https://mcusercontent.com/d4810c866782736c5a825b67e/files/634f4eeb-e31c-4e1b-8483-dc81b6a1247c/Canaccord_Colt_AVA_12052020.pdf
Canaccord:
AVA reported a solid quarterly result that showed continued revenue growth and
an improvement in cash flow. This reaffirms our view that FY20 is shaping up for a
significant uplift in profitability. With a growing pipeline of opportunities ahead of it in
FY21 and a significant amount of cash flow to come from the Indian Ministry of Defence
(MOD) project, it’s very likely we’ll see more of the same next year. Although Covid-19
has resulted in some delays to orders, revenue guidance was provided of $43m, which
is more or less in line with our expectations. A mix shift however has resulted in EBITDA
guidance (more than $5m+) being below our estimate for $6.3m. Consequently, we
have reduced our FY20 EBITDA estimate by 9% to $5.7m. With AVA Logistics gathering
momentum, the Indian MOD contract beginning to deliver significant revenue, an
order backlog of ~$16m, and the likely commercialisation of the Aura IQ, we have made
upgraded our FY21 EPS by +17%. Together with a roll forward of our valuation, we have
lifted our Target Price to $0.30 per share. We retain our BUY rating.
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9.6¢ |
Change
-0.004(4.00%) |
Mkt cap ! $27.79M |
Open | High | Low | Value | Volume |
10.0¢ | 10.0¢ | 9.5¢ | $5.891K | 61.68K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 250000 | 9.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
10.0¢ | 61364 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 250000 | 0.092 |
1 | 27000 | 0.091 |
5 | 140082 | 0.090 |
1 | 14000 | 0.089 |
3 | 92350 | 0.086 |
Price($) | Vol. | No. |
---|---|---|
0.100 | 61364 | 4 |
0.105 | 78579 | 2 |
0.110 | 111666 | 3 |
0.115 | 47128 | 3 |
0.120 | 14609 | 1 |
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