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    Is Vietnam LNG Advisory Win Altering The Investment Case For Afry (OM:AFRY)?

    Simply Wall St·09/12/2026 23:19:41
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    • AFRY has been appointed as International Technical Advisor for the 1.5 GW Thai Binh LNG to Power project in Hung Yen, Vietnam, covering both offshore LNG infrastructure and onshore power plant development.
    • The Thai Binh mandate gives AFRY a large reference project in Southeast Asia and reinforces its energy advisory capabilities in LNG infrastructure and complex power system design.
    • This article will look at how AFRY's role in the Thai Binh LNG project interacts with its broader investment narrative around energy advisory.

    Compare Afry's LNG advisory footprint with a curated list of infrastructure and energy-transition plays by scanning 39 power grid technology and infrastructure stocks for potential grid and power technology beneficiaries.

    Afry Investment Narrative Recap

    An investor in Afry usually needs to believe that engineering demand tied to energy transition, infrastructure and industry consulting will remain healthy enough to absorb its capacity and support better utilization over time. The Thai Binh LNG advisory role in Vietnam strengthens the energy advisory story but on its own does not change the near term picture for margins or growth.

    The more immediate swing factor still sits in execution on restructuring and cost reduction while keeping utilization from slipping. The biggest risk remains weak project volumes in cyclical segments combined with restructuring costs that stay high without a clear payback in efficiency or earnings quality.

    Among recent developments, the focus on restructuring and portfolio optimization matters most when thinking about the Thai Binh LNG mandate. Advisory wins like Thai Binh test whether Afry can fill its project pipeline in higher value areas that support better pricing and offset softer demand in sectors such as automotive, pulp and paper or real estate.

    Viewed together, LNG to power advisory in Asia and the ongoing shift toward sustainability consulting and complex energy projects give some context for the company’s forecast earnings growth. The execution question is whether management can translate these technically demanding mandates into stable utilization, improved net margins from the current 3.1% level and more predictable cash generation through the cycle.

    Afry's current earnings of SEK 790.0 million are set against analyst expectations of SEK 1.7b by 2029. This implies earnings would need to rise by about SEK 910 million, with that same 2029 framework assuming SEK 27.7b in revenue built on a projected 3.2% annual increase in the top line.

    Uncover why Afry's fair value indicates a 28% potential upside to its current price, which could narrow quickly as sentiment catches up.

    OM:AFRY 1-Year Stock Price Chart
    OM:AFRY 1-Year Stock Price Chart

    Exploring Other Perspectives

    One alternate view on Afry focuses on regulatory delays. The most cautious analysts worry that longer approvals and project pushbacks could leave the order book thinner than consensus expects. They were working with revenue of about SEK 27.8b and earnings of roughly SEK 1.7b by 2029, before this LNG advisory news. Those numbers reflect a much more guarded stance. You can treat the Thai Binh appointment as a new data point that might shift those expectations and explore which version of the story you find more convincing.

    Explore 4 other Afry fair value estimates, including one that suggests it could be worth just SEK106.75.

    Form Your Own Verdict

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

    Looking for more Afry style investment ideas?

    If Afry's mix of engineering expertise and energy transition work appeals to you, it can help to widen the lens and see what else fits your approach using the Simply Wall St Screener.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.