We assign a fundamental rating of 5 out of 10 to APG. APG was compared to 55 industry peers in the Construction & Engineering industry. APG has an average financial health and profitability rating. APG has a correct valuation and a medium growth rate.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

APG had positive earnings in the past year.
In the past year APG had a positive cash flow from operations.
APG had negative earnings in 4 of the past 5 years.
APG had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

APG's Return On Assets of 1.79% is on the low side compared to the rest of the industry. APG is outperformed by 60.00% of its industry peers.
APG's Return On Equity of 4.76% is on the low side compared to the rest of the industry. APG is outperformed by 60.00% of its industry peers.
Looking at the Return On Invested Capital, with a value of 6.29%, APG is in line with its industry, outperforming 52.73% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for APG is significantly below the industry average of 15.97%.
The last Return On Invested Capital (6.29%) for APG is above the 3 year average (4.40%), which is a sign of increasing profitability.

		Industry Rank	Sector Rank
ROA	1.79%
ROE	4.76%
ROIC	6.29%

ROA(3y)-1.5%

ROA(5y)-3.28%

ROE(3y)-4.07%

ROE(5y)-8.43%

ROIC(3y)4.4%

ROIC(5y)3.23%

1.3 Margins

APG has a Profit Margin of 2.04%. This is comparable to the rest of the industry: APG outperforms 43.64% of its industry peers.
APG's Operating Margin of 7.76% is fine compared to the rest of the industry. APG outperforms 61.82% of its industry peers.
In the last couple of years the Operating Margin of APG has grown nicely.
Looking at the Gross Margin, with a value of 31.14%, APG belongs to the top of the industry, outperforming 83.64% of the companies in the same industry.
APG's Gross Margin has improved in the last couple of years.

		Industry Rank	Sector Rank
OM	7.76%
PM (TTM)	2.04%
GM	31.14%

OM growth 3Y27.83%

OM growth 5YN/A

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y9.2%

GM growth 5Y9.63%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), APG is destroying value.
Compared to 1 year ago, APG has more shares outstanding
Compared to 5 years ago, APG has more shares outstanding
Compared to 1 year ago, APG has a worse debt to assets ratio.

2.2 Solvency

APG has an Altman-Z score of 3.24. This indicates that APG is financially healthy and has little risk of bankruptcy at the moment.
APG has a Altman-Z score (3.24) which is in line with its industry peers.
APG has a debt to FCF ratio of 5.34. This is a neutral value as APG would need 5.34 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 5.34, APG is in the better half of the industry, outperforming 61.82% of the companies in the same industry.
A Debt/Equity ratio of 0.90 indicates that APG is somewhat dependend on debt financing.
APG has a Debt to Equity ratio (0.90) which is in line with its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.9
Debt/FCF	5.34
Altman-Z	3.24

ROIC/WACC0.61

WACC10.23%

2.3 Liquidity

A Current Ratio of 1.48 indicates that APG should not have too much problems paying its short term obligations.
APG has a better Current ratio (1.48) than 70.91% of its industry peers.
A Quick Ratio of 1.41 indicates that APG should not have too much problems paying its short term obligations.
The Quick ratio of APG (1.41) is better than 70.91% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.48
Quick Ratio	1.41

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

APG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 16.85%, which is quite good.
APG shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 20.02% yearly.
The Revenue has grown by 10.69% in the past year. This is quite good.
Measured over the past years, APG shows a quite strong growth in Revenue. The Revenue has been growing by 11.39% on average per year.

EPS 1Y (TTM)16.85%

EPS 3Y20.02%

EPS 5YN/A

EPS Q2Q%20.59%

Revenue 1Y (TTM)10.69%

Revenue growth 3Y21.22%

Revenue growth 5Y11.39%

Sales Q2Q%14.18%

3.2 Future

Based on estimates for the next years, APG will show a quite strong growth in Earnings Per Share. The EPS will grow by 15.38% on average per year.
APG is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.15% yearly.

EPS Next Y19.34%

EPS Next 2Y17.04%

EPS Next 3Y15.38%

EPS Next 5YN/A

Revenue Next Year12.69%

Revenue Next 2Y9.68%

Revenue Next 3Y8.15%

Revenue Next 5YN/A

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 29.91, which means the current valuation is very expensive for APG.
APG's Price/Earnings ratio is a bit cheaper when compared to the industry. APG is cheaper than 65.45% of the companies in the same industry.
APG's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 28.30.
With a Price/Forward Earnings ratio of 24.61, APG is valued on the expensive side.
Compared to the rest of the industry, the Price/Forward Earnings ratio of APG indicates a somewhat cheap valuation: APG is cheaper than 72.73% of the companies listed in the same industry.
APG's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 25.57.

		Industry Rank	Sector Rank
PE	29.91
Fwd PE	24.61

4.2 Price Multiples

The rest of the industry has a similar Enterprise Value to EBITDA ratio as APG.
APG's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. APG is cheaper than 69.09% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	30.23
EV/EBITDA	21.87

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
APG's earnings are expected to grow with 15.38% in the coming years. This may justify a more expensive valuation.