Buy Or Sell Opportunity • Jun 21
Now 20% undervalued Over the last 90 days, the stock has risen 10% to €16.58. The fair value is estimated to be €20.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Buy Or Sell Opportunity • May 27
Now 20% undervalued Over the last 90 days, the stock has risen 5.2% to €17.28. The fair value is estimated to be €21.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Announcement • May 23
AF Gruppen ASA (OB:AFG) completed the acquisition of an unknown majority stake in Claxton Engineering Services LTD from Acteon Group Limited. AF Gruppen ASA (OB:AFG) agreed to acquire an unknown majority stake in Claxton Engineering Services LTD from Acteon Group Limited for an enterprise value of £63.5 million on April 15, 2026. The consideration will be settled in cash and financed from AF Gruppen’s liquidity reserves
The transaction comprises the operating companies Claxton Engineering Service Ltd. (UK), Probe Manufacturing and Fabrication Ltd. (UK), Claxton Engineering Services Pte Ltd. (Singapore), Claxton Services Pty Ltd. (Australia), Claxton Engineering Services LLC SPC (Abu Dhabi), Claxton Engineering Services AS (Norway) and Claxton Services Inc. (USA). Claxton will operate as an independent business unit within the Offshore business area of AF Gruppen.
The transaction is subject to approval by the Norwegian Competition Authority and is expected to be completed during the second quarter of 2026.
AF Gruppen ASA (OB:AFG) completed the acquisition of an unknown majority stake in Claxton Engineering Services LTD from Acteon Group Limited on May 21, 2026. Claxton will be organised as a new business unit within the Offshore business area of AF Gruppen. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Director Kristian Holth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 16
AF Gruppen ASA (OB:AFG) agreed to acquire an unknown majority stake in Claxton Engineering Services LTD from Acteon Group Limited for an enterprise value of £63.5 million. AF Gruppen ASA (OB:AFG) agreed to acquire an unknown majority stake in Claxton Engineering Services LTD from Acteon Group Limited for an enterprise value of £63.5 million on April 15, 2026. The consideration will be settled in cash and financed from AF Gruppen’s liquidity reserves
The transaction comprises the operating companies Claxton Engineering Service Ltd. (UK), Probe Manufacturing and Fabrication Ltd. (UK), Claxton Engineering Services Pte Ltd. (Singapore), Claxton Services Pty Ltd. (Australia), Claxton Engineering Services LLC SPC (Abu Dhabi), Claxton Engineering Services AS (Norway) and Claxton Services Inc. (USA). Claxton will operate as an independent business unit within the Offshore business area of AF Gruppen.
The transaction is subject to approval by the Norwegian Competition Authority and is expected to be completed during the second quarter of 2026. Announcement • Feb 13
AF Gruppen ASA Proposes Cash Dividend for the Financial Year 2025, Payable on 22 May 2026 The Board of AF Gruppen ASA has proposed a dividend of NOK 6.50 per share for the financial year 2025, subject to approval at the general meeting on 13 May 2026. The last day including the right to the dividend is 13 May 2026, the ex-date is 15 May 2026, the record date is 18 May 2026, and the payment date is scheduled for 22 May 2026. New Risk • Jan 06
New major risk - Revenue and earnings growth Earnings have declined by 8.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.5% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Dec 30
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Director Kristian Holth was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 14
AF Gruppen ASA Proposes Dividend for the First Half of Year 2025, Payable on 21 May 2025 The Board in AF Gruppen ASA has decided to propose to the general meeting on May 15, 2025 a dividend of NOK 5.00 (3.50) per share for the first half-year 2025. Last day including right: 15 May 2025, Ex-date: 16 May 2025, Record date: 19 May 2025, Payment date: 21 May 2025 and Date of approval: 15 May 2025. The dividend for the first half-year 2025 of NOK 5.00 per share will be distributed as repayment of share premium. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: kr1.85 (vs kr0.43 in 3Q 2023) Third quarter 2024 results: EPS: kr1.85 (up from kr0.43 in 3Q 2023). Revenue: kr7.20b (up 4.3% from 3Q 2023). Net income: kr201.0m (up 337% from 3Q 2023). Profit margin: 2.8% (up from 0.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to €11.26. The fair value is estimated to be €9.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 5.0% in 2 years. Earnings are forecast to grow by 163% in the next 2 years. Announcement • Sep 21
AF Gruppen ASA (OB:AFG) commences an Equity Buyback Plan, under the authorization approved on May 15, 2024. AF Gruppen ASA (OB:AFG) commences share repurchases on September 16, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2024. As per the mandate, the company will repurchase its shares worth a nominal value of NOK 0.54 million. The minimum amount that may be paid for a share is NOK 0.05 and the highest amount that may be paid for a share is NOK 300. The purpose of the program is to give the company an opportunity to purchase the shares in situations where it would be in the company’s interest. The acquisition of the shares may occur, with settlement in cash, with settlement by means other than cash or as settlement in connection with a merger or demerger. The authority will be valid until the next Annual General Meeting, and in any case no later than June 30, 2025.
On September 13, 2024, the company initiated a share repurchase program. Under the program, the company will repurchase up to 200,000 shares for a total of NOK 30 million. The repurchased shares will be used for the company's employee share program. The program will commence on September 16, 2024 and will expire on October 4, 2024. Reported Earnings • Aug 31
Second quarter 2024 earnings released: kr0.07 loss per share (vs kr1.72 profit in 2Q 2023) Second quarter 2024 results: kr0.07 loss per share (down from kr1.72 profit in 2Q 2023). Revenue: kr7.65b (down 2.6% from 2Q 2023). Net loss: kr8.00m (down 104% from profit in 2Q 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Jun 21
AF Gruppen ASA, Annual General Meeting, May 15, 2025 AF Gruppen ASA, Annual General Meeting, May 15, 2025. New Risk • Jun 17
New major risk - Revenue and earnings growth Earnings have declined by 5.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.0% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • May 09
Upcoming dividend of kr3.50 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 27 May 2024. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.8%). Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: kr3.73 (vs kr8.96 in FY 2022) Full year 2023 results: EPS: kr3.73 (down from kr8.96 in FY 2022). Revenue: kr30.4b (down 2.2% from FY 2022). Net income: kr402.0m (down 58% from FY 2022). Profit margin: 1.3% (down from 3.1% in FY 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 17% per year. Declared Dividend • Feb 25
Dividend of kr3.50 announced Shareholders will receive a dividend of kr3.50. Ex-date: 16th May 2024 Payment date: 27th May 2024 Dividend yield will be 33%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (24% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4.3% to bring the payout ratio under control. EPS is expected to grow by 85% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr3.73 (vs kr8.96 in FY 2022) Full year 2023 results: EPS: kr3.73 (down from kr8.96 in FY 2022). Revenue: kr30.5b (down 1.9% from FY 2022). Net income: kr402.0m (down 58% from FY 2022). Profit margin: 1.3% (down from 3.1% in FY 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: kr0.43 (vs kr1.46 in 3Q 2022) Third quarter 2023 results: EPS: kr0.43 (down from kr1.46 in 3Q 2022). Revenue: kr6.91b (down 8.4% from 3Q 2022). Net income: kr46.0m (down 70% from 3Q 2022). Profit margin: 0.7% (down from 2.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 27
Second quarter 2023 earnings released: EPS: kr1.72 (vs kr2.67 in 2Q 2022) Second quarter 2023 results: EPS: kr1.72 (down from kr2.67 in 2Q 2022). Revenue: kr7.85b (down 5.3% from 2Q 2022). Net income: kr185.0m (down 35% from 2Q 2022). Profit margin: 2.4% (down from 3.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • May 20
AF Gruppen ASA to Report Q3, 2023 Results on Nov 10, 2023 AF Gruppen ASA announced that they will report Q3, 2023 results on Nov 10, 2023 Reported Earnings • May 13
First quarter 2023 earnings released: kr0.03 loss per share (vs kr1.40 profit in 1Q 2022) First quarter 2023 results: kr0.03 loss per share (down from kr1.40 profit in 1Q 2022). Revenue: kr7.39b (up 8.6% from 1Q 2022). Net loss: kr3.00m (down 102% from profit in 1Q 2022). Profit margin: 0% (down from 2.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 08
Upcoming dividend of kr6.50 per share at 6.9% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 25 May 2023. The company is paying out more than 100% of its profits and is paying out 77% of its cash flow. Trailing yield: 6.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.7%). Announcement • May 06
AF Gruppen ASA Provides Earnings Guidance for the First Quarter of 2023 AF Gruppen ASA provided earnings guidance for the first quarter of 2023. For the quarter, the company expected to report a slightly positive operating profit. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: kr8.96 (vs kr9.61 in FY 2021) Full year 2022 results: EPS: kr8.96 (down from kr9.61 in FY 2021). Revenue: kr31.2b (up 12% from FY 2021). Net income: kr958.0m (down 6.0% from FY 2021). Profit margin: 3.1% (down from 3.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Feb 11
AF Gruppen ASA Proposes Dividend for the First Half of Year 2023, Payable on 25 May 2023 The Board of Directors of AF Gruppen ASA has decided to propose to the general meeting on May 12, 2023, a dividend of NOK 6.50 (6.50) per share for the first half of year 2023, payable on 25 May 2023. Record date is 16 May 2023. Ex-date is 15 May 2023. Last day including right is 12 May 2023. Announcement • Nov 29
AF Gruppen ASA (OB:AFG) signed a letter of intent to acquire 60% stake in Mepex Consult As. AF Gruppen ASA (OB:AFG) signed a letter of intent to acquire 60% stake in Mepex Consult As on November 28, 2022. Board Change • Nov 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Erik Veiby was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: kr1.46 (vs kr2.08 in 3Q 2021) Third quarter 2022 results: EPS: kr1.46 (down from kr2.08 in 3Q 2021). Revenue: kr7.54b (up 19% from 3Q 2021). Net income: kr155.0m (down 30% from 3Q 2021). Profit margin: 2.1% (down from 3.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 12
AF Gruppen ASA Approves Dividend for the Second Half-Year 2022, Payable on 23 November 2022 AF Gruppen ASA has approved a dividend of NOK 4.00 (4.00) per share for the second half-year 2022, due to the group’s strong financial position. Ex-date is 15 November 2022, Record date is 16 November 2022 and payment date is 23 November 2022. Reported Earnings • Aug 28
Second quarter 2022 earnings released: EPS: kr2.67 (vs kr2.09 in 2Q 2021) Second quarter 2022 results: EPS: kr2.67 (up from kr2.09 in 2Q 2021). Revenue: kr8.29b (up 15% from 2Q 2021). Net income: kr285.0m (up 29% from 2Q 2021). Profit margin: 3.4% (up from 3.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 13%, compared to a 2.8% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Aug 10
AF Gruppen Announces Management Changes AF Gruppen makes changes to the Corporate Management Team. Ida Aall Gram is leaving the company to become CEO of Aspelin Ramm. Sverre Hærem is leaving the group management, but will be available to the company. Anny Øen and Lars Myhre Hjelmeset join the Corporate Management Team with responsibility for Finance and Offshore. New group management in AF Gruppen consists of the following people from September: Anny Øen, Executive Vice President Finance and Lars Myhre Hjelmeset, Executive Vice President Offshore. Anny Øen is new to the Corporate Management Team and has worked in AF Gruppen for the past 13 years. She comes from the position as finance director and has worked as group accounting director. She has a background as group accounting manager and controller at Reitangruppen, finance manager at Rema 1000 and senior associate at PWC. Øen has an advanced degree in economics from the Norwegian School of Economics (NHH) and MBA Audit from the Norwegian School of Economics (NHH). Lars Myhre Hjelmeset is new to Corporate Management Group and has held key positions in AF Gruppen since 2003. He comes from the position as managing director of AF Offshore Decom, and has experience as financial director at AF Offshore Decom and business developer in the Group. He has a degree in economics from BI Norwegian Business School and is CEFA (Certified European Financial Analyst) from the Norwegian School of Economics (NHH). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: kr1.40 (vs kr1.55 in 1Q 2021) First quarter 2022 results: EPS: kr1.40 (down from kr1.55 in 1Q 2021). Revenue: kr6.81b (up 9.7% from 1Q 2021). Net income: kr149.0m (down 9.7% from 1Q 2021). Profit margin: 2.2% (down from 2.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 6.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • May 09
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 25 May 2022. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (3.6%). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 10 non-independent directors. Director Saloume Djoudat was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr9.60 (up from kr9.29 in FY 2020). Revenue: kr27.9b (up 3.3% from FY 2020). Net income: kr1.02b (up 4.9% from FY 2020). Profit margin: 3.7% (up from 3.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Announcement • Feb 11
AF Gruppen ASA Proposes Cash Dividend for the First Half-Year 2022, Payable on 25 May 2022 The Board in AF Gruppen ASA (AFG) has decided to propose to the general meeting on May 13th, 2022, a dividend of NOK 6.50 (6.50) per share first half-year 2021. Record date: 18 May 2022, Payment date: 25 May 2022 and Ex-date: 16 May 2022. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS kr2.08 (vs kr2.40 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: kr6.36b (flat on 3Q 2020). Net income: kr220.0m (down 12% from 3Q 2020). Profit margin: 3.5% (down from 3.9% in 3Q 2020). Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS kr2.09 (vs kr1.56 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr7.19b (up 9.5% from 2Q 2020). Net income: kr221.0m (up 36% from 2Q 2020). Profit margin: 3.1% (up from 2.5% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 12
First quarter 2021 earnings released: EPS kr1.55 (vs kr1.23 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr6.21b (down 6.0% from 1Q 2020). Net income: kr165.0m (up 31% from 1Q 2020). Profit margin: 2.7% (up from 1.9% in 1Q 2020). The increase in margin was driven by lower expenses. Announcement • May 12
AF Gruppen ASA Approves Cash Dividend for the First Half-Year 2021, Payable on 25 May 2021 AF Gruppen ASA at its AGM held on May 11, 2021 approved the Board's proposal for a dividend payment of NOK 6.50 per share was adopted. No dividend will be payable for treasury shares. The dividend will be paid on 25 May 2021. Upcoming Dividend • May 05
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 25 May 2021. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.8%). Is New 90 Day High Low • Mar 05
New 90-day high: €17.90 The company is up 14% from its price of €15.66 on 04 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €32.19 per share. Recent Insider Transactions • Mar 04
Chief Executive Officer recently bought €158k worth of stock On the 1st of March, Amund Tøftum bought around 9k shares on-market at roughly €17.17 per share. This was the largest purchase by an insider in the last 3 months. This was Amund's only on-market trade for the last 12 months. Announcement • Mar 04
AF Gruppen Nominates by Halden Municipality as Design and Build Contractor for Os School and Sports Arena AF Gruppen has been nominated by Halden municipality as design and build contractor for Os school and sports arena. The estimated contract value is NOK 493 million excluding VAT. The contract comprises building of a new primary school for 330 pupils, and a sports facility with a handball hall and a general purpose hall. Building is expected to start spring 2021 following approval by the municipal council. Expected completion is winter 2023/24. Announcement • Feb 25
AF Gruppen ASA Enters into an Agreement to Build 163 Mass Timber Apartments as FutureBuilt-Project AF Gruppen has entered an agreement with Fyrstikkbakken 14 AS to build 4 apartment blocks in mass timber consisting of 163 apartments. Fyrstikkbakken 14 is a FutureBuilt-project with a goal of reducing the carbon footprint by 50 %. Fyrstikkbakken 14 is owned 50/50 by Birk & Co AS and AF Gruppen Norge AS. Fyrstikkbakken 14 consist of 163 apartments distributed on 4 apartment blocks with an underlying parking basement and corresponding green areas in connection with the surrounding public areas. The project is in proximity of public facilities as subway, train and kindergartens at Hellerud. Fyrstikkbakken 14 is FutureBuilts first commercial apartment project in mass timber. The project has been developed in interaction between Fyrstikkbakken 14 and AF Gruppen, and is to be carried out as a design and build contract with a value of approximately MNOK 370 ex. VAT. The starting sale has had a good response in the market, engineering will start immediately, and construction is scheduled from Second Quarter 2021. The project consists of one building step with expected completion Fourth Quarter 2023. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS kr9.29 (vs kr8.51 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: kr27.0b (up 20% from FY 2019). Net income: kr971.0m (up 14% from FY 2019). Profit margin: 3.6% (down from 3.8% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue beats expectations Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 10%, compared to a 4.9% growth forecast for the Construction industry in Germany. Is New 90 Day High Low • Feb 06
New 90-day high: €17.02 The company is up 21% from its price of €14.04 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.47 per share. Is New 90 Day High Low • Jan 20
New 90-day high: €16.42 The company is up 19% from its price of €13.78 on 22 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.31 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €16.28 The company is up 7.0% from its price of €15.24 on 01 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.77 per share. Announcement • Dec 15
AF Gruppen ASA Announces New Parking Garage with Apartments in Gothenburg AF Gruppen has entered into contract with Framtiden Byggutveckling AB to build a parking garage with 29 rental apartments at Hisingen in Gothenburg. The contract is a turnkey contract valued at approximately SEK 107 million. The project comprises a total of seven floors, with the top two floors accommodating 29 rental apartments. A spacious roof terrace is planned for the sixth floor. The GBA will be around 8,000 square metres. The project is starting immediately, and completion is scheduled for March 2022. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS kr2.40 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: kr6.37b (up 26% from 3Q 2019). Net income: kr251.0m (up 8.2% from 3Q 2019). Profit margin: 3.9% (down from 4.6% in 3Q 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue misses expectations Revenue missed analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 10%, compared to a 1.4% growth forecast for the Construction industry in Germany. Announcement • Nov 12
Af Gruppen enters into an Agreement with the Ministry of Justice and Public Security AF Gruppen has entered into an agreement with the Ministry of Justice and Public Security c/o the Directorate for Civil Protection and Emergency Planning (DSB) to buy 50% of the property at Trondheimsveien 529. The property is being acquired jointly with BORI Utbygging AS, who will own the other 50%. The site measures 17.4 acres and is located in Grorud. It is in close proximity to Lillomarka with views across parts of the Grorud Valley. To date, Trondheimsveien 529 has been used by the Oslo and Akershus civil defence district. There are now plans being prepared for an integrated area with up to 300 homes, open squares and green spaces. The site has been set aside for residential housing in the current municipal plan and is subject to planning permission prior to any further development. The agreed price for the property is NOK 118 million on a 100% ownership basis. It is expected that the contract will be signed before the end of Fourth Quarter 2020 and that the transaction will take place in First Quarter 2021. Is New 90 Day High Low • Oct 29
New 90-day low: €13.50 The company is down 15% from its price of €15.96 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.18 per share. Announcement • Oct 17
Af Gruppen Asa Announces That Its Subsidry Betonmast Signs Contract with Conceptor Bolig as for Construction of 87 Apartments and Business Units as Part of Kastanjen Project in Town of Hamar Betonmast, an AF Gruppen subsidiary, has signed a contract with Conceptor Bolig AS for the construction of 87 apartments and business units as part of the Kastanjen project in the town of Hamar. The contract, which is a turnkey contract, has a value of approximately NOK 228 million, excluding VAT. The project is subject to sale and sales will launch in the early new year in 2021. The scheduled start date for construction is summer 2021, and construction is expected to take 24 months. In addition to the apartments, the project also includes approximately 1,500 square metres of business units, and around one third of this area has already been earmarked for a REMA 1000 store. The Kastanjen project is located on the so-called triangular plot adjacent to Hamar police station. Announcement • Oct 13
AF Group Announces Executive Changes AF Group announced the transition of key executives. The company announcing the retirement of Accident Fund and CompWest President Al Gileczek, effective, Feb. 1, 2021. Gileczek's significant career and impressive industry experience includes roles in commercial and personal lines, Underwriting, Marketing and Business Development, with executive roles beginning at Citizens/Hanover Insurance. He joined Accident Fund in 2007, holding various positions in Business Development and Regional Operations, and was named president of the two brands in 2017. Following Gileczek's retirement, Steve Cooper will serve as president of AF Group's workers' compensation division. Cooper, current president of United Heartland and Third Coast Underwriters, carries more than 30 years of experience in the property & casualty industry. He has served as president of United Heartland since 2010, and Third Coast Underwriters since 2019. Prior to joining AF Group, Cooper held significant leadership roles with Travelers, General Electric, Specialty Underwriters' Alliance and Accident Fund. Additionally, Vice President of Marketing Keith Adkins has also announced his retirement, effective Jan. 4, 2021. A career-long teammate, Adkins joined the organization in 1986, and has held roles in Audit, Group Programs, Large Accounts and executive leadership in Marketing over the course of his 30+ year career. Is New 90 Day High Low • Oct 08
New 90-day low: €14.68 The company is down 10.0% from its price of €16.38 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Construction industry, which is also down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.35 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €14.94 The company is down 6.0% from its price of €15.86 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.55 per share. 
