AF Gruppen ASA (0DH7) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of AF Gruppen ASA NOK 235, price NOK 195, upside +20.3%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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AF Gruppen ASA
0DH7 · LSEUndervaluedThe stock appears undervalued with acceptable quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 93.58 – kr 200.50 · fair‑value band kr 175.98 – kr 293.31 · the kr 195.00 price screens below the kr 234.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
AF Gruppen ASA, a contracting and industrial company, provides civil engineering, construction, energy and environment, and property and offshore services in Norway and Sweden.
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AF Gruppen ASA, a contracting and industrial company, provides civil engineering, construction, energy and environment, and property and offshore services in Norway and Sweden. It offers civil engineering services, including construction of various projects, such as roads, railways, bridges, port facilities, airports, tunnels, foundation work, renovation and construction of concrete structures, power and energy plants, and onshore facilities for oil and gas; and concrete technology, groundwork and earthmoving, geomatics and surveying, and project support services. The company also operates as a turnkey contractor for the development and planning to buildings comprising residential, commercial, public buildings, and rehabilitation and rebuilding, as well as offers extension work services. In addition, it provides energy solutions, which includes energy performing contracting, technical turnkey contract, local power supply, and technical services and maintenance; and energy solutions for existing and new buildings. Further, the company manages construction and decommissioning projects, including removal and recycling of offshore installations; offers turnkey services in the areas of cooling and ventilation for onshore and offshore installations, rigs, and ships, as well as offshore wind services; and operates as a contractor for demolition and environmental clean-up services for buildings and structures, such as blasting, dredging, handling of contaminated bulk material, and removal of shipwrecks. Additionally, it provides office spaces on rental basis, and sale of homes. AF Gruppen ASA was founded in 1985 and is headquartered in Oslo, Norway.
Stock analysis
AF Gruppen ASA (0DH7) currently trades at kr 195.00, while our model-based Fair Value estimate is kr 234.65, implying the stock looks roughly 16.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 357.19 per share, and 14 of the 25 models we run sit above the kr 195.00 price.
Bear case: the Economic Profit group reads lowest at kr 67.49, and 11 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 175.98 (bear) to kr 293.31 (bull), the price of kr 195.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
AF Gruppen ASA reported revenue of 32.0B NOK in FY2025 versus 27.8B NOK in FY2021, a compound +3.6%/yr. Reported net income was 1.1B NOK in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 21.5B NOK (≈ $2.2B) · P/S ratio 0.55 · EPS (TTM) kr 9.40 · Dividend yield 3.3% · Net margin 3.4% · Return on equity 33.6% · Return on assets (EBIT) 9.2% · Operating margin 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 20%, 0DH7 screens cheaper than that median.
Fair Value models
All 25 models by family
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Set up alert →Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 73
Revenue & earnings trend
Growth Forecast
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Compare AF Gruppen ASA with another stock
Price, fair value, quality and upside side by side.
Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.
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| Comfort Systems USA, Inc FIX | $1,658 | $1,116 | −33% |
| Larsen & Toubro Limited LT | ₹3,876 | ₹1,994 | −49% |
| Samsung C&T Corporation 028260 | 367,000 KRW | 159,718 KRW | −56% |
| Ferrovial N.V FER | $55.77 | $21.74 | −61% |
| HOCHTIEF Aktiengesellschaft HOT | €407.40 | €203.86 | −50% |
| EMCOR Group EME | $769.03 | $525.05 | −32% |
| ACS, Actividades de Construcción y Servicios, S.A ACS | €95.00 | €62.20 | −35% |
| Bouygues SA EN | €43.14 | €66.31 | +54% |
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