Company Valuation: AF Gruppen ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 20,677 15,488 13,459 16,189 20,669 22,552 - -
Change - -25.1% -13.1% 20.29% 27.67% 9.11% - -
Enterprise Value (EV) 1 20,996 15,817 14,100 16,090 19,395 21,766 21,741 21,708
Change - -24.67% -10.86% 14.12% 20.54% 12.23% -0.11% -0.15%
P/E 20.2x 16x 33.3x 22.8x 19x 16.7x 15.7x 15.2x
PBR 7.79x 6.01x 5.8x 6.22x 7.14x 5.5x 5.21x 4.91x
PEG - -2.51x -0.6x 0.3x 0.4x 0.9x 2.36x 4.48x
Capitalization / Revenue 0.74x 0.5x 0.44x 0.53x 0.65x 0.63x 0.6x 0.59x
EV / Revenue 0.75x 0.51x 0.46x 0.53x 0.61x 0.61x 0.58x 0.56x
EV / EBITDA 9.65x 8.17x - 8.7x 7.97x 7.89x 7.48x 7.2x
EV / EBIT 13x 11.2x 18.8x 14x 11.7x 10.4x 9.75x 9.33x
EV / FCF 17.1x 11.4x 15x 8.08x 6.39x 17.8x 13.4x 13x
FCF Yield 5.86% 8.81% 6.66% 12.4% 15.6% 5.62% 7.47% 7.68%
Dividend per Share 2 10.5 10.5 6.5 5 - 11.4 12.15 12.2
Rate of return 5.42% 7.3% 5.23% 3.37% - 5.73% 6.11% 6.14%
EPS 2 9.57 8.96 3.73 6.52 9.93 11.87 12.66 13.09
Distribution rate 110% 117% 174% 76.7% - 96% 96% 93.2%
Net sales 1 27,868 31,205 30,530 30,638 31,992 35,904 37,312 38,425
EBITDA 1 2,176 1,937 - 1,850 2,434 2,760 2,905 3,017
EBIT 1 1,609 1,409 749 1,149 1,662 2,094 2,231 2,326
Net income 1 1,019 958 402 708 1,093 1,356 1,459 1,521
Net Debt 1 319 329 641 -99 -1,274 -786 -811 -844.5
Reference price 2 193.60 143.80 124.20 148.40 188.20 198.80 198.80 198.80
Nbr of stocks (in thousands) 106,805 107,702 108,362 109,089 109,823 113,443 - -
Announcement Date 11/02/22 10/02/23 15/02/24 14/02/25 13/02/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.75x0.61x7.89x5.73% 2.37B
55.63x2.56x24.49x0.07% 96.75B
12.16x1.04x5.72x4.8% 69.61B
33.83x4.25x23.09x0.2% 57.74B
25.84x1.99x19.6x1.14% 55.1B
50.59x4.03x25.49x1.92% 39.69B
27.21x0.68x11.25x2.27% 33.96B
22.96x1.57x14.44x0.2% 33.17B
21.59x0.43x6.81x2.81% 29.22B
4.92x0.31x5.78x5.98% 26.21B
Average 27.15x 1.75x 14.46x 2.51% 44.38B
Weighted average by Cap. 31.77x 2.10x 16.72x 1.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation AF Gruppen ASA