Afry AB

OM:AFRY Stock Report

Market Cap: SEK 12.3b

Afry Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: AFRY (SEK109) is trading below our estimate of future cash flow value (SEK325.34)

Significantly Below Future Cash Flow Value: AFRY is trading below future cash flow 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 Ratio15.6x
EarningsSEK 790.00m
Market CapSEK 12.34b

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 Average18.1x
REJL B Rejlers
19x21.95%SEK 3.4b
ARFA Arctic Falls
17.7x22.76%SEK 608.1m
SIBEK Sibek
21.9xn/aSEK 507.7m
HULT B Hultstrom Group
13.7xn/aSEK 201.4m
AFRY Afry
15.6x24.95%SEK 12.3b

Price-To-Earnings vs Peers: AFRY is good value based on its Price-To-Earnings Ratio (15.6x) compared to the peer average (18.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AFRY 15.6xIndustry Avg. 17.6xNo. of Companies15PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AFRY is good value based on its Price-To-Earnings Ratio (15.6x) compared to the European Professional Services industry average (17.7x).

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 Ratio15.6x
Fair PE Ratio25.9x

Price-To-Earnings vs Fair Ratio: AFRY is good value based on its Price-To-Earnings Ratio (15.6x) compared to the estimated Fair Price-To-Earnings Ratio (25.9x).

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 109.00
SEK 145.00
+33.03%
21.81%SEK 200.00SEK 115.00n/a5
Jun ’27SEK 113.00
SEK 145.00
+28.32%
21.81%SEK 200.00SEK 115.00n/a5
May ’27SEK 111.80
SEK 147.00
+31.48%
23.92%SEK 210.00SEK 115.00n/a5
Apr ’27SEK 125.00
SEK 171.25
+37.00%
18.96%SEK 210.00SEK 130.00n/a4
Mar ’27SEK 135.10
SEK 175.00
+29.53%
16.04%SEK 210.00SEK 145.00n/a4
Feb ’27SEK 141.30
SEK 202.50
+43.31%
12.77%SEK 230.00SEK 160.00n/a4
Jan ’27SEK 150.00
SEK 203.75
+35.83%
13.37%SEK 235.00SEK 160.00n/a4
Dec ’26SEK 156.60
SEK 203.75
+30.11%
13.37%SEK 235.00SEK 160.00n/a4
Nov ’26SEK 163.50
SEK 203.75
+24.62%
13.37%SEK 235.00SEK 160.00n/a4
Oct ’26SEK 161.10
SEK 212.50
+31.91%
15.38%SEK 240.00SEK 160.00n/a4
Sep ’26SEK 147.90
SEK 213.75
+44.52%
14.36%SEK 240.00SEK 165.00n/a4
Aug ’26SEK 150.00
SEK 213.75
+42.50%
14.36%SEK 240.00SEK 165.00n/a4
Jul ’26SEK 158.30
SEK 215.00
+35.82%
13.36%SEK 240.00SEK 170.00n/a4
Jun ’26SEK 169.60
SEK 226.00
+33.25%
7.71%SEK 240.00SEK 200.00SEK 113.005
May ’26SEK 167.50
SEK 233.00
+39.10%
10.48%SEK 265.00SEK 200.00SEK 111.805
Apr ’26SEK 191.10
SEK 236.00
+23.50%
4.11%SEK 250.00SEK 225.00SEK 125.005
Mar ’26SEK 189.60
SEK 236.00
+24.47%
4.11%SEK 250.00SEK 225.00SEK 135.105
Feb ’26SEK 177.00
SEK 215.60
+21.81%
8.67%SEK 250.00SEK 200.00SEK 141.305
Jan ’26SEK 153.70
SEK 215.60
+40.27%
8.67%SEK 250.00SEK 200.00SEK 150.005
Dec ’25SEK 151.60
SEK 216.40
+42.74%
8.52%SEK 250.00SEK 200.00SEK 156.605
Nov ’25SEK 158.30
SEK 220.40
+39.23%
11.77%SEK 270.00SEK 200.00SEK 163.505
Oct ’25SEK 179.00
SEK 227.00
+26.82%
9.11%SEK 270.00SEK 204.00SEK 161.106
Sep ’25SEK 184.00
SEK 222.40
+20.87%
1.74%SEK 230.00SEK 220.00SEK 147.905
Aug ’25SEK 190.10
SEK 222.40
+16.99%
1.74%SEK 230.00SEK 220.00SEK 150.005
Jul ’25SEK 191.70
SEK 204.40
+6.62%
1.60%SEK 210.00SEK 200.00SEK 158.305
Jun ’25SEK 190.20
SEK 200.80
+5.57%
1.52%SEK 205.00SEK 196.00SEK 169.605
SEK 145
Fair Value
24.8% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/11 14:25
End of Day Share Price 2026/06/11 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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 9 analysts. 5 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
Viktor LindebergCarnegie Investment Bank AB
Kristofer Liljeberg-SvenssonCarnegie Investment Bank AB