Bell Potter Analyst, Jonathan Snape, has initiated coverage of national property developer AVJennings (AVJ)
Bell Potter Analyst, Jonathan Snape, has initiated coverage of national property developer AVJennings (AVJ). Building approvals are running at the highest level since October 2002 and detached dwelling approvals, the primary driver of AVJ's revenues, are up 48% from their lows, AVJ is strongly leveraged to this thematic. AVJ has demonstrated a solid recovery in gross margin trends with a lift in lot sales. Trading at a discount to its peer group on both balance sheet and earnings multiples, Snape initiates coverage of AVJ with a BUY rating and a target price of $0.78ps. Bell Potter research reports are available to our clients via our website (VIEW LINK)
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