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AF Gruppen

BATS-CHIXE:AFGO
Snowflake Description

Solid track record with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AFGO
BATS-CHIXE
NOK16B
Market Cap
  1. Home
  2. GB
  3. Capital Goods
Company description

AF Gruppen ASA, a contracting and industrial company, engages in civil engineering, environment, building, property, energy, and offshore businesses primarily in Norway and Sweden. The last earnings update was 54 days ago. More info.


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AFGO Share Price and Events
7 Day Returns
2.8%
BATS-CHIXE:AFGO
5.4%
GB Construction
1.7%
GB Market
1 Year Returns
-3.8%
BATS-CHIXE:AFGO
-30.5%
GB Construction
-21.8%
GB Market
AFGO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AF Gruppen (AFGO) 2.8% -1% -12.1% -3.8% -1.3% -
GB Construction 5.4% -14.8% -19.7% -30.5% -55.9% -54.8%
GB Market 1.7% -12% -25.3% -21.8% -22.8% -22.4%
1 Year Return vs Industry and Market
  • AFGO outperformed the Construction industry which returned -30.5% over the past year.
  • AFGO outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -21.8% over the past year.
Price Volatility
AFGO
Industry
5yr Volatility vs Market

Value

 Is AF Gruppen undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AF Gruppen to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AF Gruppen.

BATS-CHIXE:AFGO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:AFGO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Construction Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.882 (1 + (1- 23%) (7.48%))
0.955
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.955 * 5.44%)
5.72%

Discounted Cash Flow Calculation for BATS-CHIXE:AFGO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for AF Gruppen is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BATS-CHIXE:AFGO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 5.72%)
2020 1,256.50 Analyst x2 1,188.47
2021 1,276.00 Analyst x2 1,141.57
2022 1,335.00 Analyst x2 1,129.69
2023 1,365.40 Est @ 2.28% 1,092.85
2024 1,389.33 Est @ 1.75% 1,051.80
2025 1,408.59 Est @ 1.39% 1,008.64
2026 1,424.50 Est @ 1.13% 964.80
2027 1,438.02 Est @ 0.95% 921.23
2028 1,449.86 Est @ 0.82% 878.53
2029 1,460.53 Est @ 0.74% 837.07
Present value of next 10 years cash flows NOK10,214.00
BATS-CHIXE:AFGO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK1,460.53 × (1 + 0.53%) ÷ (5.72% – 0.53%)
NOK28,267.21
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK28,267.21 ÷ (1 + 5.72%)10
NOK16,200.81
BATS-CHIXE:AFGO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK10,214.00 + NOK16,200.81
NOK26,414.81
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK26,414.81 / 102.83
NOK256.88
BATS-CHIXE:AFGO Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:AFGO represents 0.9935x of OB:AFG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9935x
Value per Share
(Listing Adjusted, NOK)
= Value per Share (NOK) x Listing Adjustment Factor
= NOK 256.88 x 0.9935
NOK255.21
Value per share (NOK) From above. NOK255.21
Current discount Discount to share price of NOK153.00
= -1 x (NOK153.00 - NOK255.21) / NOK255.21
40%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price AF Gruppen is available for.
Intrinsic value
40%
Share price is NOK153 vs Future cash flow value of NOK255.21
Current Discount Checks
For AF Gruppen to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AF Gruppen's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AF Gruppen's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AF Gruppen's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AF Gruppen's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:AFGO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in NOK NOK8.51
OB:AFG Share Price ** OB (2020-04-08) in NOK NOK154
United Kingdom of Great Britain and Northern Ireland Construction Industry PE Ratio Median Figure of 17 Publicly-Listed Construction Companies 7.79x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AF Gruppen.

BATS-CHIXE:AFGO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:AFG Share Price ÷ EPS (both in NOK)

= 154 ÷ 8.51

18.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AF Gruppen is overvalued based on earnings compared to the GB Construction industry average.
  • AF Gruppen is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does AF Gruppen's expected growth come at a high price?
Raw Data
BATS-CHIXE:AFGO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
7.4%per year
United Kingdom of Great Britain and Northern Ireland Construction Industry PEG Ratio Median Figure of 9 Publicly-Listed Construction Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 1.02x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:AFGO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.1x ÷ 7.4%

2.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AF Gruppen is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on AF Gruppen's assets?
Raw Data
BATS-CHIXE:AFGO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in NOK NOK21.24
OB:AFG Share Price * OB (2020-04-08) in NOK NOK154
United Kingdom of Great Britain and Northern Ireland Construction Industry PB Ratio Median Figure of 19 Publicly-Listed Construction Companies 1.09x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.13x
BATS-CHIXE:AFGO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:AFG Share Price ÷ Book Value per Share (both in NOK)

= 154 ÷ 21.24

7.25x

* Primary Listing of AF Gruppen.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AF Gruppen is overvalued based on assets compared to the GB Construction industry average.
X
Value checks
We assess AF Gruppen's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Construction industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Construction industry average (and greater than 0)? (1 check)
  5. AF Gruppen has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is AF Gruppen expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AF Gruppen expected to grow at an attractive rate?
  • AF Gruppen's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • AF Gruppen's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • AF Gruppen's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:AFGO Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:AFGO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 7.4%
BATS-CHIXE:AFGO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 10.4%
United Kingdom of Great Britain and Northern Ireland Construction Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
United Kingdom of Great Britain and Northern Ireland Construction Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.6%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:AFGO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:AFGO Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 32,170 1,749 1,081 2
2021-12-31 31,394 1,718 1,067 2
2020-12-31 29,814 1,665 1,008 2
2020-04-08
BATS-CHIXE:AFGO Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-12-31 22,612 1,508 854
2019-09-30 21,764 1,305 899
2019-06-30 21,231 1,224 886
2019-03-31 20,060 972 782
2018-12-31 18,729 841 772
2018-09-30 17,374 585 727
2018-06-30 16,237 894 647
2018-03-31 14,892 1,065 667
2017-12-31 13,671 1,354 621
2017-09-30 12,244 1,335 640
2017-06-30 11,952 1,099 662
2017-03-31 11,775 1,085 649

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AF Gruppen's earnings are expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
  • AF Gruppen's revenue is expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:AFGO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from AF Gruppen Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:AFGO Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 10.26 11.50 9.01 2.00
2021-12-31 10.15 11.28 9.01 2.00
2020-12-31 9.62 10.45 8.78 2.00
2020-04-08
BATS-CHIXE:AFGO Past Financials Data
Date (Data in NOK Millions) EPS *
2019-12-31 8.51
2019-09-30 9.04
2019-06-30 8.97
2019-03-31 7.95
2018-12-31 7.88
2018-09-30 7.43
2018-06-30 6.62
2018-03-31 6.85
2017-12-31 6.44
2017-09-30 6.71
2017-06-30 7.03
2017-03-31 6.96

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • AF Gruppen is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess AF Gruppen's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AF Gruppen has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has AF Gruppen performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AF Gruppen's growth in the last year to its industry (Construction).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AF Gruppen's year on year earnings growth rate has been positive over the past 5 years.
  • AF Gruppen's 1-year earnings growth exceeds its 5-year average (10.6% vs 9.3%)
  • AF Gruppen's earnings growth has exceeded the GB Construction industry average in the past year (10.6% vs 6.6%).
Earnings and Revenue History
AF Gruppen's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AF Gruppen Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:AFGO Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 22,612.00 854.00 5,887.00
2019-09-30 21,764.00 899.00 4,878.00
2019-06-30 21,231.00 886.00 4,667.00
2019-03-31 20,060.00 782.00 4,419.00
2018-12-31 18,729.00 772.00 4,223.00
2018-09-30 17,374.00 727.00 3,946.00
2018-06-30 16,237.00 647.00 3,928.00
2018-03-31 14,892.00 667.00 3,690.00
2017-12-31 13,671.00 621.00 3,561.00
2017-09-30 12,244.00 640.00 3,478.00
2017-06-30 11,952.00 662.00 3,304.00
2017-03-31 11,775.00 649.00 3,281.00
2016-12-31 11,820.00 691.00 3,193.00
2016-09-30 12,470.00 748.00 3,365.00
2016-06-30 12,228.00 717.00 3,229.00
2016-03-31 12,548.00 723.00 3,255.00
2015-12-31 12,375.00 697.00 3,122.00
2015-09-30 11,600.00 541.00 2,860.00
2015-06-30 11,078.00 531.00 2,893.00
2015-03-31 10,155.00 476.00 2,761.00
2014-12-31 9,916.00 442.00 2,849.00
2014-09-30 9,692.00 463.00 2,766.00
2014-06-30 9,884.00 445.00 2,859.00
2014-03-31 10,025.00 422.00 2,895.00
2013-12-31 10,106.00 429.00 2,867.00
2013-09-30 10,312.00 330.00 2,841.00
2013-06-30 10,083.00 222.00 2,692.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • AF Gruppen has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • AF Gruppen used its assets more efficiently than the GB Construction industry average last year based on Return on Assets.
  • AF Gruppen's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess AF Gruppen's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Construction industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AF Gruppen has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is AF Gruppen's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AF Gruppen's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AF Gruppen's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • AF Gruppen's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of AF Gruppen's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 30.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AF Gruppen Company Filings, last reported 3 months ago.

BATS-CHIXE:AFGO Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,998.00 170.00 563.00
2019-09-30 2,232.00 369.00 186.00
2019-06-30 1,856.00 691.00 370.00
2019-03-31 2,312.00 1,008.00 405.00
2018-12-31 2,124.00 114.00 656.00
2018-09-30 2,056.00 107.00 493.00
2018-06-30 1,803.00 104.00 368.00
2018-03-31 2,128.00 113.00 879.00
2017-12-31 2,077.00 143.00 1,098.00
2017-09-30 2,046.00 126.00 883.00
2017-06-30 2,034.00 119.00 512.00
2017-03-31 2,275.00 122.00 907.00
2016-12-31 1,950.00 62.00 469.00
2016-09-30 1,823.00 136.00 359.00
2016-06-30 1,594.00 159.00 211.00
2016-03-31 1,910.00 130.00 536.00
2015-12-31 1,820.00 71.00 460.00
2015-09-30 1,699.00 117.00 220.00
2015-06-30 1,702.00 234.00 118.00
2015-03-31 1,879.00 212.00 394.00
2014-12-31 1,499.00 315.00 108.00
2014-09-30 1,308.00 250.00 95.00
2014-06-30 1,200.00 270.00 555.00
2014-03-31 1,632.00 173.00 968.00
2013-12-31 1,335.00 72.00 695.00
2013-09-30 1,119.00 83.00 244.00
2013-06-30 997.00 144.00 141.00
  • AF Gruppen's level of debt (5.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (20.8% vs 5.7% today).
  • Debt is well covered by operating cash flow (887.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 60.8x coverage).
X
Financial health checks
We assess AF Gruppen's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AF Gruppen has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is AF Gruppen's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.17%
Current annual income from AF Gruppen dividends. Estimated to be 6.12% next year.
If you bought NOK2,000 of AF Gruppen shares you are expected to receive NOK123 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AF Gruppen's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.51%).
  • AF Gruppen's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (6.87%).
Upcoming dividend payment

Purchase AF Gruppen before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:AFGO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Construction Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.5%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 6.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:AFGO Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 9.40 2.00
2021-12-31 9.33 2.00
2020-12-31 9.56 2.00
2020-04-08
BATS-CHIXE:AFGO Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2020-02-14 9.500 6.192
2019-12-10 8.500 4.874
2019-02-15 8.500 5.092
2018-11-08 8.500 6.300
2018-02-16 8.500 6.608
2017-11-10 8.500 6.613
2017-08-25 8.500 6.083
2017-02-14 8.000 5.207
2016-11-15 4.600 2.979
2016-02-11 3.200 2.248
2015-11-13 6.000 4.615
2015-08-21 6.000 5.213
2015-04-22 5.000 4.764
2015-02-13 5.000 5.298
2014-06-05 6.000 8.045
2014-02-14 6.000 7.994
2013-05-15 4.500 6.815
2012-05-11 4.500 8.070
2012-02-15 4.500 8.528
2011-02-15 4.500 9.894
2010-03-25 1.600 4.148
2010-02-12 1.600 4.104

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of AF Gruppen's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess AF Gruppen's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AF Gruppen afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AF Gruppen has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of AF Gruppen's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Morten Grongstad
COMPENSATION NOK8,718,000
AGE 44
TENURE AS CEO 4.5 years
CEO Bio

Mr. Morten Grongstad serves as Chief Executive Officer and President of AF Bygg Göteborg AB. Mr. Grongstad has been Chief Executive Officer of AF Gruppen ASA since October 15, 2015 and has been its President since October 20, 2015. Mr. Grongstad served as Executive Vice President of Building at AF Gruppen ASA. Mr. Grongstad served as the Chief Executive Officer of Fornebu Utvikling AS since March 17, 2009. He served as an Executive Vice President of AF Gruppen ASA and served as its Executive Vice President of Real Estate since July 2012. He served as Head of Orkla Elendom of Orkla ASA. Mr. Grongstad served as Executive Vice President of AF Gruppen ASA. Mr. Grongstad served as a Consultant at McKinsey & Company and held different management positions at Microsoft and Orkla. He holds Master of Science in Business administration from the Norwegian School of Management in Oslo.

CEO Compensation
  • Morten's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Morten's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the AF Gruppen management team in years:

4.3
Average Tenure
43
Average Age
  • The tenure for the AF Gruppen management team is about average.
Management Team

Morten Grongstad

TITLE
President & CEO
COMPENSATION
NOK9M
AGE
44
TENURE
4.5 yrs

Sverre Hærem

TITLE
CFO & Executive VP
COMPENSATION
NOK5M
AGE
54
TENURE
12.8 yrs

Arild Moe

TITLE
Executive Vice President of Civil Engineering
COMPENSATION
NOK5M
AGE
54

Bård Frydenlund

TITLE
Executive Vice President of Sweden
COMPENSATION
NOK4M
AGE
51
TENURE
1.3 yrs

Amund Tøftum

TITLE
Executive Vice President of Offshore
COMPENSATION
NOK4M
AGE
41
TENURE
4.3 yrs

Eirik Wraal

TITLE
Executive Vice President of Environment & Energy
COMPENSATION
NOK4M
AGE
40
TENURE
4.3 yrs

Anny Øen

TITLE
Director of Group Accounting

Wibecke Brusdal

TITLE
Director of Corporate Communications

Ida Gram

TITLE
Executive Vice President of Property
AGE
42
TENURE
1.3 yrs

Konserndirektør Flåta

TITLE
Executive Vice President of Building Norway - Wholly Owned Companies
AGE
41
TENURE
1.1 yrs
Board of Directors Tenure

Average tenure and age of the AF Gruppen board of directors in years:

2.9
Average Tenure
49.5
Average Age
  • The average tenure for the AF Gruppen board of directors is less than 3 years, this suggests a new board.
Board of Directors

Pål Rønn

TITLE
Chairman of the Board
AGE
51
TENURE
3.9 yrs

Hege Bømark

TITLE
Director
AGE
56
TENURE
7.9 yrs

Arne Sveen

TITLE
Director
AGE
49

Kenneth Svendsen

TITLE
Director
AGE
46

Borghild Lunde

TITLE
Director
AGE
54

Kristian Holth

TITLE
Director
AGE
35
TENURE
3.9 yrs

Baumann Arne

TITLE
Director
AGE
57
TENURE
1.9 yrs

Hilde Flaen

TITLE
Director
AGE
36

Kjetel Digre

TITLE
Director
AGE
50
TENURE
0.9 yrs

Kristina Alvendal

TITLE
Director
AGE
47
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
31. May 19 Buy OMF Holding AS Company 31. May 19 31. May 19 36,000 NOK159.97 NOK5,759,100
16. May 19 Sell Lars Paulsen Individual 16. May 19 16. May 19 -16,000 NOK161.00 NOK-2,576,000
X
Management checks
We assess AF Gruppen's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AF Gruppen has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

AF Gruppen ASA, a contracting and industrial company, engages in civil engineering, environment, building, property, energy, and offshore businesses primarily in Norway and Sweden. The company’s Civil Engineering business area undertakes civil engineering and niche projects related to roads and railways, port facilities, airports, tunnels, foundation work, power, and energy, as well as onshore facilities for oil and gas. Its Energy and Environment business area provides smart and energy efficient services for buildings and industry; demolition services; and receiving, treating, and recycling of materials. The company’s Building business area develops, engineers, and builds commercial, residential, and public buildings, as well as rehabilitation projects. Its Property business area develops residential units and commercial buildings. The Sweden business area engages in building, civil engineering, property, and environmental activities in Sweden. The company’s offshore business area undertakes the removal, demolition, and recycling of offshore installations; and new building, modification, and maintenance works related to cranes, modules, and rig services, as well as heating, ventilation, air conditioning, and cooling systems. It also provides services related to the maintenance and modification of onshore facilities for the oil and gas industry. AF Gruppen ASA was founded in 1985 and is headquartered in Oslo, Norway.

Details
Name: AF Gruppen ASA
AFGO
Exchange: BATS-CHIXE
Founded: 1985
NOK15,835,940,736
102,830,784
Website: http://www.afgruppen.com
Address: AF Gruppen ASA
Innspurten 15,
Oslo,
Oslo, 0663,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB AFG Class A Shares Oslo Bors NO NOK 12. Sep 1997
OTCPK AGRU.F Class A Shares Pink Sheets LLC US USD 12. Sep 1997
DB AF8 Class A Shares Deutsche Boerse AG DE EUR 12. Sep 1997
LSE 0DH7 Class A Shares London Stock Exchange GB NOK 12. Sep 1997
BATS-CHIXE AFGO Class A Shares BATS 'Chi-X Europe' GB NOK 12. Sep 1997
Number of employees
Current staff
Staff numbers
5,536
AF Gruppen employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 23:18
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/02/28
Last earnings filing: 2020/02/14
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.