Afry AB (0QUU) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Afry AB SEK 234, price SEK 102, upside +129.0%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 94.33 – kr 248.94 · fair‑value band kr 137.00 – kr 333.17 · the kr 102.13 price screens below the kr 233.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Afry AB provides engineering, design, and advisory services for the infrastructure, industry, and energy sectors in the Nordics, North America, South America, Asia, rest of Europe, and internationally. It operates through Energy, Industry, and Transportation & Places segments.
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Afry AB provides engineering, design, and advisory services for the infrastructure, industry, and energy sectors in the Nordics, North America, South America, Asia, rest of Europe, and internationally. It operates through Energy, Industry, and Transportation & Places segments. The company offers architecture and design services; automation and manufacturing solutions; automotive and mobility services; building solutions for airports, culture and sports facilities, high security facilities, hospitals, healthcare and research facilities, hotels and restaurants, housing and industrial facilities, offices, retail properties, schools and academic facilities, and stations and terminals; defense technology systems; digital solutions and information technology services; and engineering and consulting services for energy and power applications. It also provides sustainable and environmental solutions; services for food, life science, and pharmaceutical industries; management consulting services; solutions for processing industries, including mining and metals, food and beverage, pulp and paper, and chemical industries, as well as biorefining and biobased solutions; product development services; project management services; transport infrastructure services; solutions for water management; and consulting services and software products. The company was formerly known as ÅF Pöyry AB (publ) and changed its name to Afry AB in June 2021. Afry AB was founded in 1895 and is headquartered in Stockholm, Sweden.
Stock analysis
Afry AB (0QUU) currently trades at kr 102.13, while our model-based Fair Value estimate is kr 233.91, implying the stock looks roughly 56.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 248.10 per share, and 24 of the 25 models we run sit above the kr 102.13 price.
Bear case: the Asset-Based group reads lowest at kr 95.20, and 1 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 137.00 (bear) to kr 333.17 (bull), the price of kr 102.13 sits below 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 44/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Afry AB reported revenue of 20.1B SEK in FY2021 versus 12.7B SEK in FY2017, a compound +12.3%/yr. Reported net income was 1.1B SEK in FY2021, compounding +11.0%/yr from FY2017.
Key figures
Market cap 17.2B SEK (≈ $1.7B) · P/E ratio 0.2 · EPS (TTM) kr 9.35 · Dividend yield 5.9% · Net margin 5.6% · Return on equity 6.3% · Return on assets (EBIT) 7.1% · Operating margin 5.8%.
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 38% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 129%, 0QUU screens cheaper than that median.
Fair Value models
Bear kr 137.00Fair Value kr 233.91Bull kr 333.17
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
’17
’18
’19
’20
’21
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
8.2% (2017) → 7.6% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+137.3% · Top 25%
Profitability
Return on equity (TTM)6.3% · Below median
Return on assets3.5% · Above median
Net margin (TTM)3.1% · Below median
Operating margin (TTM)5.8% · Above median
Growth and dividend
Revenue growth−2.4% · Below median
Dividend yield (TTM)5.9% · Top 25%
Balance sheet
Debt / equity0.44× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Afry AB Fair Value". https://www.fairvalue-calculator.com/stock/0QUU
Frequently asked questions
Is Afry AB (0QUU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 233.91 versus a price of kr 102.13, about +129% upside (undervalued).
What is the fair value of 0QUU?
Our model-based fair value for Afry AB is kr 233.91 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 102.13.
What is the quality score of 0QUU?
Afry AB has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Afry AB (0QUU)?
Our model-based price target is the fair value of kr 233.91 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario kr 137.00, optimistic scenario kr 333.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Afry AB stock forecast for 2026?
Our models put fair value at kr 233.91, about +129% upside versus a price of kr 102.13 (undervalued). Cautious scenario kr 137.00, optimistic scenario kr 333.17. The calculation is refreshed regularly with new filings.
What is the revenue of Afry AB (0QUU)?
Afry AB reported trailing-twelve-month revenue of about 25.2B SEK (latest available figure, as of Sep 24, 2026).
Does Afry AB pay a dividend?
Afry AB currently shows a dividend yield of about 5.88% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Afry AB (0QUU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Afry AB it is kr 233.91 per share (as of Sep 24, 2026), against a price of kr 102.13. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Afry AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0QUU trades below its calculated fair value: price kr 102.13, fair value kr 233.91, a gap of about +129% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0QUU?
No. The price is what the market pays today (kr 102.13); the fair value is what the company's own numbers justify (kr 233.91). For Afry AB the two are kr 131.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Afry AB worth?
The market values Afry AB at about 17.2B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 102.13; our models calculate a fair value of kr 233.91 per share.
What do the bullish and bearish scenarios say about 0QUU?
Our models span a range for Afry AB: cautious scenario kr 137.00, base kr 233.91, optimistic kr 333.17 per share (as of Sep 24, 2026, price kr 102.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QUU?
Afry AB trades at a price-to-earnings ratio of 0.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 233.91 is built from several models across several years.
How solid is the balance sheet of Afry AB (0QUU)?
Balance-sheet figures for Afry AB (as of Sep 24, 2026): return on equity 6.3%, debt of 0.44 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 0QUU from its 52-week high?
Afry AB trades at kr 102.13, about 38% below its 52-week high of kr 163.84 and 2% above the low of kr 100.03 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 233.91 is for.
Which stocks are comparable to Afry AB?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Afry AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 102.13, calculated fair value kr 233.91 (+129%), Quality Score 44/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0QUU calculated?
We run Afry AB through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 233.91, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Afry AB currently trades 56 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Afry AB (0QUU)?
The closing price on Oct 2, 2026 was kr 102.13. Our model-based fair value is kr 233.91, about +129% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Afry AB right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 137.00). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 137.00 to kr 333.17) leaves room in how you read the outcome.
Key figures of Afry AB
How large is the market capitalisation of Afry AB (0QUU)?
The market capitalisation of Afry AB is 17.2B SEK (≈ $1.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Afry AB (0QUU)?
Earnings per share at Afry AB are kr 9.35 (price ÷ EPS = P/E 0.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Afry AB (0QUU)?
The dividend yield of Afry AB is 5.9% (payout 64.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Afry AB (0QUU)?
The net margin of Afry AB is 5.6% (fiscal year 2021). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Afry AB (0QUU)?
The return on equity (ROE) of Afry AB is 6.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Afry AB (0QUU)?
On an EBIT basis the return on assets of Afry AB is 7.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Afry AB (0QUU)?
The operating margin of Afry AB is 5.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Afry AB (0QUU)?
Revenue at Afry AB is growing −2.4% versus a year earlier (3y avg +12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Afry AB (0QUU)?
Earnings per share at Afry AB are growing +0.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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