AFRY is a technical consulting firm with segments Infrastructure (35-40%), Process industry and industry & digital solutions. The company is priced at a discount compared to its peers; which is explained by lower margins, ROC and ROE.

Revenue and earnings doubled in the past 5 years. But that did not result into higher earnings per share. Initially the valuation jumped to 30x P/E but is back on its old level around 13x P/E. It looks like the market is pricing in risk for a downturn and has learned that business growth does not translate into better performance (per share-holder). Management has the objective to improve profitability in the next years.

I do not see the required quality to invest, and think there is risk for more downside (ballpark 100kr).