Afry AB

OM:AFRY Stock Report

Market Cap: SEK 22.3b

Afry Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Discounted Cash Flow
Simply Wall St
SEK 484.44
Fair Value
59.4% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: AFRY (SEK196.7) is trading below our estimate of fair value (SEK484.44)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AFRY. This is calculated by dividing AFRY's market cap by their current earnings.
What is AFRY's PE Ratio?
PE Ratio18.1x
EarningsSEK 1.23b
Market CapSEK 22.28b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AFRY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.4x
REJL B Rejlers
16.5x11.6%SEK 3.7b
SIBEK Sibek
17.8xn/aSEK 434.6m
BRAV Bravida Holding
18.1x13.9%SEK 19.1b
LOOMIS Loomis
17.1x19.1%SEK 28.0b
AFRY Afry
18.1x15.8%SEK 22.3b

Price-To-Earnings vs Peers: AFRY is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the peer average (17.4x).

Price to Earnings Ratio vs Industry

How does AFRY's PE Ratio compare vs other companies in the European Professional Services Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AFRY 18.1xIndustry Avg. 21.1xNo. of Companies16PE01632486480+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AFRY is good value based on its Price-To-Earnings Ratio (18.1x) compared to the European Professional Services industry average (21.2x).

Price to Earnings Ratio vs Fair Ratio

What is AFRY'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.

AFRY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.1x
Fair PE Ratio21.4x

Price-To-Earnings vs Fair Ratio: AFRY is good value based on its Price-To-Earnings Ratio (18.1x) compared to the estimated Fair Price-To-Earnings Ratio (21.4x).

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 AFRY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 196.70
SEK 236.00
+20.0%
4.1%SEK 250.00SEK 225.00n/a5
Feb ’26SEK 177.00
SEK 215.60
+21.8%
8.7%SEK 250.00SEK 200.00n/a5
Jan ’26SEK 153.70
SEK 215.60
+40.3%
8.7%SEK 250.00SEK 200.00n/a5
Dec ’25SEK 151.60
SEK 216.40
+42.7%
8.5%SEK 250.00SEK 200.00n/a5
Nov ’25SEK 158.30
SEK 220.40
+39.2%
11.8%SEK 270.00SEK 200.00n/a5
Oct ’25SEK 179.00
SEK 227.00
+26.8%
9.1%SEK 270.00SEK 204.00n/a6
Sep ’25SEK 184.00
SEK 222.40
+20.9%
1.7%SEK 230.00SEK 220.00n/a5
Aug ’25SEK 190.10
SEK 222.40
+17.0%
1.7%SEK 230.00SEK 220.00n/a5
Jul ’25SEK 191.70
SEK 204.40
+6.6%
1.6%SEK 210.00SEK 200.00n/a5
Jun ’25SEK 190.20
SEK 200.80
+5.6%
1.5%SEK 205.00SEK 196.00n/a5
May ’25SEK 175.40
SEK 200.80
+14.5%
1.5%SEK 205.00SEK 196.00n/a5
Apr ’25SEK 171.00
SEK 202.50
+18.4%
1.2%SEK 205.00SEK 200.00n/a4
Mar ’25SEK 164.30
SEK 193.75
+17.9%
7.2%SEK 205.00SEK 170.00n/a4
Feb ’25SEK 143.00
SEK 168.75
+18.0%
22.6%SEK 205.00SEK 110.00SEK 177.004
Jan ’25SEK 139.70
SEK 168.75
+20.8%
22.6%SEK 205.00SEK 110.00SEK 153.704
Dec ’24SEK 127.10
SEK 167.50
+31.8%
23.9%SEK 205.00SEK 105.00SEK 151.604
Nov ’24SEK 116.90
SEK 173.75
+48.6%
26.9%SEK 230.00SEK 105.00SEK 158.304
Oct ’24SEK 128.40
SEK 193.00
+50.3%
17.2%SEK 230.00SEK 150.00SEK 179.004
Sep ’24SEK 143.30
SEK 223.33
+55.9%
2.1%SEK 230.00SEK 220.00SEK 184.003
Aug ’24SEK 144.10
SEK 223.33
+55.0%
2.1%SEK 230.00SEK 220.00SEK 190.103
Jul ’24SEK 159.20
SEK 226.67
+42.4%
2.1%SEK 230.00SEK 220.00SEK 191.703
Jun ’24SEK 168.00
SEK 225.00
+33.9%
2.2%SEK 230.00SEK 220.00SEK 190.202
May ’24SEK 192.50
SEK 223.33
+16.0%
3.8%SEK 235.00SEK 215.00SEK 175.403
Apr ’24SEK 186.70
SEK 219.67
+17.7%
1.7%SEK 224.00SEK 215.00SEK 171.003
Mar ’24SEK 184.00
SEK 220.33
+19.7%
2.0%SEK 226.00SEK 215.00SEK 164.303
Feb ’24SEK 192.10
SEK 219.67
+14.4%
1.7%SEK 224.00SEK 215.00SEK 143.003
Analyst Price Target
Consensus Narrative from 5 Analysts
SEK 236.00
Fair Value
16.7% undervalued intrinsic discount
5
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 Analysis2025/02/21 08:59
End of Day Share Price 2025/02/21 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

Afry AB is covered by 14 analysts. 6 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
Kristofer Liljeberg-SvenssonCarnegie Investment Bank AB
Viktor LindebergCarnegie Investment Bank AB