AF Gruppen AFG.OL
NorwayIndustrials · Engineering & ConstructionEuronext Oslo Børs · NOK
193.00 NOK (+1.4%)
2 analysts
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AF Gruppen is one of Norway's leading construction and contracting companies, specializing in construction, civil engineering, demolition and environmental services, with a diversified business model in the Nordic market.
Listed on Euronext Oslo Børs · Symbol AFG.OL · OB: AFG · Currency NOK
Key points
from its scores- ✓High-quality business8.6
- ✓Favourable backdrop8.3
- ✓Strong growth7.6
AI analysis
bottom line, main risk, context and newsThe quality of the business and the clean balance sheet compensate for the tight margins, and the valuation is not demanding given the growth it shows.
AF Gruppen presents a very solid financial profile: ROIC of 42.19%, ROE of 39.90%, minimal net debt (DN/EBITDA of 0.15) and double-digit growth (revenues +15.9%, earnings +20.1%). With a P/E of 17.29 and an FCF yield of 9.82%, the stock combines exceptional quality with reasonable valuation, although its operating margin of 5.81% and tight liquidity (0.67) are the weakest points.
The main risk is geographic concentration in the Norwegian construction market, which exposes it to a slowdown in local construction activity or margin pressure from competition, given its relatively low operating margin of 5.81%.
Context and risks
AF Gruppen is a Norwegian construction and contracting company with a very healthy balance sheet (Net Debt/EBITDA of 0.15) and no material exposure to current macro factors. The rise in long-term rates and dollar strength do not materially affect its construction and services business in the Nordic market, and there is no recent news that modifies its risk profile.
Is AF Gruppen stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 29% below the Industrials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 17.3 | 25.4 | −32% |
| EV / EBITDA | 10.8 | 14.5 | −26% |
| Price / book | 7.0 | 4.1 | +72% |
| Price / sales | 0.6 | 2.1 | −69% |
Sector: median of the 388 Industrials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 7.2 out of 10 (median for Industrials: 5.0).
Average analyst target: 193.00 NOK, +1.4% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 6.2 (sector 6.4), Growth 7.6 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Industrials medianValuation
- P/E
- 17.3
- Forward P/E
- 15.0
- EV / EBITDA
- 10.8
- Price / book
- 7.0
- Price / sales
- 0.6
- PEG
- 2.08
- Market cap
- 21.6B NOK
- Enterprise value
- 22.9B NOK
Profitability
- ROE
- 39.9%
- ROA
- 6.6%
- ROIC (approx.)
- 42.2%
- Gross margin
- 34.4%
- Operating margin
- 5.8%
- Net margin
- 3.6%
- Free cash flow
- 2.1B NOK
- FCF yield
- 9.8%
- Cash conversion
- 100%
Solvency
- Total debt
- 1.6B NOK
- Net debt
- 310.0M NOK
- Cash
- 1.3B NOK
- EBITDA
- 2.1B NOK
- Net debt / EBITDA
- 0.15
- Debt / equity
- 39.72
- Current ratio
- 0.67
- Quick ratio
- 0.63
Growth
- Revenue growth
- +15.9%
- Earnings growth
- +20.1%
- EPS (TTM)
- 11.01 NOK
- EPS (forward)
- 12.66 NOK
Dividend
- Dividend yield
- 3.4%
- Payout
- 59.0%
Risk and market
- Beta
- 0.57
- Analyst consensus
- none (2)
- Target price
- 193.00 NOK
- 52-week range
- 165.00 – 204.00
Recent news
All AFG.OL news →Compare it with its sector
All 388 in Industrials →Frequently asked questions about AF Gruppen
Is AF Gruppen stock cheap or expensive?
On P/E and EV / EBITDA, it trades 29% below the Industrials median on average. Valuation score: 7.2 out of 10 (median for Industrials: 5.0). Average analyst target: 193.00 NOK, +1.4% versus the price. This is not investment advice.
What score does AF Gruppen get on MeridIAn Screener?
It scores 7.5 out of 10, rank 42 of 2,130 (better than 97% of the companies analysed). Its strongest category is Quality / Moat (8.6) and its weakest, Momentum (6.1). Analysis of 08/10/2026.
What is AF Gruppen's P/E ratio?
Its P/E is 17.3: the share price equals 17.3 times earnings per share over the last 12 months. The Industrials median is 25.4. Based on the earnings analysts expect, the forward P/E is 15.0.
How much is AF Gruppen worth on the stock market?
Its market capitalisation is 21.6B NOK and its enterprise value, debt included, is 22.9B NOK.
How much debt does AF Gruppen have?
Its net debt (debt minus cash) is 310.0M NOK. That is 0.15 times its EBITDA; the Industrials median is 1.58.
Does AF Gruppen pay a dividend?
Yes: its dividend yield is 3.41% and it pays out 59% of its earnings.
How has AF Gruppen stock performed over the last year?
It has risen 15.7% over the last year, excluding dividends. Over the last 52 weeks it has traded between 165.00 and 204.00 NOK. Past performance does not guarantee future results.
What do analysts think of AF Gruppen?
2 analysts cover it; their average recommendation is “none” and their average target is 193.00 NOK (+1.4% versus the price). It is an estimate, not market data.