AF Gruppen (AFG.OL) — 2026-W138

Analysis date: 2026-05-31 | Country: NO | Currency: NOK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	230.0 NOK
24m Target	208.0 NOK
Price at Analysis	185.2 NOK
Buffett Score	15/20
ROIC	41.1%
Economic Profit	+885.0M NOK
Implied Upside (IV)	24.2%

Research history · this company (3 notes)

2026-W138 · 2026-05-31 · AFG.OLviewingBuy · ROIC 41% · tgt 208 NOKΔ tgt +26% · IV +39% · HOLD→Buy · MEDIUM→high convAF Gruppen: Starkt värdeskapande ROIC 41.08% >> WACC 8%

2026-06-15 · 2026-06-15 · AFG.OLHOLD · tgt 165 NOK 2026-06-09 · 2026-06-09 · AFG.OLHOLD · tgt 165 NOKfirst note

0. Company Identification

Ticker: AFG.OL | Name: AF Gruppen | Country: NO | Sector: Industrial/Commercial

1. What the Company Sells

AF Gruppen operates in the Nordic market. ROIC 41.1% vs WACC 8% → EP +885.0M NOK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 41.1% vs WACC 8.0% → Economic Profit +885.0M NOK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 5/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — AF Gruppen: Strong value creation, ROIC 41.1% >> WACC 8%, attractive at current price.

mttssn research · AF Gruppen (AFG.OL) · 2026-W138 · 2026-05-31