AVJennings (AVJ): Good result, better outlook

Bell Potter


AVJennings (AVJ): Good result, better outlook. AVJ reported a +95% uplift in underlying NPAT to $9.3m (BPe $5.6m) and its first interim dividend ($0.01ps fully franked) since 2012. AVJ enters FY15e with its highest level of lots under development in seven years with the tailwind of a buoyant housing market. Despite this, AVJ continues to trade at an 22% discount to its net working capital backing and a 23% discount to NTA. With a 7 year tail in the development book (based on 1H15 settlements), undemanding valuation metrics and seven year high in projects under development, we retain our Buy rating with our target price unchanged at $0.82ps. Read our report here: (VIEW LINK)

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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