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AF Gruppen ASA

AFG.OL
66
Engineering & Construction · Industrials
Also trades as: 0DH7.L GBP 1.91 (-0.26%)
Price
kr 190.40
-1.80 (-0.94%)
Market Cap
kr 21.64B
Exchange
Oslo Stock Exchange
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Strong
16/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

66 of 100 counted points = Winston Score 66.

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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

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

Revenue Growth

+15.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+19.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

63.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 2.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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 16%. 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
14.1%
Thin — 14.1% gross margin
Profit after running costs
Operating Margin
5.8%
Thin — 5.8% operating margin
Return on the money invested
ROCE
52.9%
Exceptional — 52.9% 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
+10.9%
Steady sales growth (+10.9% YoY)
Profit growth
EPS YoY
+21.9%
Earnings growing fast (+21.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
234%
Turns 234% of profit into real cash
Spare cash per sale
FCF Margin
3.6%
Thin free cash flow (3.6%)

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
0.12
Conservative — low debt load (0.12)
Covers its interest
Interest Cover
141.46x
Comfortably covers interest (141.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
17.3x
Fair value — P/E 17.3

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
+3.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.3 → 14.1)

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Dividends

Dividend
Dividend Yield
6.91%
Healthy income — 6.91% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-9.5%
Dividend cut (-9.5% YoY) — warning sign

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