Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
AF Gruppen ASA is a leading Norwegian contracting and industrial group, recognized as the third largest civil engineering and construction company in the country. Headquartered in Oslo, it operates across six key business areas: Property, Building, Civil Engineering, Environment, Energy, and Offshore, delivering comprehensive services from planning to execution. The Property division develops housing and manages real estate in Eastern Norway and Western Sweden. Building focuses on new constructions like residential, office, school, and cultural facilities. Civil Engineering, the largest segment, handles infrastructure projects including roads, railways, ports, and energy facilities throughout Norway and Western Sweden. The Environment division specializes in demolition, recycling, and upgrading of structures, including offshore installations at its modern facility in Vats. Energy optimizes solutions for buildings, ships, and offshore assets. With approximately 6,000 employees, AF Gruppen ASA plays a vital role in Norway's infrastructure development, renewable energy, and decommissioning projects in the North Sea, emphasizing sustainability and innovation in the construction sector.
NOK 16.96
NOK 0.16 (-0.93%)
EOD Jul 1, 2026
Operating margin is thin at 4.53%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 5.5%, steady but not accelerating.
Even for strong businesses, today's 2x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
1.6x earnings, 0.6x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 32.84B
▲ +5.5% YoY
Net Income (TTM)
NOK 1.37B
▲ +54.6% YoY
Op. Margin
4.82%
▲ +1.3pp YoY
ROIC
21.93%
▲ +5.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
NOK 3.06B
▲ +39.7% YoY
Op. Cash Flow (TTM)
NOK 3.06B
▲ +39.6% YoY
Net Debt
-NOK 884M
Net Cash Position
Cash & Equiv.
NOK 2.39B
3Y CAGR: +1.0%
3Y CAGR: +32.8%
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At a P/E of 1.6 and a price-to-free-cash-flow of 0.6, AF Gruppen ASA (AFG.XOSL) trades below a two-stage DCF intrinsic value of about NOK 1,405.79 per share, so at NOK 16.96 the stock looks undervalued (8,188.8% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, AF Gruppen ASA scores 77/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 52.7%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about NOK 1,405.79 per share for AFG.XOSL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around NOK 1,054.34. At today's NOK 16.96, that puts the stock about 8,188.8% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
AF Gruppen ASA scores 77 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 4.8% operating margin and a 21.9% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, AF Gruppen ASA pays a regular dividend of about NOK 8.94 per share per year (typically in quarterly installments), a yield of roughly 52.7% at the current price. That is a payout ratio of about 71.8% of earnings, so the dividend is covered, with less cushion. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For AFG.XOSL's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. AFG.XOSL currently trades below its estimated intrinsic value and scores 77/100 on quality (solid). It also yields about 52.7%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.