AF Gruppen ASA

AFG.OL

Engineering & Construction · Industrials

Also trades as: 0DH7.L

Price

kr 186.80

+1.00 (+0.54%)

Market Cap

kr 21.23B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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)

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.

Winston Score History

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

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

64.5%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$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

Gross Margin

12.3%

Thin — 12.3% gross margin

Operating Margin

3.8%

Thin — 3.8% operating margin

ROCE

8.6%

Below par — 8.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+7.4%

Steady sales growth (+7.4% YoY)

EPS YoY

+62.6%

Earnings growing fast (+62.6% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

280%

Turns 280% of profit into real cash

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

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

108.87x

Comfortably covers interest (108.9x)

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

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Valuation

P/E Ratio (TTM)

17.7x

Fair value — P/E 17.7

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

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

5.62%

Healthy income — 5.62% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-9.5%

Dividend cut (-9.5% YoY) — warning sign

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