Afry Valuation

Is 0QUU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0QUU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0QUU (SEK151.1) is trading below our estimate of fair value (SEK424.04)

Significantly Below Fair Value: 0QUU is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0QUU?

Key metric: As 0QUU is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0QUU. This is calculated by dividing 0QUU's market cap by their current earnings.
What is 0QUU's PE Ratio?
PE Ratio	14.5x
Earnings	SEK 1.20b
Market Cap	SEK 17.30b

0QUU key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.9x
Enterprise Value/EBITDA	10.3x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does 0QUU's PE Ratio compare to its peers?

The above table shows the PE ratio for 0QUU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	29x
DATA GlobalData	49.8x	27.7%	UK£1.6b
DWF DWF Group	25.4x	47.9%	UK£316.4m
ELIX Elixirr International	20.5x	15.2%	UK£377.3m
WIL Wilmington	20.4x	7.3%	UK£350.9m
0QUU Afry	14.5x	18.8%	SEK 17.3b

Price-To-Earnings vs Peers: 0QUU is good value based on its Price-To-Earnings Ratio (14.5x) compared to the peer average (40x).

Price to Earnings Ratio vs Industry

How does 0QUU's PE Ratio compare vs other companies in the GB Professional Services Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap
IBPO iEnergizer	1.7x	n/a	US$140.06m
TEK Tekcapital	1.5x	n/a	US$20.74m

No more companies available in this PE range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0QUU is good value based on its Price-To-Earnings Ratio (14.5x) compared to the UK Professional Services industry average (23.5x).

Price to Earnings Ratio vs Fair Ratio

What is 0QUU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0QUU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.5x
Fair PE Ratio	25.6x

Price-To-Earnings vs Fair Ratio: 0QUU is good value based on its Price-To-Earnings Ratio (14.5x) compared to the estimated Fair Price-To-Earnings Ratio (25.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0QUU forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 151.10	SEK 216.40 +43.2%	8.5%	SEK 250.00	SEK 200.00	n/a	5
Nov ’25	SEK 159.16	SEK 220.40 +38.5%	11.8%	SEK 270.00	SEK 200.00	n/a	5
Oct ’25	SEK 181.28	SEK 227.00 +25.2%	9.1%	SEK 270.00	SEK 204.00	n/a	6
Sep ’25	SEK 184.19	SEK 222.40 +20.7%	1.7%	SEK 230.00	SEK 220.00	n/a	5
Aug ’25	SEK 193.43	SEK 222.40 +15.0%	1.7%	SEK 230.00	SEK 220.00	n/a	5
Jul ’25	SEK 192.14	SEK 204.40 +6.4%	1.6%	SEK 210.00	SEK 200.00	n/a	5
Jun ’25	SEK 187.51	SEK 200.80 +7.1%	1.5%	SEK 205.00	SEK 196.00	n/a	5
May ’25	SEK 173.40	SEK 200.80 +15.8%	1.5%	SEK 205.00	SEK 196.00	n/a	5
Apr ’25	SEK 171.00	SEK 202.50 +18.4%	1.2%	SEK 205.00	SEK 200.00	n/a	4
Mar ’25	SEK 164.11	SEK 193.75 +18.1%	7.2%	SEK 205.00	SEK 170.00	n/a	4
Feb ’25	SEK 144.39	SEK 168.75 +16.9%	22.6%	SEK 205.00	SEK 110.00	n/a	4
Jan ’25	SEK 140.98	SEK 168.75 +19.7%	22.6%	SEK 205.00	SEK 110.00	n/a	4
Dec ’24	SEK 126.30	SEK 167.50 +32.6%	23.9%	SEK 205.00	SEK 105.00	n/a	4
Nov ’24	SEK 116.97	SEK 173.75 +48.5%	26.9%	SEK 230.00	SEK 105.00	SEK 159.16	4
Oct ’24	SEK 128.55	SEK 193.00 +50.1%	17.2%	SEK 230.00	SEK 150.00	SEK 181.28	4
Sep ’24	SEK 143.34	SEK 223.33 +55.8%	2.1%	SEK 230.00	SEK 220.00	SEK 184.19	3
Aug ’24	SEK 144.45	SEK 223.33 +54.6%	2.1%	SEK 230.00	SEK 220.00	SEK 193.43	3
Jul ’24	SEK 159.87	SEK 226.67 +41.8%	2.1%	SEK 230.00	SEK 220.00	SEK 192.14	3
Jun ’24	SEK 168.00	SEK 225.00 +33.9%	2.2%	SEK 230.00	SEK 220.00	SEK 187.51	2
May ’24	SEK 192.96	SEK 223.33 +15.7%	3.8%	SEK 235.00	SEK 215.00	SEK 173.40	3
Apr ’24	SEK 187.17	SEK 219.67 +17.4%	1.7%	SEK 224.00	SEK 215.00	SEK 171.00	3
Mar ’24	SEK 184.00	SEK 220.33 +19.7%	2.0%	SEK 226.00	SEK 215.00	SEK 164.11	3
Feb ’24	SEK 191.55	SEK 219.67 +14.7%	1.7%	SEK 224.00	SEK 215.00	SEK 144.39	3
Jan ’24	SEK 173.05	SEK 220.33 +27.3%	2.0%	SEK 226.00	SEK 215.00	SEK 140.98	3
Dec ’23	SEK 176.00	SEK 220.33 +25.2%	2.0%	SEK 226.00	SEK 215.00	SEK 126.30	3
Nov ’23	SEK 152.31	SEK 220.33 +44.7%	2.0%	SEK 226.00	SEK 215.00	SEK 116.97	3

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.