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Investing.com - Kepler Cheuvreux has upgraded AF Gruppen ASA (OB:AFG) from Hold to Buy and raised its price target to NOK180.00 from NOK160.00 following the company’s second-quarter 2025 performance.
The Norwegian construction and civil engineering company delivered Q2 2025 results that exceeded both Kepler Cheuvreux and consensus estimates, driven primarily by strong performance in its Civil Engineering division.
AF Gruppen also demonstrated significant year-over-year margin recovery in its Sweden business, marking a potential turnaround after two challenging years of negative or muted growth.
Kepler Cheuvreux noted signs of market improvement and believes the market may be bottoming out, supported by AF Gruppen’s strengthening backlog, which led to the firm making minor estimate revisions.
The investment firm highlighted that AF Gruppen currently trades at a historical discount on 2026 consensus multiples, while its peers remain closer to historical averages, suggesting potential for multiple expansion amid improving market conditions.
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