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 only an average score on both its financial health and profitability. APG has a decent growth rate and is not valued too expensively.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

APG had positive earnings in the past year.
In the past year APG had a positive cash flow from operations.
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 Return On Assets of 1.79%. This is in the lower half of the industry: APG underperforms 60.00% of its industry peers.
Looking at the Return On Equity, with a value of 4.76%, APG is doing worse than 60.00% of the companies in the same industry.
With a Return On Invested Capital value of 6.29%, APG perfoms like the industry average, outperforming 52.73% of the companies in the same 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 has a Profit Margin (2.04%) which is comparable to the rest of the industry.
With a decent Operating Margin value of 7.76%, APG is doing good in the industry, outperforming 61.82% of the companies in the same industry.
In the last couple of years the Operating Margin of APG has grown nicely.
APG has a better Gross Margin (31.14%) than 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.
The number of shares outstanding for APG has been increased compared to 5 years ago.
The debt/assets ratio for APG is higher compared to a year ago.

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.
Looking at the Altman-Z score, with a value of 3.22, APG is in line with its industry, outperforming 58.18% of the companies in the same industry.
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 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.
APG has a Debt/Equity ratio of 0.90. This is a neutral value indicating APG is somewhat dependend on debt financing.
APG's Debt to Equity ratio of 0.90 is in line compared to the rest of the industry. APG outperforms 41.82% of its industry peers.

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

ROIC/WACC0.61

WACC10.26%

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'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.
The Revenue has grown by 10.69% in the past year. This is quite good.
The Revenue has been growing by 11.39% on average over the past years. This is quite good.

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.
APG is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.15% yearly.

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

The Price/Earnings ratio is 30.09, which means the current valuation is very expensive for APG.
Based on the Price/Earnings ratio, APG is valued a bit cheaper than the industry average as 65.45% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 27.21. APG is around the same levels.
The Price/Forward Earnings ratio is 24.76, which indicates a rather expensive current valuation of APG.
Based on the Price/Forward Earnings ratio, APG is valued a bit cheaper than 69.09% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 25.98. APG is around the same levels.

		Industry Rank	Sector Rank
PE	30.09
Fwd PE	24.76

4.2 Price Multiples

APG'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 APG indicates a somewhat cheap valuation: APG is cheaper than 65.45% of the companies listed in the same industry.

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

4.3 Compensation for Growth

The 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.