Beijer Ref AB Class B (SE:BEIJ.B)
:BEIJ.B
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Beijer Ref AB Class B
(BEIJ.B)
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Rating:57Neutral
Price Target:
kr155.00
▲(5.33% Upside)
Action:ReiteratedDate: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 top-line expansion through 2024 indicates durable demand for HVAC/R distribution and strong regional coverage. A history of growth reflects scalable distribution, entrenched customer relationships and product mix breadth that support revenue resilience over the next 2–6 months.
Negative Factors
Volatile free cash flow
Erratic FCF undermines the company's ability to consistently fund dividends, pay down debt or invest in growth. Zero FCF in 2025 raises questions about cash conversion quality and implies limited near-term internal funding capacity absent improved operating cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi‑year revenue growth
Consistent top-line expansion through 2024 indicates durable demand for HVAC/R distribution and strong regional coverage. A history of growth reflects scalable distribution, entrenched customer relationships and product mix breadth that support revenue resilience over the next 2–6 months.
Read all positive factors
Beijer Ref AB Class B (BEIJ.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr72.99B
Dividend Yield0.95%
Average Volume (3M)582.32K
Price to Earnings (P/E)58.2
Beta (1Y)1.13
Revenue Growth9.08%
EPS Growth-3.36%
CountrySE
Employees6,733
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.92
Shares Outstanding481,135,530
10 Day Avg. Volume537,611
30 Day Avg. Volume582,322
Financial Highlights & Ratios
PEG Ratio7.14
Price to Book (P/B)3.47
Price to Sales (P/S)2.04
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr110.00Price Target Upside-25.25% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)5.53
Revenue Forecast (FY)kr38.90B
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 pu...
How the Company Makes Money
Beijer Ref primarily makes money by distributing HVAC/R products and related components from manufacturers to professional customers. Revenue is generated mainly from product sales across categories such as refrigeration components and systems, ai...
Beijer Ref AB Class B Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
48
Neutral
| 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 | 12.92B | 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
Positive
147.15
Price Trends
134.09
Positive
139.39
Positive
148.30
Positive
Market Momentum
3.74
Negative
76.64
Negative
94.34
Negative
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 134.57, above the 50-day MA of 134.09, and below the 200-day MA of 148.30, indicating a bullish trend. The MACD of 3.74 indicates Negative momentum. The RSI at 76.64 is Negative, neither overbought nor oversold. The STOCH value of 94.34 is Negative, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | kr49.35B | 39.33 | 22.44% | 1.71% | 14.48% | 0.52% | |
67 Neutral | kr15.14B | 25.46 | 12.07% | 1.33% | 1.51% | -11.25% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr85.85B | 24.91 | 9.65% | 1.95% | 2.73% | 7.56% | |
61 Neutral | kr12.38B | 25.44 | 9.59% | 2.09% | -1.74% | 26.36% | |
57 Neutral | kr72.99B | 58.24 | 11.04% | 0.95% | 9.08% | -3.36% | |
53 Neutral | kr4.98B | 21.74 | ― | 2.41% | 2.05% | -11.66% |
* Industrials Sector Average
SE:BEIJ.B
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Beijer Ref AB Class B Corporate Events
Beijer Ref Sets 2026 AGM and Proposes Split Dividend Payout
Mar 19, 2026
Beijer Ref AB has called its 2026 Annual General Meeting for 23 April in Malmö, offering shareholders the option to participate in person or via postal and electronic voting, subject to registration and proxy rules. The agenda covers standard...
Beijer Ref Raises SEK 2.5 Billion in Strongly Subscribed Bond Issue
Mar 4, 2026
Beijer Ref AB has raised SEK 2.5 billion through the issuance of four bonds under its existing MTN program, split between two- and four-year maturities and including both fixed- and floating-rate structures. The bonds, which will be listed on Nasd...
Beijer Ref Cushions FX-Driven Sales Dip with Acquisitions and Strong Cash Flow in Q4 2025
Jan 30, 2026
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 exclu...
Former CEO Per Bertland Proposed as New Chair of Beijer Ref
Jan 27, 2026
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,...
Beijer Ref Expands in Italy with Majority Acquisition of A/C Distributor Idema
Jan 20, 2026
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 annu...
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.