AF GRUPPEN ASA (AFG.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:AFG • NO0003078107

187.8 NOK
-0.2 (-0.11%)
Last: Feb 6, 2026, 04:19 PM
Fundamental Rating

5

Taking everything into account, AFG scores 5 out of 10 in our fundamental rating. AFG was compared to 42 industry peers in the Construction & Engineering industry. AFG has only an average score on both its financial health and profitability. AFG has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • In the past year AFG was profitable.
  • AFG had a positive operating cash flow in the past year.
  • AFG had positive earnings in each of the past 5 years.
  • AFG had a positive operating cash flow in each of the past 5 years.
AFG.OL Yearly Net Income VS EBIT VS OCF VS FCFAFG.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 6.16%, AFG is in the better half of the industry, outperforming 73.81% of the companies in the same industry.
  • The Return On Equity of AFG (38.14%) is better than 76.19% of its industry peers.
  • The Return On Invested Capital of AFG (19.65%) is better than 83.33% of its industry peers.
  • AFG had an Average Return On Invested Capital over the past 3 years of 15.77%. This is above the industry average of 11.33%.
  • The last Return On Invested Capital (19.65%) for AFG is above the 3 year average (15.77%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 6.16%
ROE 38.14%
ROIC 19.65%
ROA(3y)4.7%
ROA(5y)5.88%
ROE(3y)27.22%
ROE(5y)31.5%
ROIC(3y)15.77%
ROIC(5y)17.17%
AFG.OL Yearly ROA, ROE, ROICAFG.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

1.3 Margins

  • With a Profit Margin value of 3.33%, AFG perfoms like the industry average, outperforming 42.86% of the companies in the same industry.
  • In the last couple of years the Profit Margin of AFG has declined.
  • Looking at the Operating Margin, with a value of 4.69%, AFG is doing worse than 61.90% of the companies in the same industry.
  • AFG's Operating Margin has declined in the last couple of years.
  • AFG has a Gross Margin of 34.66%. This is comparable to the rest of the industry: AFG outperforms 40.48% of its industry peers.
  • AFG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 4.69%
PM (TTM) 3.33%
GM 34.66%
OM growth 3Y-13.09%
OM growth 5Y-7.84%
PM growth 3Y-14.18%
PM growth 5Y-9.36%
GM growth 3Y2.15%
GM growth 5Y0.2%
AFG.OL Yearly Profit, Operating, Gross MarginsAFG.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), AFG is creating value.
  • The number of shares outstanding for AFG has been increased compared to 1 year ago.
  • Compared to 5 years ago, AFG has more shares outstanding
  • AFG has a better debt/assets ratio than last year.
AFG.OL Yearly Shares OutstandingAFG.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
AFG.OL Yearly Total Debt VS Total AssetsAFG.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

  • An Altman-Z score of 2.96 indicates that AFG is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • AFG's Altman-Z score of 2.96 is fine compared to the rest of the industry. AFG outperforms 78.57% of its industry peers.
  • AFG has a debt to FCF ratio of 0.53. This is a very positive value and a sign of high solvency as it would only need 0.53 years to pay back of all of its debts.
  • AFG's Debt to FCF ratio of 0.53 is amongst the best of the industry. AFG outperforms 95.24% of its industry peers.
  • A Debt/Equity ratio of 0.45 indicates that AFG is not too dependend on debt financing.
  • The Debt to Equity ratio of AFG (0.45) is better than 64.29% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 0.53
Altman-Z 2.96
ROIC/WACC2.33
WACC8.43%
AFG.OL Yearly LT Debt VS Equity VS FCFAFG.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

  • A Current Ratio of 0.70 indicates that AFG may have some problems paying its short term obligations.
  • AFG has a worse Current ratio (0.70) than 97.62% of its industry peers.
  • A Quick Ratio of 0.67 indicates that AFG may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.67, AFG is doing worse than 95.24% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.7
Quick Ratio 0.67
AFG.OL Yearly Current Assets VS Current LiabilitesAFG.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. Growth

3.1 Past

  • AFG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 103.53%, which is quite impressive.
  • The Earnings Per Share has been decreasing by -5.07% on average over the past years.
  • Looking at the last year, AFG shows a small growth in Revenue. The Revenue has grown by 3.01% in the last year.
  • The Revenue has been growing slightly by 6.26% on average over the past years.
EPS 1Y (TTM)103.53%
EPS 3Y-12.01%
EPS 5Y-5.07%
EPS Q2Q%27.03%
Revenue 1Y (TTM)3.01%
Revenue growth 3Y3.21%
Revenue growth 5Y6.26%
Sales Q2Q%8.31%

3.2 Future

  • AFG is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 24.92% yearly.
  • AFG is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.70% yearly.
EPS Next Y64.84%
EPS Next 2Y33.52%
EPS Next 3Y24.92%
EPS Next 5YN/A
Revenue Next Year4.86%
Revenue Next 2Y5.36%
Revenue Next 3Y4.7%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
AFG.OL Yearly Revenue VS EstimatesAFG.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10B 20B 30B
AFG.OL Yearly EPS VS EstimatesAFG.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6 8 10

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Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 19.66, AFG is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Earnings ratio of AFG indicates a slightly more expensive valuation: AFG is more expensive than 61.90% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 27.92, AFG is valued a bit cheaper.
  • AFG is valuated rather expensively with a Price/Forward Earnings ratio of 17.60.
  • Based on the Price/Forward Earnings ratio, AFG is valued a bit more expensive than 71.43% of the companies in the same industry.
  • AFG's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.78.
Industry RankSector Rank
PE 19.66
Fwd PE 17.6
AFG.OL Price Earnings VS Forward Price EarningsAFG.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • AFG's Enterprise Value to EBITDA ratio is in line with the industry average.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of AFG indicates a rather cheap valuation: AFG is cheaper than 83.33% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 6.91
EV/EBITDA 9.31
AFG.OL Per share dataAFG.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 100 200

4.3 Compensation for Growth

  • AFG's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of AFG may justify a higher PE ratio.
  • AFG's earnings are expected to grow with 24.92% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.3
PEG (5Y)N/A
EPS Next 2Y33.52%
EPS Next 3Y24.92%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. Dividend

5.1 Amount

  • AFG has a Yearly Dividend Yield of 2.75%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.49, AFG has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.83, AFG pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.75%

5.2 History

  • The dividend of AFG decreases each year by -16.34%.
Dividend Growth(5Y)-16.34%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • AFG pays out 52.35% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP52.35%
EPS Next 2Y33.52%
EPS Next 3Y24.92%
AFG.OL Yearly Income VS Free CF VS DividendAFG.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B
AFG.OL Dividend Payout.AFG.OL Dividend Payout, showing the Payout Ratio.AFG.OL Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

AF GRUPPEN ASA

OSL:AFG (2/6/2026, 4:19:50 PM)

187.8

-0.2 (-0.11%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryConstruction & Engineering
Earnings (Last)11-14
Earnings (Next)02-13
Inst Owners15.15%
Inst Owner ChangeN/A
Ins Owners4.58%
Ins Owner ChangeN/A
Market Cap20.67B
Revenue(TTM)31.34B
Net Income(TTM)1.04B
Analysts46.67
Price Target187.34 (-0.24%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.75%
Yearly Dividend3.49
Dividend Growth(5Y)-16.34%
DP52.35%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)19.94%
Min EPS beat(2)10.8%
Max EPS beat(2)29.08%
EPS beat(4)3
Avg EPS beat(4)7.22%
Min EPS beat(4)-27.73%
Max EPS beat(4)29.08%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)4.2%
Min Revenue beat(2)3.14%
Max Revenue beat(2)5.26%
Revenue beat(4)3
Avg Revenue beat(4)1.59%
Min Revenue beat(4)-5.26%
Max Revenue beat(4)5.26%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.92%
PT rev (3m)13.61%
EPS NQ rev (1m)3.55%
EPS NQ rev (3m)-4.56%
EPS NY rev (1m)0.79%
EPS NY rev (3m)0.64%
Revenue NQ rev (1m)-0.01%
Revenue NQ rev (3m)1.36%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.38%
Valuation
Industry RankSector Rank
PE 19.66
Fwd PE 17.6
P/S 0.66
P/FCF 6.91
P/OCF 6.91
P/B 7.56
P/tB N/A
EV/EBITDA 9.31
EPS(TTM)9.55
EY5.09%
EPS(NY)10.67
Fwd EY5.68%
FCF(TTM)27.17
FCFY14.47%
OCF(TTM)27.17
OCFY14.47%
SpS284.71
BVpS24.85
TBVpS-17.63
PEG (NY)0.3
PEG (5Y)N/A
Graham Number73.07
Profitability
Industry RankSector Rank
ROA 6.16%
ROE 38.14%
ROCE 26.12%
ROIC 19.65%
ROICexc 27.64%
ROICexgc N/A
OM 4.69%
PM (TTM) 3.33%
GM 34.66%
FCFM 9.54%
ROA(3y)4.7%
ROA(5y)5.88%
ROE(3y)27.22%
ROE(5y)31.5%
ROIC(3y)15.77%
ROIC(5y)17.17%
ROICexc(3y)18.71%
ROICexc(5y)20.81%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)20.97%
ROCE(5y)23.25%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y-8.52%
ROICexc growth 5Y-2.24%
OM growth 3Y-13.09%
OM growth 5Y-7.84%
PM growth 3Y-14.18%
PM growth 5Y-9.36%
GM growth 3Y2.15%
GM growth 5Y0.2%
F-Score6
Asset Turnover1.85
Health
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 0.53
Debt/EBITDA 0.55
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 18.61
Cash Conversion 134.93%
Profit Quality 286.67%
Current Ratio 0.7
Quick Ratio 0.67
Altman-Z 2.96
F-Score6
WACC8.43%
ROIC/WACC2.33
Cap/Depr(3y)61.46%
Cap/Depr(5y)51.82%
Cap/Sales(3y)1.17%
Cap/Sales(5y)1.01%
Profit Quality(3y)217.38%
Profit Quality(5y)174.12%
High Growth Momentum
Growth
EPS 1Y (TTM)103.53%
EPS 3Y-12.01%
EPS 5Y-5.07%
EPS Q2Q%27.03%
EPS Next Y64.84%
EPS Next 2Y33.52%
EPS Next 3Y24.92%
EPS Next 5YN/A
Revenue 1Y (TTM)3.01%
Revenue growth 3Y3.21%
Revenue growth 5Y6.26%
Sales Q2Q%8.31%
Revenue Next Year4.86%
Revenue Next 2Y5.36%
Revenue Next 3Y4.7%
Revenue Next 5YN/A
EBIT growth 1Y90.91%
EBIT growth 3Y-10.31%
EBIT growth 5Y-2.07%
EBIT Next Year133.4%
EBIT Next 3Y38.96%
EBIT Next 5YN/A
FCF growth 1Y353.72%
FCF growth 3Y17.55%
FCF growth 5Y10.63%
OCF growth 1Y353.72%
OCF growth 3Y16.15%
OCF growth 5Y8.01%

AF GRUPPEN ASA / AFG.OL FAQ

What is the ChartMill fundamental rating of AF GRUPPEN ASA (AFG.OL) stock?

ChartMill assigns a fundamental rating of 5 / 10 to AFG.OL.


What is the valuation status of AF GRUPPEN ASA (AFG.OL) stock?

ChartMill assigns a valuation rating of 5 / 10 to AF GRUPPEN ASA (AFG.OL). This can be considered as Fairly Valued.


What is the profitability of AFG stock?

AF GRUPPEN ASA (AFG.OL) has a profitability rating of 6 / 10.


What is the valuation of AF GRUPPEN ASA based on its PE and PB ratios?

The Price/Earnings (PE) ratio for AF GRUPPEN ASA (AFG.OL) is 19.66 and the Price/Book (PB) ratio is 7.56.


What is the expected EPS growth for AF GRUPPEN ASA (AFG.OL) stock?

The Earnings per Share (EPS) of AF GRUPPEN ASA (AFG.OL) is expected to grow by 64.84% in the next year.