AF Gruppen ASA

OB:AFG Stock Report

Market Cap: NOK 15.6b

AF Gruppen Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 AFG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
NOK 127.36
Fair Value
12.1% overvalued intrinsic discount
2
Number of Analysts

Below Fair Value: AFG (NOK142.8) is trading above our estimate of fair value (NOK127.36)

Significantly Below Fair Value: AFG is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AFG. This is calculated by dividing AFG's market cap by their current earnings.
What is AFG's PE Ratio?
PE Ratio22x
EarningsNOK 708.00m
Market CapNOK 15.61b

Price to Earnings Ratio vs Peers

How does AFG's PE Ratio compare to its peers?

The above table shows the PE ratio for AFG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average56.6x
VEI Veidekke
15.5x3.9%NOK 19.6b
NORCO Norconsult
26.9x15.1%NOK 13.3b
CADLR Cadeler
172.2x70.7%NOK 18.2b
MULTI Multiconsult
11.8x0.8%NOK 4.9b
AFG AF Gruppen
22x14.2%NOK 15.6b

Price-To-Earnings vs Peers: AFG is good value based on its Price-To-Earnings Ratio (22x) compared to the peer average (56.6x).

Price to Earnings Ratio vs Industry

How does AFG's PE Ratio compare vs other companies in the European Construction Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AFG 22.0xIndustry Avg. 13.4xNo. of Companies20PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AFG is expensive based on its Price-To-Earnings Ratio (22x) compared to the European Construction industry average (13.4x).

Price to Earnings Ratio vs Fair Ratio

What is AFG'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.

AFG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22x
Fair PE Ratio21.3x

Price-To-Earnings vs Fair Ratio: AFG is expensive based on its Price-To-Earnings Ratio (22x) compared to the estimated Fair Price-To-Earnings Ratio (21.3x).

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 AFG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 142.80
NOK 154.00
+7.8%
22.1%NOK 188.00NOK 120.00n/a2
Mar ’26NOK 148.00
NOK 141.00
-4.7%
14.9%NOK 162.00NOK 120.00n/a2
Feb ’26NOK 160.40
NOK 137.00
-14.6%
16.1%NOK 159.00NOK 115.00n/a2
Jan ’25NOK 124.20
NOK 135.00
+8.7%
29.6%NOK 175.00NOK 95.00NOK 148.402
Dec ’24NOK 113.00
NOK 135.00
+19.5%
29.6%NOK 175.00NOK 95.00NOK 139.602
Nov ’24NOK 119.00
NOK 140.00
+17.6%
25.0%NOK 175.00NOK 105.00NOK 129.602
Oct ’24NOK 124.60
NOK 140.00
+12.4%
25.0%NOK 175.00NOK 105.00NOK 126.802
Sep ’24NOK 130.00
NOK 140.00
+7.7%
25.0%NOK 175.00NOK 105.00NOK 124.602
Aug ’24NOK 135.60
NOK 137.50
+1.4%
27.3%NOK 175.00NOK 100.00NOK 136.802
Jul ’24NOK 133.00
NOK 137.50
+3.4%
27.3%NOK 175.00NOK 100.00NOK 132.002
Jun ’24NOK 137.20
NOK 137.50
+0.2%
27.3%NOK 175.00NOK 100.00NOK 134.002
May ’24NOK 162.20
NOK 140.00
-13.7%
25.0%NOK 175.00NOK 105.00NOK 143.402
Apr ’24NOK 149.00
NOK 140.00
-6.0%
25.0%NOK 175.00NOK 105.00NOK 139.202
Mar ’24NOK 154.20
NOK 140.00
-9.2%
25.0%NOK 175.00NOK 105.00NOK 130.402
Analyst Price Target
Consensus Narrative from 2 Analysts
NOK 154.00
Fair Value
7.3% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/13 02:33
End of Day Share Price 2025/03/13 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

AF Gruppen ASA is covered by 9 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Mikkel Nyholt-SmedsengCarnegie Investment Bank AB
Martin StenshallDanske Bank