Overall APG gets a fundamental rating of 5 out of 10. We evaluated APG against 55 industry peers in the Construction & Engineering industry. Both the profitability and the financial health of APG get a neutral evaluation. Nothing too spectacular is happening here. APG has a correct valuation and a medium growth rate.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

In the past year APG was profitable.
APG had a positive operating cash flow in the past year.
In the past 5 years APG reported 4 times negative net income.
Each year in the past 5 years APG had a positive operating cash flow.

1.2 Ratios

The Return On Assets of APG (1.79%) is worse than 60.00% of its industry peers.
APG's Return On Equity of 4.76% is on the low side compared to the rest of the industry. APG is outperformed by 60.00% of its industry peers.
APG has a Return On Invested Capital (6.29%) which is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for APG is significantly below the industry average of 15.97%.
The 3 year average ROIC (4.40%) for APG is below the current ROIC(6.29%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	1.79%
ROE	4.76%
ROIC	6.29%

ROA(3y)-1.5%

ROA(5y)-3.28%

ROE(3y)-4.07%

ROE(5y)-8.43%

ROIC(3y)4.4%

ROIC(5y)3.23%

1.3 Margins

With a Profit Margin value of 2.04%, APG perfoms like the industry average, outperforming 43.64% of the companies in the same industry.
The Operating Margin of APG (7.76%) is better than 61.82% of its industry peers.
In the last couple of years the Operating Margin of APG has grown nicely.
APG's Gross Margin of 31.14% is amongst the best of the industry. APG outperforms 83.64% of its industry peers.
In the last couple of years the Gross Margin of APG has grown nicely.

		Industry Rank	Sector Rank
OM	7.76%
PM (TTM)	2.04%
GM	31.14%

OM growth 3Y27.83%

OM growth 5YN/A

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y9.2%

GM growth 5Y9.63%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), APG is destroying value.
APG has more shares outstanding than it did 1 year ago.
APG has more shares outstanding than it did 5 years ago.
APG has a worse debt/assets ratio than last year.

2.2 Solvency

APG has an Altman-Z score of 3.22. This indicates that APG is financially healthy and has little risk of bankruptcy at the moment.
APG has a Altman-Z score (3.22) which is comparable to the rest of the industry.
The Debt to FCF ratio of APG is 5.34, which is a neutral value as it means it would take APG, 5.34 years of fcf income to pay off all of its debts.
APG has a Debt to FCF ratio of 5.34. This is in the better half of the industry: APG outperforms 61.82% of its industry peers.
A Debt/Equity ratio of 0.90 indicates that APG is somewhat dependend on debt financing.
The Debt to Equity ratio of APG (0.90) is comparable to the rest of the industry.

		Industry Rank	Sector Rank
Debt/Equity	0.9
Debt/FCF	5.34
Altman-Z	3.22

ROIC/WACC0.64

WACC9.87%

2.3 Liquidity

APG has a Current Ratio of 1.48. This is a normal value and indicates that APG is financially healthy and should not expect problems in meeting its short term obligations.
APG has a better Current ratio (1.48) than 70.91% of its industry peers.
APG has a Quick Ratio of 1.41. This is a normal value and indicates that APG is financially healthy and should not expect problems in meeting its short term obligations.
APG has a Quick ratio of 1.41. This is in the better half of the industry: APG outperforms 70.91% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.48
Quick Ratio	1.41

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 16.85% over the past year.
The Earnings Per Share has been growing by 20.02% on average over the past years. This is a very strong growth
The Revenue has grown by 10.69% in the past year. This is quite good.
Measured over the past years, APG shows a quite strong growth in Revenue. The Revenue has been growing by 11.39% on average per year.

EPS 1Y (TTM)16.85%

EPS 3Y20.02%

EPS 5YN/A

EPS Q2Q%20.59%

Revenue 1Y (TTM)10.69%

Revenue growth 3Y21.22%

Revenue growth 5Y11.39%

Sales Q2Q%14.18%

3.2 Future

APG is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 15.38% yearly.
Based on estimates for the next years, APG will show a quite strong growth in Revenue. The Revenue will grow by 8.15% on average per year.

EPS Next Y19.34%

EPS Next 2Y17.04%

EPS Next 3Y15.38%

EPS Next 5YN/A

Revenue Next Year12.69%

Revenue Next 2Y9.68%

Revenue Next 3Y8.15%

Revenue Next 5YN/A

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 30.09, which means the current valuation is very expensive for APG.
65.45% of the companies in the same industry are more expensive than APG, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of APG to the average of the S&P500 Index (27.21), we can say APG is valued inline with the index average.
With a Price/Forward Earnings ratio of 24.76, APG is valued on the expensive side.
Compared to the rest of the industry, the Price/Forward Earnings ratio of APG indicates a somewhat cheap valuation: APG is cheaper than 69.09% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 25.98, APG is valued at the same level.

		Industry Rank	Sector Rank
PE	30.09
Fwd PE	24.76

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of APG is on the same level as its industry peers.
65.45% of the companies in the same industry are more expensive than APG, based on the Price/Free Cash Flow ratio.

		Industry Rank	Sector Rank
P/FCF	30.42
EV/EBITDA	21.7

4.3 Compensation for Growth

APG's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
APG's earnings are expected to grow with 15.38% in the coming years. This may justify a more expensive valuation.