We assign a fundamental rating of 5 out of 10 to APG. APG was compared to 55 industry peers in the Construction & Engineering industry. APG has an average financial health and profitability rating. APG is not valued too expensively and it also shows a decent 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.
APG had negative earnings in 4 of the past 5 years.
APG had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

APG has a worse Return On Assets (1.79%) 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.
Measured over the past 3 years, the Average Return On Invested Capital for APG is significantly below the industry average of 15.97%.
The last Return On Invested Capital (6.29%) for APG is above the 3 year average (4.40%), which is a sign of increasing profitability.

		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

APG's Profit Margin of 2.04% is in line compared to the rest of the industry. APG outperforms 43.64% of its industry peers.
APG's Operating Margin of 7.76% is fine compared to the rest of the industry. APG outperforms 61.82% of its industry peers.
APG's Operating Margin has improved in the last couple of years.
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.
The number of shares outstanding for APG has been increased compared to 1 year ago.
Compared to 5 years ago, APG has more shares outstanding
APG has a worse debt/assets ratio than last year.

2.2 Solvency

APG has an Altman-Z score of 3.24. This indicates that APG is financially healthy and has little risk of bankruptcy at the moment.
APG has a Altman-Z score of 3.24. This is comparable to the rest of the industry: APG outperforms 56.36% of its industry peers.
APG has a debt to FCF ratio of 5.34. This is a neutral value as APG would need 5.34 years to pay back of all of its debts.
APG's Debt to FCF ratio of 5.34 is fine compared to the rest of the industry. APG outperforms 61.82% of its industry peers.
APG has a Debt/Equity ratio of 0.90. This is a neutral value indicating 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	3.24

ROIC/WACC0.61

WACC10.25%

2.3 Liquidity

A Current Ratio of 1.48 indicates that APG should not have too much problems paying 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's Quick ratio of 1.41 is fine compared to the rest 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.
Measured over the past years, APG shows a very strong growth in Earnings Per Share. The EPS has been growing by 20.02% on average per year.
Looking at the last year, APG shows a quite strong growth in Revenue. The Revenue has grown by 10.69% in the last year.
APG shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.39% yearly.

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

Based on estimates for the next years, APG will show a quite strong growth in Earnings Per Share. The EPS will grow by 15.38% on average per year.
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.
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.

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4. Valuation

4.1 Price/Earnings Ratio

APG is valuated quite expensively with a Price/Earnings ratio of 29.91.
65.45% of the companies in the same industry are more expensive than APG, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 28.30. APG is around the same levels.
APG is valuated rather expensively with a Price/Forward Earnings ratio of 24.61.
Based on the Price/Forward Earnings ratio, APG is valued a bit cheaper than 72.73% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of APG to the average of the S&P500 Index (25.57), we can say APG is valued inline with the index average.

		Industry Rank	Sector Rank
PE	29.91
Fwd PE	24.61

4.2 Price Multiples

The rest of the industry has a similar Enterprise Value to EBITDA ratio as APG.
Based on the Price/Free Cash Flow ratio, APG is valued a bit cheaper than the industry average as 69.09% of the companies are valued more expensively.

		Industry Rank	Sector Rank
P/FCF	30.23
EV/EBITDA	21.87

4.3 Compensation for Growth

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