AFRY AB Class B (AFRY) AI Stock Analysis

• Market Cap: kr15.90B
• Dividend Yield: 4.09%
• Average Volume (3M): 228.53K
• Price to Earnings (P/E): 17.2
• Beta (1Y): 0.86
• Revenue Growth: -3.73%
• EPS Growth: -22.34%
• Country: SE
• Employees: 18,091
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.42
• Shares Outstanding: 108,961,400
• 10 Day Avg. Volume: 124,467
• 30 Day Avg. Volume: 228,528
• PEG Ratio: 1.21
• Price to Book (P/B): 1.33
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 9.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr210.01
• Price Target Upside: 48.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: kr168.00 ▲(18.90% Upside)

AFRY AB Class B's overall stock score reflects a stable financial position and reasonable valuation, offset by technical indicators suggesting bearish momentum and challenges highlighted in the earnings call, such as declining net sales and restructuring costs.

Positive Factors

Cash Flow and Liquidity

Strong cash flow and liquidity indicate AFRY's ability to fund operations and investments, providing resilience and flexibility in financial planning.

Order Backlog Increase

An increasing order backlog suggests sustained demand for AFRY's services, supporting future revenue stability and growth.

Strategic Framework Agreement

The agreement with Svenska Kraftnät strengthens AFRY's market position in energy consultancy, potentially leading to more projects and revenue.

Negative Factors

Decline in Net Sales

A decline in net sales, exacerbated by currency impacts, could weaken AFRY's revenue base, affecting long-term profitability and growth.

Industry Segment Challenges

Challenges in the Industry segment due to global uncertainty may hinder AFRY's ability to secure new projects, impacting future revenue streams.

Restructuring Costs

High restructuring costs could strain AFRY's financial resources, reducing profitability and potentially impacting operational efficiency.

AFRY AB Class B Business Overview & Revenue Model

Company Description

Afry AB provides engineering, design, and advisory services for the infrastructure, industry, energy, and digitalization sectors in Sweden, Finland, Norway, Switzerland, Denmark, Germany, and internationally. The company operates through five divisions: Infrastructure, Industrial & Digital Solutions, Process Industries, Energy, and Management Consulting. 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, hotels and restaurants, and housing facilities; defense technology systems; digital solutions, and information and communication technology services; and engineering and consulting services for energy and power applications. It also offers environmental and sustainability 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, chemical, and forest industries; product development services; project management services; transport infrastructure services; and solutions for water management. 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.

How the Company Makes Money

AFRY generates revenue through a diversified model primarily based on consulting services, engineering solutions, and project management fees. The company's key revenue streams include contracts with public and private sector clients for infrastructure projects, energy consulting, and industrial engineering services. Additionally, AFRY benefits from long-term partnerships with various stakeholders in the energy and infrastructure sectors, which facilitate ongoing projects and recurring revenue. The company's emphasis on sustainability and innovation also attracts clients seeking to meet regulatory requirements and improve operational efficiency, further bolstering its earnings.

AFRY AB Class B Financial Statement Overview

Summary

AFRY AB Class B shows a stable financial position with a strong cash flow and a solid balance sheet. However, challenges in revenue growth and gross profit margins are areas of concern.

Income Statement

AFRY AB Class B shows a mixed performance in its income statement. The TTM data indicates a decline in revenue growth rate, which is concerning. However, the company maintains a stable EBIT and EBITDA margin, reflecting operational efficiency. The gross profit margin has decreased significantly from previous years, indicating potential cost pressures or pricing challenges. Despite these issues, the net profit margin remains positive, albeit lower than previous years.

Balance Sheet

The balance sheet of AFRY AB Class B is relatively strong, with a manageable debt-to-equity ratio that has improved slightly over the years. The return on equity has decreased in the TTM period, indicating reduced profitability for shareholders. However, the company maintains a solid equity ratio, suggesting a stable financial structure with a good proportion of assets funded by equity.

Cash Flow

AFRY AB Class B demonstrates a strong cash flow position with positive free cash flow growth in the TTM period. The operating cash flow to net income ratio is stable, indicating efficient cash generation relative to net income. The free cash flow to net income ratio is also robust, suggesting that the company effectively converts its earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	26.20B	27.16B	26.98B	23.55B	20.10B	18.99B
Gross Profit	16.01B	21.46B	5.08B	18.66B	16.19B	15.18B
EBITDA	2.69B	2.92B	2.79B	2.26B	2.37B	2.23B
Net Income	928.00M	1.23B	1.10B	974.00M	1.13B	933.00M
Balance Sheet
Total Assets	27.05B	28.30B	28.17B	28.00B	25.91B	23.61B
Cash, Cash Equivalents and Short-Term Investments	756.00M	1.27B	1.17B	1.09B	2.11B	1.93B
Total Debt	7.03B	7.25B	7.86B	7.80B	7.65B	6.80B
Total Liabilities	14.43B	15.15B	15.72B	15.82B	14.92B	13.51B
Stockholders Equity	12.60B	13.13B	12.45B	12.18B	10.99B	10.10B
Cash Flow
Free Cash Flow	2.13B	1.86B	1.62B	891.00M	1.38B	1.90B
Operating Cash Flow	2.19B	1.99B	1.79B	1.04B	1.50B	2.08B
Investing Cash Flow	-380.00M	-383.00M	-756.00M	-873.00M	-1.21B	-345.00M
Financing Cash Flow	-1.79B	-1.47B	-942.00M	-1.01B	-12.00M	-987.00M

AFRY AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 141.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AFRY, the sentiment is Negative. The current price of 141.3 is below the 20-day moving average (MA) of 149.44, below the 50-day MA of 150.60, and below the 200-day MA of 158.36, indicating a bearish trend. The MACD of -2.49 indicates Positive momentum. The RSI at 32.76 is Neutral, neither overbought nor oversold. The STOCH value of 6.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:AFRY.

AFRY AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NCC.B	75 Outperform	kr20.32B	14.08	20.30%	4.17%	5.68%	27.52%
PEAB.B	70 Outperform	kr26.25B	15.56	10.55%	3.26%	-4.93%	10.91%
AFRY	69 Neutral	kr15.90B	17.24	6.97%	4.09%	-3.73%	-22.34%
SKA.B	67 Neutral	kr111.48B	18.03	10.45%	3.18%	6.02%	26.26%
SWEC.B	66 Neutral	kr53.20B	24.59	18.65%	2.20%	2.79%	14.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BRAV	62 Neutral	kr17.99B	15.49	―	4.22%	-4.21%	10.63%

AFRY AB Class B Corporate Events

AFRY Appoints Richard Beard as EVP of Transportation & Places

AFRY has appointed Richard Beard as the new Executive Vice President and Head of the Global Division Transportation & Places, effective January 19, 2026. Richard Beard brings over 35 years of leadership experience in consulting and engineering, with a strong background in strategic business development and transformational change. His appointment is expected to drive growth and enhance collaboration within the division, benefiting AFRY’s operations and stakeholders.

The most recent analyst rating on (SE:AFRY) stock is a Hold with a SEK168.00 price target. To see the full list of analyst forecasts on AFRY AB Class B stock, see the SE:AFRY Stock Forecast page.

AFRY AB Unveils ‘Unlocking AFRY’ Strategy with 2028 Financial Targets

AFRY AB, a company specializing in engineering and advisory services, has unveiled its new strategy ‘Unlocking AFRY’ aimed at driving profitable growth and operational efficiency by 2028. The strategy focuses on expanding globally, partnering with leading clients, and enhancing project delivery across the lifecycle, with financial targets set to achieve 35 billion SEK in net sales and a 10% EBITA margin by 2028.

The most recent analyst rating on (SE:AFRY) stock is a Buy with a SEK210.00 price target. To see the full list of analyst forecasts on AFRY AB Class B stock, see the SE:AFRY Stock Forecast page.

AFRY AB Appoints Nomination Committee for 2026 AGM

AFRY AB has announced the appointment of its Nomination Committee, which includes representatives from various investment and pension funds, and is chaired by Viveka Beckeman. This committee is responsible for preparing proposals for the upcoming Annual General Meeting scheduled for April 2026, which could influence the company’s strategic direction and governance.

The most recent analyst rating on (SE:AFRY) stock is a Hold with a SEK171.00 price target. To see the full list of analyst forecasts on AFRY AB Class B stock, see the SE:AFRY Stock Forecast page.