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

AFG gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 42 industry peers in the Construction & Engineering industry. Both the profitability and the financial health of AFG get a neutral evaluation. Nothing too spectacular is happening here. AFG has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • AFG had positive earnings in the past year.
  • AFG had a positive operating cash flow in the past year.
  • AFG had positive earnings in each of the past 5 years.
  • Each year in the past 5 years AFG had a positive operating cash flow.
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

  • AFG has a better Return On Assets (6.16%) than 73.81% of its industry peers.
  • AFG has a Return On Equity of 38.14%. This is in the better half of the industry: AFG outperforms 76.19% of its industry peers.
  • AFG's Return On Invested Capital of 19.65% is amongst the best of the industry. AFG outperforms 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.
  • AFG's Profit Margin has declined in the last couple of years.
  • AFG has a worse Operating Margin (4.69%) than 61.90% of its industry peers.
  • AFG's Operating Margin has declined in the last couple of years.
  • Looking at the Gross Margin, with a value of 34.66%, AFG is in line with its industry, outperforming 40.48% of the companies in the same industry.
  • In the last couple of years the Gross Margin of AFG has remained more or less at the same level.
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

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so AFG is creating value.
  • AFG has more shares outstanding than it did 1 year ago.
  • AFG has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for AFG has been reduced compared to a year ago.
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

  • AFG has an Altman-Z score of 2.96. This is not the best score and indicates that AFG is in the grey zone with still only limited risk for bankruptcy at the moment.
  • AFG has a Altman-Z score of 2.96. This is in the better half of the industry: AFG outperforms 78.57% of its industry peers.
  • The Debt to FCF ratio of AFG is 0.53, which is an excellent value as it means it would take AFG, only 0.53 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 0.53, AFG belongs to the top of the industry, outperforming 95.24% of the companies in the same industry.
  • A Debt/Equity ratio of 0.45 indicates that AFG is not too dependend on debt financing.
  • AFG has a Debt to Equity ratio of 0.45. This is in the better half of the industry: AFG outperforms 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

  • AFG has a Current Ratio of 0.70. This is a bad value and indicates that AFG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • AFG has a Current ratio of 0.70. This is amonst the worse of the industry: AFG underperforms 97.62% of its industry peers.
  • A Quick Ratio of 0.67 indicates that AFG may have some problems paying its short term obligations.
  • The Quick ratio of AFG (0.67) is worse than 95.24% of its industry peers.
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.
  • Measured over the past years, AFG shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.07% on average per year.
  • The Revenue has been growing slightly by 3.01% in the past year.
  • Measured over the past years, AFG shows a small growth in Revenue. The Revenue has been growing by 6.26% on average per year.
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

  • The Earnings Per Share is expected to grow by 24.92% on average over the next years. This is a very strong growth
  • The Revenue is expected to grow by 4.70% on average over the next years.
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

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

  • Based on the Price/Earnings ratio of 19.66, the valuation of AFG can be described as rather expensive.
  • 61.90% of the companies in the same industry are cheaper than AFG, based on the Price/Earnings ratio.
  • AFG is valuated rather cheaply when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.
  • AFG is valuated rather expensively with a Price/Forward Earnings ratio of 17.60.
  • 71.43% of the companies in the same industry are cheaper than AFG, based on the Price/Forward Earnings ratio.
  • AFG is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 27.20, which is the current average of the S&P500 Index.
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of AFG is on the same level as its industry peers.
  • 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

  • The 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.
  • A more expensive valuation may be justified as AFG's earnings are expected to grow with 24.92% in the coming years.
PEG (NY)0.3
PEG (5Y)N/A
EPS Next 2Y33.52%
EPS Next 3Y24.92%

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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%.
  • AFG's Dividend Yield is comparable with the industry average which is at 2.49.
  • Compared to an average S&P500 Dividend Yield of 1.82, 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

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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.