Afarak Group Oyj

AFRK.L

Industrial Materials · Basic Materials

Price

22.40 GBp

+0.00 (+0.00%)

Market Cap

£58.6M

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Mixed

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Share count rising — dilution

+14.1% over 4y

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

Diluted shares outstanding: 229.0M (2021) → 261.4M (2025)

Winston Score History

The full picture

Afarak Group is a mining and metals company that digs up and processes chromite ore, which is used to make specialty alloys for the steel industry. Its main products are ferrochrome and other chrome-based alloys, which are sold to steel mills and industrial manufacturers. The company operates mines and processing plants primarily in South Africa and has smaller operations in Europe.

Afarak makes money by selling these specialty alloys and raw chrome materials to industrial customers, mostly on contract or spot-market terms. It is a relatively small producer in the global ferrochrome market, where it competes against much larger players like Glencore and South32. The company's thin operating margins leave little room for error, and its biggest risk is the price of ferrochrome, which swings sharply based on global steel demand and can quickly push the business from profit into loss.

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

+12.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-16.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

30.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€9M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Afarak Group Oyj 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

41.6%

Healthy — 41.6% gross margin

Profit after running costs

Operating Margin

-13.3%

Losing money on operations — -13.3%

Return on the money invested

ROCE

-2.6%

Weak — -2.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+9.8%

Steady sales growth (+9.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.9%

Thin free cash flow (1.9%)

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

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.02%

Moderate income — 2.02% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

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