Afry AB (AFXXF)
NEUTRALFundamental
69
Precio
$103.10
Capitalización Bursátil
$11.63B
Parte 1 · Cuánto vale la empresa
Resumen
AFRY is a Swedish engineering, design and advisory firm. It does not manufacture anything: it sells the expertise of roughly 18,000 engineers and consultants to clients building power plants, factories, roads, buildings and transport systems. Its work spans planning, technical design and project management for the energy transition and for industrial and infrastructure projects across the Nordics and internationally.
Cómo genera ingresos
Revenue comes from billing clients for consulting hours and project work, either at hourly rates or as fixed-price contracts for a defined scope. Profitability depends heavily on utilization — how much of each consultant's time is billed to a client rather than idle — rather than on selling more of a physical product. Public-sector and utility clients tend to give a steadier project pipeline than industrial clients, whose spending follows their own capital-investment cycles.
Ingresos por segmento
Engineering and advisory work for industrial clients across sectors such as forestry, mining, chemicals and manufacturing.
Design and planning for buildings, cities, roads and rail and other transport infrastructure.
Engineering for power generation, grids and renewable-energy projects, tied to the broader energy transition.
Qué impulsa la demanda
CíclicoAFRY's order book follows its clients' capital-spending plans: when industrial companies and utilities are confident enough to commit to new plants, grids or factories, they hire engineering firms to design them, and when that confidence drops, projects are delayed or shelved. Full-year 2025 net sales fell as clients navigated what the company itself described as market uncertainty across several of its business areas.
Los argumentos a favor
Buyers argue that the energy transition and infrastructure renewal across the Nordics and Europe give AFRY a long runway of engineering work, and that its scale and breadth across Energy, Industry and Transportation & Places let it win large projects that smaller specialist firms cannot staff alone.
Los argumentos en contra
Sellers fear that a consulting business has little pricing power when client capital spending slows, as the 2025 sales decline showed, and that profitability rises and falls with staff utilization rates that management does not fully control once demand softens.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 de agosto de 2026 with claude-opus-5 — shared with all users
Sweco is AFRY's closest Nordic rival, bidding for the same engineering, architecture and infrastructure design assignments from the same public authorities, utilities and property clients in Sweden, Finland, Norway and Denmark.
Ramboll, foundation-owned and based in Copenhagen, competes with AFRY across the whole Nordic region for engineering, environmental and energy consulting mandates, and increasingly for the same work in the rest of Europe.
Rejlers sells technical consulting in electrical power, automation and industrial engineering to the same Swedish, Finnish and Norwegian energy and industry clients that make up AFRY's Energy and Industry divisions.
Norconsult competes head-on with AFRY for community planning, transport infrastructure and building design contracts in Norway and Sweden, where both firms bid on the same public tenders.
COWI, the Danish foundation-owned consultancy, overlaps with AFRY on bridges, water, energy and industrial engineering projects across the Nordics and in international infrastructure work.
WSP runs one of Sweden's largest engineering consultancies and competes with AFRY for infrastructure, buildings and environmental design work both in the Nordics and on international projects.
Balance y Liquidez
Ingresos
$24.22B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$761M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$2.49B
Patrimonio Neto Total
$12.27B
Pasivo Total
$7.30B
Ratio de Liquidez
1.03
Cobertura de Intereses
-
Deuda/EBITDA
3.94
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$120.22
Precio Actual
$103.10
Margen de Seguridad
+14.2%
Rango de Valor Justo
$78.14 - $162.29
Métodos de Estimación
Métricas de Valoración
Ratio P/E
14.72
ROE
6.3%
Ratio P/B
0.92
P/FCF
4.50
Margen Bruto
79.3%
ROIC
5.9%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
5.9%
WACC
6.5%
ROIC − WACC
-0.6 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Criterios de Análisis Fundamental
Superado (15)
- ROIC 5.9%
- Gross Margin 79.3%
- P/FCF 4.50
- P/B Ratio 0.92
- Debt/Equity ratio
- Operating Margin 5.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- Revenue Growth 5Y 6.3%
- Analyst Consensus 75% Buy
- Earnings Quality (OCF/NI) 3.13
Fallido (5)
- Price CAGR -4.13%
- ROE 6.3%
- Earnings Surprise avg -23.9%
- Net Margin Trend 3.1% vs 4.5%
- Piotroski F-Score 2/9
No disponible (7)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Ms. Linda Palsson | President & CEO | 51 |
| Mr. Bo Sandstrom | Executive VP & CFO | 50 |
| Ebba Vassallo | Head of Investor Relations | - |
| Ms. Susan Gustafsson | Executive VP & Group General Counsel | 52 |
| Ms. Prima Gamukama | Compliance & Ethics Officer | - |
| Mr. Henrik Tegner | EVP of Commercial & Communications | 55 |
| Daniela Spetz | EVP of Corporate Development and M&A | 35 |
| Sara Klingenborg | Executive VP of People & Culture | 52 |
| Mr. Nicholas Oksanen | EVP of Global Division Industry | 58 |
| Helena Paulsson | Head of Urban Development | - |
Riesgo de Auditoría
2
Riesgo del Consejo
4
Riesgo de Compensación
8
Riesgo de Derechos del Accionista
8
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for AFXXF, sourced from Markets Gazette.