Beijer Ref AB Class B (BEIJ.B) AI Stock Analysis

• Market Cap: kr71.85B
• Dividend Yield: 0.95%
• Average Volume (3M): 582.32K
• Price to Earnings (P/E): 30.9
• Beta (1Y): 1.11
• Revenue Growth: 9.08%
• EPS Growth: -3.36%
• Country: SE
• Employees: 6,733
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 0.93
• Shares Outstanding: 481,135,530
• 10 Day Avg. Volume: 537,611
• 30 Day Avg. Volume: 582,322
• PEG Ratio: 7.14
• Price to Book (P/B): 3.47
• Price to Sales (P/S): 2.04
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.49
• Revenue Forecast (FY): kr38.59B

• Rating: 57 Neutral
• Price Target: kr147.00 ▼(-0.10% Downside)
• Action: Reiterated Date: 02/01/26
• Date: Action: Reiterated 02/01/26

The score is supported by generally solid operating fundamentals and improved leverage, but it is held back by inconsistent cash generation (including zero reported free cash flow in 2025) and a technically weak setup with the stock below key moving averages and negative momentum. Valuation is only moderate due to a higher P/E and low dividend yield.

Positive Factors

Multi-year revenue growth

Consistent revenue expansion through 2024 indicates durable end-market demand and successful distribution scale. For a distributor in HVAC/R, multi-year growth supports stronger supplier terms, broader geographic reach and higher fixed-cost absorption, improving structural earnings potential.

Stable operating margins

Margins in the ~8–10% EBIT and ~5–7% net range reflect persistent pricing power and operational discipline in distribution. Sustained mid-single-digit net margins suggest the business converts revenue to profit reliably, supporting reinvestment and steady return generation over the medium term.

Improved leverage and healthy ROE

A materially improved debt-to-equity ratio and mid-teens-ish ROE range (9–11%) lower financial risk and signal effective capital use. Reduced leverage increases balance-sheet flexibility for working-capital cycles or targeted investments while preserving shareholder return capacity over coming quarters.

Negative Factors

Volatile free cash flow

Zero reported free cash flow in 2025 after swings in prior years indicates weak cash conversion consistency. For a capital-light distributor, inconsistent FCF limits reliable dividend increases, share buybacks or bolt-on M&A and raises execution risk if margin or working-capital pressures persist.

Low cash coverage of debt

Operating cash flow covering only ~22–31% of debt suggests limited cushion to service obligations from core operations. That low coverage reduces financial resilience to downturns, constrains aggressive capital deployment and makes the company more sensitive to working-capital swings or higher funding costs.

2025 margin and revenue weakness

A revenue dip and pronounced gross margin decline in 2025 could reflect adverse mix, pricing pressure, or higher input costs. If sustained, this undermines previously steady margins, pressures net income and ROE, and challenges the durability of profitability absent corrective product or pricing actions.

Beijer Ref AB Class B Business Overview & Revenue Model

Company Description

Beijer Ref AB (publ), together with its subsidiaries, engages in the wholesale of refrigeration products for refrigeration installation contractors, and service and contracting companies. It offers refrigeration and air conditioning units, heat pumps, and components, as well as spare parts. The company also focuses on the development and manufacture of refrigeration systems and heat pumps on an original equipment manufacturing basis. It operates in the Nordic countries, Southern Europe, Central Europe, Eastern Europe, Africa, and the Asia Pacific. The company was formerly known as G & L Beijer AB (publ) and changed its name to Beijer Ref AB (publ) in May 2014. Beijer Ref AB (publ) was founded in 1866 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Beijer Ref generates revenue primarily through the sale of HVAC and refrigeration equipment and components. Its key revenue streams include the distribution of compressors, refrigerants, and various HVAC systems, which are essential for cooling and heating applications in numerous industries. The company also benefits from service contracts, maintenance agreements, and aftermarket sales, which provide ongoing income after the initial sale of products. Significant partnerships with major manufacturers and suppliers enhance its product offerings and expand its market reach, contributing to steady revenue growth. Additionally, the increasing demand for energy-efficient and environmentally-friendly products positions Beijer Ref favorably in the market, further supporting its earnings.

Beijer Ref AB Class B Financial Statement Overview

Summary

Solid multi-year revenue growth through 2024 with generally stable profitability (EBIT margin ~8%–10%, net margin ~5%–7%) and healthy ROE (~9%–11%). Balance sheet risk improved as debt-to-equity fell to ~0.5–0.6, but cash-flow quality is the key weakness: free cash flow is volatile and reported at zero in 2025, and operating cash flow coverage versus debt is relatively low (~0.22–0.31).

Income Statement

Revenue expanded strongly from 2021–2024, but 2025 showed a slight decline (about -1.5%), signaling some near-term demand normalization. Profitability is generally solid for the period with EBIT margin mostly around ~8%–10% and net margin ~5%–7%, indicating decent pricing power and operating discipline. A key watch-out is the sharp drop in reported 2025 gross margin versus prior years, which suggests either a meaningful mix/cost shift or potential reporting distortion relative to history and could pressure earnings quality if sustained.

Balance Sheet

Leverage looks manageable with debt-to-equity improving materially from elevated levels in 2021–2022 to ~0.5–0.6 in 2023–2025, reducing balance-sheet risk. Equity remains sizeable relative to assets, and returns on equity are healthy (roughly ~9%–11% recently), indicating the company is generating reasonable profitability on shareholder capital. The main downside is total debt has trended higher versus earlier years, and equity declined from 2024 to 2025, so continued discipline on leverage and capital allocation matters.

Cash Flow

Cash generation is mixed: operating cash flow improved meaningfully in 2024–2025 versus 2021–2023, which is a positive signal for underlying cash earnings. However, free cash flow is volatile—negative in 2021–2022, strong in 2023–2024, and then reported at zero in 2025—creating uncertainty around the consistency of shareholder cash returns. Additionally, operating cash flow is relatively low compared with debt levels (coverage around ~0.22–0.31 in 2023–2025), which leaves less cushion if conditions soften.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	37.07B	35.66B	32.15B	22.64B	16.90B
Gross Profit	3.36B	11.51B	10.33B	6.83B	5.04B
EBITDA	4.62B	4.61B	4.07B	2.47B	1.84B
Net Income	2.33B	2.23B	2.38B	1.25B	979.00M
Balance Sheet
Total Assets	44.52B	46.15B	39.17B	21.86B	15.30B
Cash, Cash Equivalents and Short-Term Investments	3.42B	3.06B	1.96B	1.52B	1.00B
Total Debt	13.03B	12.67B	10.25B	8.61B	5.45B
Total Liabilities	22.63B	21.93B	17.73B	15.15B	10.03B
Stockholders Equity	21.80B	24.07B	21.32B	6.60B	5.17B
Cash Flow
Free Cash Flow	0.00	2.63B	1.39B	-139.00M	-112.95M
Operating Cash Flow	4.21B	3.08B	1.75B	81.00M	89.12M
Investing Cash Flow	-2.73B	-2.73B	-9.23B	-1.33B	-748.95M
Financing Cash Flow	-898.00M	666.00M	7.97B	1.69B	469.06M

Beijer Ref AB Class B Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 147.15
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 147.15 is above the 20-day moving average (MA) of 134.54, above the 50-day MA of 140.02, and below the 200-day MA of 150.47, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 61.13 is Neutral, neither overbought nor oversold. The STOCH value of 76.08 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRO.B	67 Neutral	kr16.59B	23.19	12.07%	1.33%	1.51%	-11.25%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MYCR	63 Neutral	kr40.20B	25.69	26.95%	1.71%	14.48%	0.52%
TREL.B	61 Neutral	kr89.28B	25.11	9.56%	1.95%	2.73%	7.56%
ALIG	61 Neutral	kr13.56B	22.15	9.59%	2.09%	-1.74%	26.36%
BEIJ.B	57 Neutral	kr71.85B	30.88	11.04%	0.95%	9.08%	-3.36%
NMAN	54 Neutral	kr5.20B	19.00	―	2.41%	2.05%	-11.66%

Beijer Ref AB Class B Corporate Events

Beijer Ref Cushions FX-Driven Sales Dip with Acquisitions and Strong Cash Flow in Q4 2025

Beijer Ref reported fourth-quarter 2025 net sales of SEK 8.26 billion, down 6.2% year-on-year due to currency headwinds, though sales rose 2% excluding FX and were supported by acquisition-driven growth. Organic sales slipped 1%, while EBITA excluding items affecting comparability declined to SEK 758 million as acquisition costs and SEK 150 million of charges tied to a strategic consolidation programme weighed on earnings, leaving the underlying EBITA margin stable at 9.2% and at 9.5% when adjusting for acquisition costs. Despite softer quarterly profits and a 27.8% drop in reported net profit, operating cash flow remained strong at SEK 1.7 billion and full-year figures showed mid-single-digit growth in sales and earnings, underpinning the board’s proposal to raise the dividend by 7% to SEK 1.50 per share. The company continued its acquisition-led expansion with four deals in the quarter and subsequent purchases in New Zealand and Italy, adding roughly SEK 1.74 billion in annual sales and reinforcing its growth strategy and market position in HVAC-R distribution.

The most recent analyst rating on ($SE:BEIJ.B) stock is a Hold with a SEK151.00 price target. To see the full list of analyst forecasts on Beijer Ref AB Class B stock, see the SE:BEIJ.B Stock Forecast page.

Former CEO Per Bertland Proposed as New Chair of Beijer Ref

Beijer Ref’s Nomination Committee has proposed former chief executive Per Bertland as the new Chair of the Board, following current Chair Kate Swann’s decision not to stand for re-election at the upcoming Annual General Meeting. Swann, who joined the board in 2021, oversaw a period of strong financial performance and strategic transformation, including the key acquisition-led expansion into the US through Heritage Distribution Holdings, and will remain in her role until the AGM to secure an orderly transition. Bertland, who previously led Beijer Ref through a long phase of international expansion and profitable growth and has extensive board experience at other listed and private companies, is viewed by the Nomination Committee as well equipped to steer the group through its next development phase, reinforcing continuity in strategy and governance for shareholders and other stakeholders.

The most recent analyst rating on ($SE:BEIJ.B) stock is a Hold with a SEK151.00 price target. To see the full list of analyst forecasts on Beijer Ref AB Class B stock, see the SE:BEIJ.B Stock Forecast page.

Beijer Ref Expands in Italy with Majority Acquisition of A/C Distributor Idema

Beijer Ref AB has strengthened its position in the European air conditioning market by acquiring 75 percent of Italian distributor Idema, with an option to purchase the remaining shares. Idema, founded in 1993 and based in Northern Italy, has annual sales of about SEK 200 million and focuses on residential and industrial air conditioning solutions; it will continue to operate under its own brand, and the deal is expected to have a minor positive impact on Beijer Ref’s results while supporting the group’s strategy to expand regional market presence and build long-term synergies with the existing management team.

The most recent analyst rating on ($SE:BEIJ.B) stock is a Hold with a SEK151.00 price target. To see the full list of analyst forecasts on Beijer Ref AB Class B stock, see the SE:BEIJ.B Stock Forecast page.

Beijer Ref Expands in New Zealand with Refspecs Acquisition

Beijer Ref has signed an agreement to acquire Refspecs, a New Zealand-based HVAC/R wholesaler, which is expected to have a minor positive impact on Beijer Ref’s financial results. This acquisition aligns with Beijer Ref’s strategic goal of expanding its market footprint and strengthening its position in the HVAC and refrigeration sector in the region, pending approval from New Zealand’s competition authority.

The most recent analyst rating on ($SE:BEIJ.B) stock is a Buy with a SEK169.00 price target. To see the full list of analyst forecasts on Beijer Ref AB Class B stock, see the SE:BEIJ.B Stock Forecast page.