Equity Analysis /
Pakistan

Avanceon Ltd: Automation and Big Data under one roof; initiate with Buy

  • We initiate coverage on AVN with a Buy rating and Dec-22 TP of PKR232/sh and Octopus with a Dec-22 TP of PKR151/sh.

  • AVN is riding the wave of industrial automation in the Middle East and Pakistan. 5yr Revenue/Earnings CAGR of 22%/33%

  • The newly listed Octopus will launch a Big Data platform to AVN and new clients. 5yr Revenue/Earnings CAGR of 60%/54%

Intermarket Securities
16 September 2021