AFRY AB Class B (AFRY) AI Stock Analysis

• Market Cap: $18.31B
• Dividend Yield: 3.85%
• Average Volume (3M): 228.53K
• Price to Earnings (P/E): 19.9
• Beta (1Y): 0.96
• Revenue Growth: -3.73%
• EPS Growth: -22.34%
• Country: SE
• Employees: 18,091
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.30
• 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: 1.33
• Enterprise Value/Revenue: 0.92
• Enterprise Value/Gross Profit: 1.52
• Enterprise Value/Ebitda: 8.83
• 1Y Price Target: $209.42
• Price Target Upside: 34.24% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Neutral
• Price Target: kr189.00 ▲(21.15% Upside)

AFRY AB Class B's overall score reflects a stable financial position with operational efficiency and a balanced leverage profile. Positive technical indicators and a fair valuation support the stock, but challenges in revenue growth, cash flow, and restructuring costs weigh on the outlook. The earnings call provided a mixed sentiment with both improvements and challenges noted.

Positive Factors

Order Backlog Growth

The growth in order backlog indicates strong demand for AFRY's services, providing a stable revenue pipeline and supporting future growth prospects.

Strategic Partnerships

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

Acquisition of Reta Engineering

This acquisition strengthens AFRY's capabilities and market presence in the mining and metals sectors, offering potential for revenue diversification and growth.

Negative Factors

Decline in Net Sales

The decline in net sales reflects challenges in maintaining revenue growth, which could impact AFRY's long-term profitability and market competitiveness.

Industry Segment Challenges

Challenges in the Industry segment due to global uncertainty may hinder AFRY's ability to secure new projects, affecting revenue and growth prospects.

Restructuring Costs

Ongoing restructuring costs could strain AFRY's financial resources, impacting cash flow and limiting investment in growth initiatives.

AFRY AB Class B Business Overview & Revenue Model

Company Description

AFRY AB Class B (AFRY) is a leading European engineering and design company that delivers sustainable solutions across a wide range of sectors, including infrastructure, energy, and industry. Headquartered in Sweden, AFRY combines expertise in technology and engineering with digital solutions to support clients in their transition towards a more sustainable future. The company offers services such as consulting, project management, and technical services, catering to both public and private sector clients.

How the Company Makes Money

AFRY generates revenue primarily through its consulting and engineering services. The company operates in various sectors, including energy, infrastructure, and industry, allowing it to diversify its income streams. Key revenue streams include project-based fees for engineering and design services, long-term consultancy contracts, and sustainability assessments. Additionally, AFRY collaborates with significant partners across various industries, which enhances its service portfolio and market reach, contributing to its earnings. The company's focus on sustainable development and digital transformation also positions it to capture emerging opportunities in the market.

AFRY AB Class B Financial Statement Overview

Summary

AFRY AB Class B demonstrates a stable financial position with strengths in operational efficiency and a balanced leverage profile. However, the company faces challenges in revenue growth and cash flow generation, which could impact future profitability and liquidity.

Income Statement

AFRY AB Class B has shown a mixed performance in its income statement. The TTM data indicates a slight decline in revenue growth at -1.91%, which is a concern. However, the company maintains a reasonable gross profit margin of 60.38% and an EBIT margin of 7.15%, indicating operational efficiency. The net profit margin is relatively low at 3.55%, suggesting room for improvement in profitability.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.58, which is manageable and indicates a balanced approach to leveraging. The return on equity (ROE) is moderate at 7.34%, showing decent returns for shareholders. The equity ratio stands at 45.73%, suggesting a solid equity base relative to total assets.

Cash Flow

Cash flow analysis reveals some challenges, with a negative free cash flow growth rate of -2.42% in the TTM, indicating potential cash flow constraints. The operating cash flow to net income ratio is 0.24, suggesting that cash generation from operations is not as strong as it could be. However, the free cash flow to net income ratio is healthy at 0.98, indicating efficient conversion of profits into free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	26.50B	27.16B	26.98B	23.55B	20.10B	18.99B
Gross Profit	16.00B	21.46B	5.08B	18.66B	16.19B	15.18B
EBITDA	2.76B	2.92B	2.79B	2.28B	2.40B	2.23B
Net Income	940.00M	1.23B	1.10B	974.00M	1.13B	933.00M
Balance Sheet
Total Assets	27.39B	28.30B	28.17B	28.00B	25.91B	23.61B
Cash, Cash Equivalents and Short-Term Investments	761.00M	1.27B	1.17B	1.09B	2.11B	1.93B
Total Debt	7.21B	7.25B	7.86B	7.80B	7.65B	6.80B
Total Liabilities	14.84B	15.15B	15.72B	15.82B	14.92B	13.51B
Stockholders Equity	12.53B	13.13B	12.45B	12.18B	10.99B	10.10B
Cash Flow
Free Cash Flow	1.89B	1.86B	1.62B	891.00M	1.38B	1.90B
Operating Cash Flow	1.94B	1.99B	1.79B	1.04B	1.50B	2.08B
Investing Cash Flow	-199.00M	-383.00M	-756.00M	-873.00M	-1.21B	-345.00M
Financing Cash Flow	-1.70B	-1.47B	-942.00M	-1.01B	-12.00M	-987.00M

AFRY AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 156.00
• 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 156 is below the 20-day moving average (MA) of 166.64, below the 50-day MA of 160.55, and below the 200-day MA of 166.54, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 35.33 is Neutral, neither overbought nor oversold. The STOCH value of 10.38 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
SKA.B	71 Outperform	kr106.92B	17.32	10.45%	3.30%	6.02%	26.26%
AFRY	70 Neutral	$18.31B	19.86	6.97%	3.85%	-3.73%	-22.34%
NCC.B	70 Neutral	kr19.04B	13.21	20.30%	4.38%	5.68%	27.52%
SWEC.B	65 Neutral	kr60.36B	27.91	18.65%	2.04%	2.79%	14.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BRAV	62 Neutral	kr16.14B	13.90	―	4.72%	-4.21%	10.63%
PEAB.B	59 Neutral	kr22.03B	13.06	10.55%	3.73%	-4.93%	10.91%

AFRY AB Class B Corporate Events

AFRY AB’s Earnings Call: Mixed Sentiments and Strategic Moves

The recent earnings call for AFRY AB Class B highlighted a mixed sentiment, reflecting both stable performance metrics and significant challenges. While the company reported improvements in EBITA margin, order backlog, and strategic agreements, it also faced a decline in net sales, challenging market conditions in the Industry segment, and negative currency impacts. Ongoing restructuring efforts and associated costs remain a concern for the company.

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.

AFRY AB Announces Q3 2025 Report Presentation

AFRY AB has announced an invitation for investors, analysts, and media to attend a presentation of its Q3 2025 report on October 24. The event, led by CEO Linda Pålsson and CFO Bo Sandström, will be available via Teams and webcast, with the report and related materials accessible on the company’s website. This announcement reflects AFRY’s commitment to transparency and engagement with stakeholders, potentially impacting its market perception and investor relations.

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.

AFRY Aligns Financial Reporting with New Group Structure

AFRY has published restated comparative figures to align with its new Group structure, which was implemented on July 1, 2025. The restructuring reduces its divisions from five to three global divisions: Energy, Industry, and Transportation & Places, as part of its strategic efforts to drive profitable growth and optimize its operating model. These changes are structural and do not impact the company’s total financial results for the respective periods.

The most recent analyst rating on (SE:AFRY) stock is a Hold with a SEK162.00 price target. To see the full list of analyst forecasts on AFRY AB Class B stock, see the SE:AFRY Stock Forecast page.