We assign a fundamental rating of 5 out of 10 to APG. APG was compared to 56 industry peers in the Construction & Engineering industry. Both the profitability and the financial health of APG get a neutral evaluation. Nothing too spectacular is happening here. APG is not valued too expensively and it also shows a decent growth rate.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

In the past year APG was profitable.
APG had a positive operating cash flow in the past year.
APG had negative earnings in 4 of the past 5 years.
In the past 5 years APG always reported a positive cash flow from operatings.

1.2 Ratios

APG has a Return On Assets of 1.79%. This is comparable to the rest of the industry: APG outperforms 41.07% of its industry peers.
APG has a Return On Equity of 4.76%. This is comparable to the rest of the industry: APG outperforms 41.07% of its industry peers.
APG has a Return On Invested Capital (6.29%) which is comparable to the rest of the industry.
APG had an Average Return On Invested Capital over the past 3 years of 4.40%. This 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

The Profit Margin of APG (2.04%) is comparable to the rest of the industry.
With a decent Operating Margin value of 7.76%, APG is doing good in the industry, outperforming 62.50% of the companies in the same industry.
In the last couple of years the Operating Margin of APG has grown nicely.
APG's Gross Margin of 31.14% is amongst the best of the industry. APG outperforms 83.93% of its industry peers.
In the last couple of years the Gross Margin of APG has grown nicely.

		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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so APG is destroying value.
APG has more shares outstanding than it did 1 year ago.
APG has more shares outstanding than it did 5 years ago.
APG has a worse debt/assets ratio than last year.

2.2 Solvency

APG has an Altman-Z score of 3.21. This indicates that APG is financially healthy and has little risk of bankruptcy at the moment.
APG has a Altman-Z score of 3.21. This is comparable to the rest of the industry: APG outperforms 57.14% of its industry peers.
The Debt to FCF ratio of APG is 5.34, which is a neutral value as it means it would take APG, 5.34 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of APG (5.34) is better than 62.50% of its industry peers.
APG has a Debt/Equity ratio of 0.90. This is a neutral value indicating 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	3.21

ROIC/WACC0.61

WACC10.25%

2.3 Liquidity

APG has a Current Ratio of 1.48. This is a normal value and indicates that APG is financially healthy and should not expect problems in meeting its short term obligations.
With a decent Current ratio value of 1.48, APG is doing good in the industry, outperforming 71.43% of the companies in the same industry.
APG has a Quick Ratio of 1.41. This is a normal value and indicates that APG is financially healthy and should not expect problems in meeting its short term obligations.
APG's Quick ratio of 1.41 is fine compared to the rest of the industry. APG outperforms 71.43% 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.
Measured over the past years, APG shows a very strong growth in Earnings Per Share. The EPS has been growing by 20.02% on average per year.
APG shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.69%.
APG shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.39% yearly.

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

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

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

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

APG is valuated quite expensively with a Price/Earnings ratio of 29.91.
Based on the Price/Earnings ratio, APG is valued a bit cheaper than the industry average as 64.29% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of APG to the average of the S&P500 Index (28.32), we can say APG is valued inline with the index average.
A Price/Forward Earnings ratio of 24.61 indicates a rather expensive valuation of APG.
Compared to the rest of the industry, the Price/Forward Earnings ratio of APG indicates a somewhat cheap valuation: APG is cheaper than 73.21% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of APG to the average of the S&P500 Index (25.57), we can say APG is valued inline with the index average.

		Industry Rank	Sector Rank
PE	29.91
Fwd PE	24.61

4.2 Price Multiples

APG's Enterprise Value to EBITDA ratio is in line with the industry average.
Based on the Price/Free Cash Flow ratio, APG is valued a bit cheaper than 69.64% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	30.23
EV/EBITDA	21.58

4.3 Compensation for Growth

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