Af Gruppen ASA
OSE:AFG

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Af Gruppen ASA Logo
Af Gruppen ASA
OSE:AFG
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Price: 184.6 NOK 1.21% Market Closed
Market Cap: 20.3B NOK
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+4%
5Y
+24%
10Y
+177%
Operating Income
+
3Y
-5%
5Y
+34%
10Y
+66%
Net Income
+
3Y
-8%
5Y
+32%
10Y
+86%

Earnings Waterfall
Af Gruppen ASA

Revenue
30.7B NOK
Cost of Revenue
-19.9B NOK
Gross Profit
10.9B NOK
Operating Expenses
-9.5B NOK
Operating Income
1.4B NOK
Other Expenses
-404m NOK
Net Income
986m NOK

Income Statement
Af Gruppen ASA

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Income Statement
Currency: NOK
Dec-2001 Mar-2002 Jun-2002 Sep-2002 Dec-2002 Mar-2003 Jun-2003 Sep-2003 Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025
Revenue
Interest Expense
26
28
31
37
36
39
39
36
30
25
18
15
18
17
18
18
12
12
13
13
22
0
0
0
21
0
0
0
29
0
0
0
18
0
0
0
2
0
0
0
2
0
0
0
13
0
0
0
8
0
0
0
19
0
0
0
0
0
0
0
19
0
0
0
1
0
0
0
3
0
6
11
58
22
21
21
54
21
20
19
37
18
18
19
43
23
25
27
99
39
41
43
112
47
0
Revenue
2 017
N/A
2 177
+8%
2 574
+18%
2 938
+14%
3 131
+7%
3 190
+2%
3 006
-6%
2 893
-4%
2 932
+1%
3 226
+10%
3 425
+6%
3 613
+5%
3 744
+4%
3 667
-2%
3 769
+3%
3 854
+2%
4 175
+8%
4 660
+12%
4 966
+7%
5 169
+4%
5 358
+4%
5 369
+0%
5 354
0%
5 485
+2%
5 538
+1%
5 509
-1%
5 738
+4%
5 912
+3%
5 916
+0%
5 857
-1%
5 713
-2%
5 483
-4%
5 401
-2%
5 565
+3%
5 636
+1%
5 757
+2%
5 828
+1%
5 872
+1%
6 117
+4%
6 436
+5%
7 356
+14%
8 203
+12%
9 005
+10%
9 593
+7%
9 830
+2%
9 894
+1%
10 100
+2%
10 328
+2%
10 127
-2%
10 046
-1%
9 904
-1%
9 713
-2%
9 935
+2%
10 174
+2%
11 097
+9%
11 619
+5%
12 398
+7%
12 571
+1%
12 251
-3%
12 494
+2%
11 876
-5%
11 832
0%
12 009
+1%
12 300
+2%
13 704
+11%
14 925
+9%
16 270
+9%
17 407
+7%
18 767
+8%
20 098
+7%
21 269
+6%
21 802
+3%
22 612
+4%
24 005
+6%
24 710
+3%
26 007
+5%
27 025
+4%
26 628
-1%
27 249
+2%
27 241
0%
27 868
+2%
28 468
+2%
29 571
+4%
30 750
+4%
31 205
+1%
31 789
+2%
31 350
-1%
30 720
-2%
30 530
-1%
30 325
-1%
30 123
-1%
30 420
+1%
30 638
+1%
30 579
0%
30 736
+1%
Gross Profit
Cost of Revenue
(1 233)
(1 366)
(1 707)
(2 013)
(2 123)
(2 139)
(1 930)
(1 824)
(1 893)
(2 129)
(2 318)
(2 462)
(2 503)
(2 411)
(2 465)
(2 508)
(2 753)
(3 114)
(3 278)
(3 384)
(3 607)
0
0
0
(3 453)
0
0
0
0
0
0
0
(2 984)
0
0
0
(3 245)
(827)
(1 929)
(3 036)
(4 637)
(5 246)
(5 836)
(6 245)
(6 333)
(6 346)
(6 394)
(6 320)
(6 003)
(5 877)
(5 784)
(5 709)
(5 966)
(6 224)
(6 867)
(7 364)
(7 910)
(7 889)
(7 616)
(7 586)
(6 946)
(6 861)
(7 037)
(7 243)
(8 510)
(9 582)
(10 663)
(11 752)
(12 614)
(13 621)
(14 426)
(14 648)
(15 083)
(16 061)
(16 653)
(17 689)
(18 753)
(18 374)
(18 909)
(18 853)
(19 073)
(19 676)
(20 520)
(21 482)
(21 900)
(22 289)
(21 866)
(21 260)
(20 905)
(20 584)
(20 416)
(20 434)
(20 333)
(20 097)
(19 867)
Gross Profit
785
N/A
811
+3%
867
+7%
925
+7%
1 008
+9%
1 051
+4%
1 076
+2%
1 069
-1%
1 039
-3%
1 098
+6%
1 107
+1%
1 151
+4%
1 241
+8%
1 256
+1%
1 304
+4%
1 346
+3%
1 422
+6%
1 546
+9%
1 687
+9%
1 785
+6%
1 751
-2%
0
N/A
0
N/A
0
N/A
2 085
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
2 417
N/A
0
N/A
0
N/A
0
N/A
2 583
N/A
640
-75%
1 239
+94%
1 850
+49%
2 719
+47%
2 957
+9%
3 169
+7%
3 348
+6%
3 497
+4%
3 548
+1%
3 706
+4%
4 008
+8%
4 124
+3%
4 169
+1%
4 120
-1%
4 004
-3%
3 969
-1%
3 950
0%
4 230
+7%
4 255
+1%
4 488
+5%
4 682
+4%
4 635
-1%
4 908
+6%
4 930
+0%
4 971
+1%
4 972
+0%
5 057
+2%
5 194
+3%
5 343
+3%
5 607
+5%
5 655
+1%
6 153
+9%
6 477
+5%
6 843
+6%
7 154
+5%
7 529
+5%
7 944
+6%
8 057
+1%
8 318
+3%
8 272
-1%
8 254
0%
8 340
+1%
8 388
+1%
8 795
+5%
8 792
0%
9 051
+3%
9 268
+2%
9 305
+0%
9 500
+2%
9 484
0%
9 460
0%
9 625
+2%
9 741
+1%
9 707
0%
9 986
+3%
10 305
+3%
10 482
+2%
10 869
+4%
Operating Income
Operating Expenses
(686)
(738)
(801)
(837)
(908)
(976)
(964)
(983)
(992)
(1 037)
(1 081)
(1 100)
(1 132)
(1 148)
(1 173)
(1 227)
(1 303)
(1 415)
(1 541)
(1 614)
(1 559)
(5 167)
(5 151)
(5 268)
(1 857)
(5 278)
(5 500)
(5 654)
(5 588)
(5 528)
(5 368)
(5 130)
(2 099)
(5 198)
(5 266)
(5 399)
(2 280)
(4 720)
(3 885)
(3 112)
(2 409)
(2 633)
(2 743)
(3 033)
(3 258)
(3 293)
(3 364)
(3 530)
(3 643)
(3 661)
(3 626)
(3 538)
(3 391)
(3 254)
(3 394)
(3 384)
(3 644)
(3 786)
(3 759)
(3 918)
(3 872)
(3 988)
(4 018)
(4 161)
(4 386)
(4 492)
(4 732)
(4 756)
(5 220)
(5 425)
(5 749)
(6 033)
(6 372)
(6 837)
(7 022)
(7 243)
(7 094)
(6 921)
(6 906)
(6 941)
(7 351)
(7 378)
(7 591)
(7 875)
(8 072)
(8 463)
(8 519)
(8 604)
(8 890)
(8 829)
(9 075)
(9 216)
(9 263)
(9 417)
(9 479)
Selling, General & Administrative
(440)
(472)
(513)
(544)
(587)
(624)
(647)
(659)
(681)
(740)
(756)
(777)
(799)
(778)
(797)
(850)
(900)
(979)
(1 042)
(1 074)
(1 083)
0
0
0
(1 230)
0
0
0
0
0
0
0
(1 412)
0
0
0
(1 511)
(366)
(709)
(1 044)
(1 493)
(1 618)
(1 714)
(1 859)
(1 950)
(1 984)
(2 035)
(2 082)
(2 230)
(2 182)
(2 198)
(2 212)
(2 335)
(2 272)
(2 363)
(2 446)
(2 535)
(2 592)
(2 628)
(2 660)
(3 193)
(2 700)
(2 661)
(2 777)
(3 561)
(3 067)
(3 279)
(3 301)
(4 223)
(3 624)
(3 794)
(4 022)
(4 811)
(4 505)
(4 632)
(4 740)
(5 515)
(4 973)
(5 040)
(5 128)
(5 728)
(5 189)
(5 271)
(5 397)
(6 162)
(5 629)
(5 717)
(5 806)
(6 642)
(5 855)
(5 950)
(6 011)
(6 999)
(6 216)
(6 160)
Depreciation & Amortization
(36)
(46)
(46)
(52)
(46)
(66)
(77)
(77)
(69)
(74)
(64)
(59)
(59)
(61)
(64)
(67)
(64)
(69)
(71)
(74)
(74)
(73)
(81)
(77)
(82)
(84)
(76)
(82)
(88)
(87)
(92)
(91)
(83)
(88)
(91)
(94)
(97)
(96)
(91)
(87)
(84)
(88)
(94)
(101)
(105)
(108)
(109)
(108)
(110)
(107)
(107)
(109)
(117)
(118)
(124)
(146)
(141)
(146)
(146)
(170)
(137)
(185)
(195)
(164)
(168)
(173)
(173)
(178)
(181)
(248)
(323)
(397)
(484)
(724)
(744)
(756)
(570)
(575)
(578)
(595)
(566)
(560)
(557)
(538)
(524)
(529)
(526)
(535)
(557)
(602)
(641)
(685)
(698)
(729)
(734)
Other Operating Expenses
(211)
(220)
(242)
(241)
(274)
(286)
(241)
(247)
(242)
(224)
(261)
(264)
(274)
(308)
(311)
(310)
(339)
(367)
(427)
(466)
(402)
(5 094)
(5 071)
(5 191)
(545)
(5 194)
(5 424)
(5 572)
(5 500)
(5 441)
(5 276)
(5 039)
(604)
(5 110)
(5 175)
(5 305)
(672)
(4 258)
(3 085)
(1 981)
(832)
(927)
(935)
(1 073)
(1 203)
(1 201)
(1 220)
(1 340)
(1 303)
(1 372)
(1 321)
(1 219)
(939)
(864)
(907)
(792)
(968)
(1 048)
(985)
(1 088)
(542)
(1 103)
(1 162)
(1 220)
(657)
(1 252)
(1 280)
(1 277)
(816)
(1 553)
(1 632)
(1 614)
(1 077)
(1 608)
(1 646)
(1 747)
(1 009)
(1 373)
(1 288)
(1 218)
(1 057)
(1 629)
(1 763)
(1 940)
(1 386)
(2 305)
(2 276)
(2 263)
(1 691)
(2 372)
(2 484)
(2 520)
(1 566)
(2 472)
(2 585)
Operating Income
98
N/A
73
-26%
67
-8%
88
+32%
100
+14%
75
-25%
112
+49%
86
-23%
47
-45%
60
+28%
26
-56%
51
+94%
109
+113%
108
-1%
131
+22%
119
-9%
119
0%
131
+10%
147
+12%
171
+16%
192
+12%
202
+5%
203
+0%
217
+7%
229
+6%
231
+1%
238
+3%
257
+8%
328
+27%
329
+0%
345
+5%
353
+2%
318
-10%
367
+15%
370
+1%
358
-3%
303
-15%
325
+7%
303
-7%
288
-5%
310
+8%
324
+5%
426
+31%
315
-26%
239
-24%
255
+7%
342
+34%
478
+40%
481
+1%
508
+6%
494
-3%
466
-6%
578
+24%
696
+20%
836
+20%
871
+4%
844
-3%
896
+6%
876
-2%
990
+13%
1 058
+7%
983
-7%
954
-3%
896
-6%
808
-10%
851
+5%
875
+3%
899
+3%
933
+4%
1 052
+13%
1 094
+4%
1 121
+2%
1 157
+3%
1 107
-4%
1 035
-7%
1 075
+4%
1 178
+10%
1 333
+13%
1 434
+8%
1 447
+1%
1 444
0%
1 414
-2%
1 460
+3%
1 393
-5%
1 233
-11%
1 037
-16%
965
-7%
856
-11%
735
-14%
912
+24%
632
-31%
770
+22%
1 042
+35%
1 065
+2%
1 390
+31%
Pre-Tax Income
Interest Income Expense
(3)
(1)
(3)
(11)
(5)
(8)
(10)
(3)
(10)
(4)
(3)
(5)
(4)
(4)
(4)
(4)
4
(0)
(2)
(2)
(6)
0
0
0
5
0
0
0
0
(3)
(4)
0
29
(3)
(1)
2
8
17
38
37
20
94
5
87
19
81
0
(3)
52
72
110
154
1
(27)
(57)
(31)
160
160
166
92
(14)
13
44
69
121
137
118
175
177
117
182
180
178
188
155
143
184
177
177
138
66
129
141
134
122
147
99
63
(67)
(17)
(5)
31
(19)
59
86
Non-Reccuring Items
(10)
0
0
0
(11)
0
0
0
(20)
0
0
0
(10)
0
0
0
(1)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17
0
0
0
62
0
0
0
63
0
24
0
59
0
5
8
47
0
0
0
47
0
0
0
0
0
0
0
(5)
0
0
0
23
0
0
0
38
0
0
0
(18)
0
0
0
85
0
0
0
70
0
0
0
46
0
0
0
33
0
0
0
61
0
0
Total Other Income
(5)
(5)
(5)
(9)
(9)
(11)
(21)
(20)
(4)
(8)
1
4
0
(0)
(1)
6
4
10
7
1
0
(11)
(4)
(3)
(2)
3
2
(12)
(21)
(17)
(17)
36
2
43
43
0
(1)
0
0
0
11
0
0
0
0
1
0
0
0
2
0
0
0
(1)
(2)
0
0
0
0
0
1
0
(1)
0
(17)
0
0
0
(12)
0
(2)
(1)
0
1
0
2
0
(25)
(28)
(26)
0
1
13
6
(1)
20
6
(9)
(1)
(22)
(25)
(13)
1
(11)
4
Pre-Tax Income
80
N/A
66
-17%
59
-11%
68
+15%
75
+11%
55
-27%
81
+46%
63
-22%
13
-79%
48
+272%
24
-50%
51
+111%
96
+90%
103
+8%
126
+22%
121
-4%
126
+4%
141
+12%
152
+8%
170
+12%
185
+9%
192
+4%
199
+4%
215
+8%
232
+8%
234
+1%
241
+3%
245
+2%
307
+25%
310
+1%
325
+5%
390
+20%
366
-6%
407
+11%
412
+1%
360
-13%
372
+3%
342
-8%
341
0%
325
-5%
404
+24%
418
+3%
455
+9%
402
-12%
317
-21%
337
+6%
348
+3%
484
+39%
580
+20%
582
+0%
606
+4%
622
+3%
625
+0%
668
+7%
777
+16%
838
+8%
1 004
+20%
1 055
+5%
1 042
-1%
1 082
+4%
1 040
-4%
996
-4%
997
+0%
964
-3%
935
-3%
986
+5%
992
+1%
1 073
+8%
1 136
+6%
1 167
+3%
1 274
+9%
1 300
+2%
1 317
+1%
1 296
-2%
1 191
-8%
1 220
+2%
1 447
+19%
1 485
+3%
1 583
+7%
1 559
-2%
1 580
+1%
1 544
-2%
1 614
+5%
1 533
-5%
1 400
-9%
1 204
-14%
1 070
-11%
910
-15%
700
-23%
873
+25%
602
-31%
788
+31%
1 085
+38%
1 113
+3%
1 480
+33%
Net Income
Tax Provision
(26)
(23)
(21)
(16)
(17)
(12)
(19)
(22)
1
(8)
(0)
(7)
(24)
(30)
(36)
(36)
(38)
(42)
(47)
(51)
(51)
(53)
(54)
(59)
(58)
(58)
(59)
(60)
(88)
(90)
(97)
(117)
(96)
(108)
(108)
(90)
(95)
(87)
(83)
(80)
(101)
(103)
(115)
(105)
(93)
(92)
(95)
(122)
(128)
(132)
(132)
(126)
(142)
(146)
(190)
(223)
(226)
(247)
(231)
(251)
(253)
(243)
(230)
(204)
(181)
(185)
(200)
(202)
(215)
(224)
(232)
(237)
(290)
(283)
(267)
(271)
(289)
(295)
(315)
(322)
(351)
(330)
(342)
(324)
(248)
(221)
(197)
(166)
(185)
(225)
(167)
(209)
(251)
(261)
(334)
Income from Continuing Operations
54
43
38
51
57
43
61
41
14
40
24
44
72
73
90
85
88
98
105
118
134
139
145
156
175
176
181
185
219
219
227
272
270
299
304
270
277
255
258
245
303
315
340
297
224
245
253
362
452
450
474
496
483
522
587
615
778
808
811
831
787
753
767
760
754
801
792
871
921
943
1 042
1 063
1 027
1 013
924
949
1 158
1 190
1 268
1 237
1 229
1 214
1 272
1 209
1 152
983
873
744
515
648
435
579
834
852
1 146
Income to Minority Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(1)
(3)
(3)
(2)
(2)
0
0
(1)
0
0
0
0
0
0
0
(9)
(9)
(15)
(25)
(30)
(27)
(30)
(31)
(24)
(28)
(29)
(33)
(41)
(45)
(55)
(73)
(81)
(86)
(94)
(83)
(96)
(104)
(106)
(121)
(133)
(135)
(146)
(145)
(149)
(160)
(155)
(163)
(173)
(173)
(176)
(182)
(187)
(182)
(201)
(201)
(210)
(210)
(204)
(205)
(193)
(176)
(166)
(148)
(112)
(102)
(82)
(70)
(126)
(147)
(161)
Net Income (Common)
54
N/A
43
-20%
38
-12%
51
+35%
57
+11%
43
-24%
61
+41%
41
-32%
14
-66%
40
+187%
24
-41%
44
+84%
72
+65%
73
+1%
90
+23%
85
-5%
88
+3%
98
+12%
105
+6%
118
+13%
134
+13%
139
+4%
145
+4%
156
+8%
174
+12%
173
0%
178
+3%
180
+1%
218
+21%
220
+1%
229
+4%
274
+20%
269
-2%
299
+11%
304
+2%
271
-11%
287
+6%
265
-8%
268
+1%
255
-5%
294
+15%
305
+4%
323
+6%
270
-16%
194
-28%
216
+11%
222
+3%
330
+49%
429
+30%
422
-2%
445
+5%
462
+4%
442
-4%
475
+7%
530
+12%
541
+2%
697
+29%
723
+4%
717
-1%
748
+4%
691
-8%
649
-6%
662
+2%
640
-3%
621
-3%
667
+7%
647
-3%
727
+12%
772
+6%
782
+1%
885
+13%
898
+1%
854
-5%
839
-2%
748
-11%
767
+3%
971
+27%
1 010
+4%
1 069
+6%
1 038
-3%
1 019
-2%
1 003
-2%
1 067
+6%
1 001
-6%
958
-4%
804
-16%
704
-12%
596
-15%
402
-33%
546
+36%
353
-35%
508
+44%
708
+39%
706
0%
986
+40%
EPS (Diluted)
0.8
N/A
0.65
-19%
0.57
-12%
0.77
+35%
0.86
+12%
0.65
-24%
0.92
+42%
0.62
-33%
0.21
-66%
0.6
+186%
0.36
-40%
0.66
+83%
1.07
+62%
1.1
+3%
1.35
+23%
1.28
-5%
1.31
+2%
1.42
+8%
1.53
+8%
1.72
+12%
1.95
+13%
2.02
+4%
2.1
+4%
2.26
+8%
2.55
+13%
2.51
-2%
2.51
N/A
2.64
+5%
3.16
+20%
3.17
+0%
3.28
+3%
3.95
+20%
3.85
-3%
4.29
+11%
4.2
-2%
3.56
-15%
3.93
+10%
3.74
-5%
3.51
-6%
3.32
-5%
3.85
+16%
3.77
-2%
3.96
+5%
3.34
-16%
2.38
-29%
2.65
+11%
2.63
-1%
3.91
+49%
5.11
+31%
5.11
N/A
5.1
0%
5.31
+4%
5.09
-4%
5.27
+4%
5.75
+9%
5.78
+1%
7.5
+30%
7.65
+2%
7.58
-1%
7.84
+3%
7.3
-7%
6.86
-6%
6.89
+0%
6.63
-4%
6.44
-3%
6.8
+6%
6.59
-3%
7.43
+13%
7.88
+6%
7.87
0%
8.85
+12%
8.86
+0%
8.46
-5%
8.14
-4%
7.25
-11%
7.33
+1%
9.27
+26%
9.48
+2%
10.11
+7%
9.81
-3%
9.57
-2%
9.35
-2%
9.98
+7%
9.42
-6%
8.96
-5%
7.46
-17%
6.53
-12%
5.54
-15%
3.73
-33%
5.03
+35%
3.27
-35%
4.69
+43%
6.52
+39%
6.45
-1%
9.04
+40%

See Also

Summary
AFG intrinsic value, competitors valuation, and company profile.
DCF Valuation
AFG stock valuation using Discount Cash Flow valuation method.
Relative Valuation
AFG stock valuation using valuation multiples.
Wall Street Estimates
AFG price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
AFG stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
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