AFRY: Robust Backlog and Structural Growth Offsetting Near-Term Weakness Justify Buy Rating

Jefferies analyst Adela Dashian maintained a Buy rating on AFRY AB Class B today and set a price target of SEK210.00.

Adela Dashian has given his Buy rating due to a combination of factors that, in his view, outweigh the short‑term weakness in quarterly results. While AFRY’s fourth quarter came in slightly below market expectations on both sales and adjusted EBITA, profitability held up reasonably well thanks to ongoing cost measures and improved utilization of its workforce. Segment trends were mixed, with continued softness in industrial markets and uneven demand in energy, but margin enhancements in several areas indicate that restructuring efforts are starting to yield benefits.
Despite the near‑term headwinds, Dashian emphasizes AFRY’s robust order backlog, which has grown organically and now stands at a high level, providing solid revenue visibility. He also highlights the company’s strong positioning in long‑term structural growth themes such as the energy transition, defense, and transportation infrastructure, which are expected to support demand over time. In his assessment, the combination of a healthy pipeline, exposure to resilient end‑markets, and ongoing operational improvements underpins a favorable risk‑reward profile for the shares, justifying a Buy recommendation.

According to TipRanks, Dashian is a 4-star analyst with an average return of 8.3% and a 50.00% success rate. Dashian covers the Industrials sector, focusing on stocks such as Munters Group AB, AFRY AB Class B, and Systemair AB.