AF Gruppen ASA

AFG.OL

Engineering & Construction · Industrials

Also trades as: 0DH7.L

Price

kr 190.80

+2.40 (+1.27%)

Market Cap

kr 21.69B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+3.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.5M (2021) → 110.1M (2025)

Winston Score History

The full picture

AF Gruppen ASA is a Norwegian construction and engineering company. It builds homes, offices, roads, bridges, and energy facilities, and it also tears down old buildings and cleans up contaminated land. Its main customers are governments, municipalities, and private developers, mostly in Norway and Sweden.

The company earns money by winning contracts to complete construction and demolition projects, charging clients for labor, materials, and project management. AF Gruppen operates primarily across Scandinavia and is one of Norway's largest contractors by revenue, with a strong position in the growing offshore decommissioning market, where old oil platforms are dismantled and recycled. A key growth driver is the increasing demand to decommission aging North Sea oil infrastructure, though the business faces the typical construction risk of thin margins being squeezed by cost overruns or delays on fixed-price contracts.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+44.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

63.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

kr 4.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

AF Gruppen ASA is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

12.3%

Thin — 12.3% gross margin

Profit after running costs

Operating Margin

3.8%

Thin — 3.8% operating margin

Return on the money invested

ROCE

45.8%

Exceptional — 45.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.4%

Steady sales growth (+7.4% YoY)

Profit growth

EPS YoY

+62.6%

Earnings growing fast (+62.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

280%

Turns 280% of profit into real cash

Spare cash per sale

FCF Margin

5.5%

Thin free cash flow (5.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

108.87x

Comfortably covers interest (108.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.1x

Fair value — P/E 18.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.1 → 14.8)

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Dividends

Dividend

Dividend Yield

5.62%

Healthy income — 5.62% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-9.5%

Dividend cut (-9.5% YoY) — warning sign

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