)?
On an EBIT basis the return on assets of Avax S.A is 3.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Avax S.A (AVAX)?
The operating margin of Avax S.A is 9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Avax S.A (AVAX)?
Revenue at Avax S.A is growing +0.9% versus a year earlier (3y avg +33.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Avax S.A (AVAX)?
Earnings per share at Avax S.A are growing −1.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Avax S.A (AVAX) carry?
The net debt of Avax S.A is €200M (fiscal year 2025, ≈ 5.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026