AF GRUPPEN ASA (AFG.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:AFG • NO0003078107

187.8 NOK
-1.2 (-0.63%)
Last: Feb 4, 2026, 04:20 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

  • In the past year AFG was profitable.
  • In the past year AFG had a positive cash flow from operations.
  • In the past 5 years AFG has always been profitable.
  • In the past 5 years AFG always reported a positive cash flow from operatings.
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 Return On Assets of 6.16%. This is in the better half of the industry: AFG outperforms 73.81% of its industry peers.
  • Looking at the Return On Equity, with a value of 38.14%, AFG is in the better half of the industry, outperforming 76.19% of the companies in the same industry.
  • AFG has a Return On Invested Capital of 19.65%. This is amongst the best in the industry. AFG outperforms 83.33% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for AFG is above the industry average of 11.33%.
  • The 3 year average ROIC (15.77%) for AFG is below the current ROIC(19.65%), indicating increased profibility in the last year.
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

  • AFG has a Profit Margin (3.33%) which is comparable to the rest of the 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.
  • 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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5

2. Health

2.1 Basic Checks

  • AFG has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it 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.
  • Compared to 1 year ago, AFG has an improved debt to assets ratio.
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 2.97. 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.
  • Looking at the Altman-Z score, with a value of 2.97, AFG is in the better half of the industry, outperforming 78.57% of the companies in the same industry.
  • 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.
  • Looking at the Debt to Equity ratio, with a value of 0.45, AFG is in the better half of the industry, outperforming 64.29% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 0.53
Altman-Z 2.97
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.
  • The Current ratio of AFG (0.70) is worse 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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5

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 103.53% over the past year.
  • The Earnings Per Share has been decreasing by -5.07% on average over the past years.
  • AFG shows a small growth in Revenue. In the last year, the Revenue has grown by 3.01%.
  • 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

  • Based on estimates for the next years, AFG will show a very strong growth in Earnings Per Share. The EPS will grow by 24.92% on average per year.
  • Based on estimates for the next years, AFG will show a small growth in Revenue. The Revenue will grow by 4.70% on average per year.
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.
  • 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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5

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 19.66, which indicates a rather expensive current valuation of AFG.
  • Based on the Price/Earnings ratio, AFG is valued a bit more expensive than the industry average as 61.90% of the companies are valued more cheaply.
  • AFG's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.18.
  • 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.
  • When comparing the Price/Forward Earnings ratio of AFG to the average of the S&P500 Index (25.51), we can say AFG is valued slightly cheaper.
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.
  • Based on the Price/Free Cash Flow ratio, AFG is valued cheaper than 83.33% of the companies in the same industry.
Industry RankSector Rank
P/FCF 6.91
EV/EBITDA 9.36
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.
  • 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%

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4

5. Dividend

5.1 Amount

  • AFG has a Yearly Dividend Yield of 2.75%.
  • 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

  • 52.35% of the earnings are spent on dividend by AFG. 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 (2/4/2026, 4:20:06 PM)

187.8

-1.2 (-0.63%)

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 9.36
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 2.97
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.