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Beijer Ref AB Class B
(BEIJ.B)
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Rating:67Neutral
Price Target:
kr164.00
â–²(24.24% Upside)
Action:Reiterated
Date:10/18/26
The score is driven primarily by solid underlying financial performance (steady profitability and improved leverage) and supportive technical uptrend signals. These positives are tempered by valuation risk (high P/E and low yield) and some fundamental volatility, including uneven gross margin and a recent free-cash-flow decline.
Positive Factors
Resilient profitability
Consistently positive operating and net margins indicate that Beijer Ref has maintained earnings power while scaling its distribution business. This profitability provides internal funding for operations and supports resilience over the next several quarters, even as revenue growth and product mix fluctuate.
Negative Factors
Volatile growth profile
Uneven revenue growth makes future operating leverage and earnings progression less predictable. A weak reported growth measure alongside only modest growth in 2025 suggests that demand, acquisitions, or reporting-period effects may produce inconsistent results over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient profitability
Consistently positive operating and net margins indicate that Beijer Ref has maintained earnings power while scaling its distribution business. This profitability provides internal funding for operations and supports resilience over the next several quarters, even as revenue growth and product mix fluctuate.
Read all positive factors
Beijer Ref AB Class B (BEIJ.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr74.26B
Dividend Yield0.98%
Average Volume (3M)842.21K
Price to Earnings (P/E)31.8
Beta (1Y)1.01
Revenue Growth-0.16%
EPS Growth-0.47%
CountrySE
Employees7,140
SectorIndustrials
Sector Strength72
IndustryIndustrial - Distribution
Share Statistics
EPS (TTM)4.66
Shares Outstanding481,135,530
10 Day Avg. Volume894,973
30 Day Avg. Volume842,206
Financial Highlights & Ratios
PEG Ratio7.13
Price to Book (P/B)3.47
Price to Sales (P/S)2.04
P/FCF Ratio19.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr170.00Price Target Upside28.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)5.47
Revenue Forecast (FY)kr39.94B
Beijer Ref AB Class B Business Overview & Revenue Model
Company Description
Beijer Ref AB (publ), alongside its affiliated companies, functions as a wholesale supplier of refrigeration equipment, primarily serving installation contractors, as well as service and contracting firms. The company's offerings encompass refrige...
How the Company Makes Money
Beijer Ref primarily makes money by buying refrigeration and HVAC products from manufacturers and reselling them to professional customers through its distribution/wholesale network. Revenue is generated mainly from (1) product sales of refrigerat...
Beijer Ref AB Class B Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.32B | 37.07B | 35.66B | 32.15B | 22.64B | 16.90B |
| Gross Profit | 3.41B | 3.36B | 11.51B | 10.33B | 6.83B | 5.04B |
| EBITDA | 4.68B | 4.62B | 4.61B | 4.07B | 2.48B | 1.84B |
| Net Income | 2.36B | 2.33B | 2.23B | 2.38B | 1.25B | 979.00M |
Balance Sheet | ||||||
| Total Assets | 49.22B | 44.52B | 46.15B | 39.17B | 21.89B | 15.30B |
| Cash, Cash Equivalents and Short-Term Investments | 2.53B | 3.42B | 3.06B | 1.96B | 1.52B | 1.00B |
| Total Debt | 14.13B | 12.92B | 12.67B | 10.25B | 8.61B | 5.45B |
| Total Liabilities | 25.53B | 22.63B | 21.93B | 17.73B | 15.15B | 10.03B |
| Stockholders Equity | 23.59B | 21.80B | 24.07B | 21.32B | 6.60B | 5.17B |
Cash Flow | ||||||
| Free Cash Flow | 324.00M | 3.79B | 2.63B | 1.39B | -139.00M | -112.95M |
| Operating Cash Flow | 3.73B | 4.21B | 3.08B | 1.75B | 81.00M | 89.12M |
| Investing Cash Flow | -3.68B | -2.73B | -2.73B | -9.23B | -1.33B | -749.24M |
| Financing Cash Flow | -226.00M | -898.00M | 666.00M | 7.97B | 1.69B | 469.06M |
Beijer Ref AB Class B Technical Analysis
Positive
132.00
Price Trends
140.47
Positive
138.46
Positive
135.80
Positive
Market Momentum
1.87
Positive
54.49
Neutral
73.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BEIJ.B, the sentiment is Positive. The current price of 132 is below the 20-day moving average (MA) of 146.74, below the 50-day MA of 140.47, and below the 200-day MA of 135.80, indicating a bullish trend. The MACD of 1.87 indicates Positive momentum. The RSI at 54.49 is Neutral, neither overbought nor oversold. The STOCH value of 73.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BEIJ.B.
Beijer Ref AB Class B Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr18.03B | 22.58 | 13.24% | 1.67% | 3.31% | 20.40% | |
70 Outperform | kr96.91B | 36.30 | 15.37% | 1.16% | 2.02% | -0.48% | |
69 Neutral | kr47.05B | 37.89 | 29.32% | 1.09% | 14.91% | 18.06% | |
67 Neutral | kr74.26B | 31.78 | 10.47% | 0.98% | -0.16% | -0.47% | |
64 Neutral | kr88.27B | 39.73 | 28.86% | 1.10% | 3.78% | 13.61% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | kr24.16B | 47.31 | 10.02% | 1.21% | -4.33% | 38.59% |
* Industrials Sector Average
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Beijer Ref AB Class B Corporate Events
Beijer Ref boosts Q3 earnings and accelerates acquisition-driven growth
Oct 22, 2026
Beijer Ref AB reported strong third-quarter 2026 results, with net sales rising 20 percent to SEK 11,641 million, driven by 8 percent organic growth and significant acquisition contributions. EBITA increased to SEK 1,350 million, with an adjusted ...
Beijer Ref Names Jonas Steen as CEO to Drive Long-Term Growth
Oct 19, 2026
Beijer Ref AB’s Board of Directors has appointed Jonas Steen as the new Chief Executive Officer and President, effective 1 November 2026, succeeding acting CEO Joel Davidsson, who will return full-time to his role as CFO. Steen, currently CO...
Beijer Ref Finalises Acquisition of Lithuanian HVAC/R Manufacturer Refra
Oct 9, 2026
Beijer Ref has completed the acquisition of Refra, a European manufacturer of natural refrigerant HVAC/R systems based in Vilnius, Lithuania. The deal gives Beijer Ref a 90 percent stake in Refra, with an option for the remaining shares, after rec...
Beijer Ref Buys Majority Stake in Greek HVAC Distributor FG Europe
Sep 11, 2026
Beijer Ref has agreed to acquire 75 percent of Greek HVAC distributor FG Europe, with an option to purchase the remaining shares, expanding its footprint in Greece, the Balkans, the UK, Ireland and Turkey. FG Europe, founded in 1958 and headquarte...
Beijer Ref Buys Lithuanian Natural Refrigerant Specialist Refra
Aug 24, 2026
Beijer Ref has agreed to acquire 90 percent of Lithuanian HVAC/R manufacturer Refra, a specialist in custom cooling and heating systems using natural refrigerants such as CO₂ and propane. Refra, founded in 1994 and based in Vilnius, will con...
Beijer Ref Names CFO Joel Davidsson Acting CEO to Steer Leadership Transition
Aug 13, 2026
Beijer Ref has appointed current CFO Joel Davidsson as acting chief executive officer and president, effective 14 August 2026, following the departure of Christopher Norbye. Davidsson, who will retain his CFO role, brings extensive international f...
Beijer Ref Finalizes Acquisition of New Zealand HVAC/R Wholesaler Refspecs
Aug 6, 2026
Beijer Ref AB, a major global wholesaler of refrigeration and climate control solutions, continues to expand its footprint across Europe, North America, Africa, Asia and Oceania. The company focuses on providing added-value products that deliver c...
Beijer Ref Enters Canadian Market with Enertrak Acquisition
Aug 5, 2026
Beijer Ref has acquired 80 percent of Montreal-based Enertrak, an HVAC distributor with about SEK 1.1 billion in annual net sales and strong profitability, and holds an option to buy the remaining shares. The deal introduces Beijer Ref to the Cana...
Beijer Ref CEO to Step Down as Company Maintains Strategic Course
Jul 23, 2026
Beijer Ref AB announced that its Chief Executive Officer, Christopher Norbye, has decided to step down to pursue opportunities outside the group, while remaining in his role until 14 August 2026. The board has initiated the search for a new CEO an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.