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

• Market Cap: kr68.40B
• Dividend Yield: 0.95%
• Average Volume (3M): 582.32K
• Price to Earnings (P/E): 27.9
• Beta (1Y): 1.08
• 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: -3.70
• Price to Book (P/B): 3.44
• Price to Sales (P/S): 2.32
• P/FCF Ratio: 31.37
• 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: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: kr150.00 ▲(1.94% Upside)

The score is primarily supported by strong revenue growth, solid profitability, and improved leverage versus prior years, but is held back by weak cash conversion and sharply lower free cash flow versus 2024. Technical signals are bearish (below major moving averages with negative MACD), and valuation is relatively high with a low dividend yield.

Positive Factors

Revenue Growth

Sustained ~62% TTM revenue growth signals durable demand expansion and successful market penetration across subsidiaries. A multi-year expansion off 2020–2024 suggests scalable distribution, stronger supplier leverage and recurring aftermarket/service revenue that support long-term top-line resilience.

Profitability

Consistent operating (~10%) and net (~6–7%) margins indicate structurally profitable operations and disciplined cost control. Stable margins across cycles support reinvestment in product offerings and service capabilities, underpinning sustainable cash generation and competitive positioning in HVAC distribution.

Improved Leverage

Leverage reduced to ~0.57x equity versus periods when debt exceeded equity improves financial flexibility. Lower relative debt supports capacity for M&A, capital expenditure on energy-efficient product lines, and resilience to demand shocks, strengthening medium-term strategic optionality.

Negative Factors

Weak Cash Conversion

Operating cash flow covering about 35% of net income shows earnings are not translating effectively into cash. Over months, weak conversion constrains the firm's ability to self-fund capex, working capital needs or shareholder returns and increases reliance on external financing if trends persist.

Free Cash Flow Decline

A ~40% decline in free cash flow year-over-year reduces internally available resources for reinvestment and debt reduction. Persistently lower FCF versus earnings heightens sensitivity to margin pressure or cyclical downturns, potentially forcing trade-offs between growth initiatives and balance sheet repair.

Margin Volatility / Earnings Quality

Inconsistent gross margin trends create uncertainty about cost passthrough and product mix stability. Structural margin volatility complicates long-term forecasting and capital allocation, increasing the risk that temporary margin erosion or input-cost swings could materially impact cash flow sustainability.

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

Strong TTM revenue growth (~62%) with solid operating (~10%) and net (~6–7%) margins, and leverage is more manageable than 2021–2022. The main drag is weaker cash conversion: free cash flow is positive but down sharply vs 2024 (~-40%), with operating cash flow covering only ~35% of net income.

Income Statement

TTM (Trailing-Twelve-Months) revenue growth is very strong (about 62%), continuing a multi-year expansion off 2020–2024. Profitability is solid and fairly consistent, with operating margin around 10% and net margin around 6–7% in recent periods. The main weakness is margin volatility/inconsistencies in the gross margin series across periods (TTM vs annual), which raises some comparability/quality-of-earnings questions despite good EBIT and net income growth.

Balance Sheet

Leverage looks manageable today with debt at ~0.57x equity in TTM (Trailing-Twelve-Months), a major improvement versus 2021–2022 when debt exceeded equity. Equity has grown materially over time and returns on equity are healthy (roughly 9–11% recently). The trade-off is a rising debt load versus 2023 and some moderation in equity from 2024 to TTM, which could reduce flexibility if profitability or cash conversion weakens.

Cash Flow

Cash generation is positive, with TTM (Trailing-Twelve-Months) operating cash flow (~3.7B) and free cash flow (~1.7B) both in the black, a clear improvement versus 2021–2022 when free cash flow was negative. However, free cash flow fell sharply versus 2024 (about -40% growth), and cash conversion is weaker in TTM: operating cash flow covers only ~35% of net income and free cash flow is ~46% of net income, indicating earnings are not translating into cash as well as last year.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	37.61B	35.66B	32.15B	22.64B	16.90B	14.06B
Gross Profit	3.57B	11.51B	10.33B	6.83B	5.04B	4.26B
EBITDA	4.83B	4.61B	4.07B	2.47B	1.84B	1.48B
Net Income	2.45B	2.23B	2.38B	1.25B	979.00M	722.32M
Balance Sheet
Total Assets	45.38B	46.15B	39.17B	21.86B	15.30B	11.40B
Cash, Cash Equivalents and Short-Term Investments	3.52B	3.06B	1.96B	1.52B	1.00B	1.15B
Total Debt	12.54B	12.67B	10.25B	8.61B	5.45B	3.94B
Total Liabilities	23.30B	21.93B	17.73B	15.15B	10.03B	6.91B
Stockholders Equity	21.98B	24.07B	21.32B	6.60B	5.17B	4.41B
Cash Flow
Free Cash Flow	1.69B	2.63B	1.39B	-139.00M	-112.95M	1.14B
Operating Cash Flow	3.70B	3.08B	1.75B	81.00M	89.12M	1.33B
Investing Cash Flow	-1.47B	-2.73B	-9.23B	-1.33B	-748.95M	-352.49M
Financing Cash Flow	-507.00M	666.00M	7.97B	1.69B	469.06M	-560.45M

Beijer Ref AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 147.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BEIJ.B, the sentiment is Negative. The current price of 147.15 is above the 20-day moving average (MA) of 141.76, above the 50-day MA of 146.28, and below the 200-day MA of 151.33, indicating a bearish trend. The MACD of -3.59 indicates Positive momentum. The RSI at 30.39 is Neutral, neither overbought nor oversold. The STOCH value of 7.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
TREL.B	73 Outperform	kr86.61B	24.36	9.56%	1.95%	2.73%	7.56%
EPRO.B	67 Neutral	kr16.57B	23.16	12.07%	1.33%	1.51%	-11.25%
NMAN	66 Neutral	kr5.10B	17.22	―	2.41%	2.05%	-11.66%
ALIG	65 Neutral	kr14.61B	20.74	9.59%	2.09%	-1.74%	26.36%
MYCR	64 Neutral	kr40.88B	23.38	26.95%	1.71%	14.48%	0.52%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BEIJ.B	57 Neutral	kr68.40B	27.90	11.04%	0.95%	9.08%	-3.36%

Beijer Ref AB Class B Corporate Events

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.

Beijer Ref Completes Acquisition of Baltic HVAC Leader Airwave

Beijer Ref has successfully completed the acquisition of Airwave, a prominent HVAC distributor in the Baltic region, following approval from the Estonian competition authority. This acquisition, which includes an 80% share with an option for the remainder, strengthens Beijer Ref’s market presence in the Baltic region and integrates Airwave into its operations, enhancing its competitive edge in the HVAC industry.

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.

Beijer Ref Expands North American Footprint with Strategic Acquisitions

Beijer Ref AB has strengthened its presence in North America by acquiring Key Refrigeration Supply and Dennis Supply Company, two HVAC/R distributors in the United States with a combined annual turnover of approximately SEK 800 million. These acquisitions are set to enhance Beijer Ref’s market position and support its expansion into new regions, with a minor positive impact expected on the company’s financial results.

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.

Beijer Ref Expands Baltic Presence with Airwave Acquisition

Beijer Ref AB has announced the acquisition of 80% of Airwave, a leading HVAC distributor in the Baltic region, with an option to acquire the remaining shares. This strategic move is expected to enhance Beijer Ref’s market presence and capabilities in the HVAC sector, although it will have a minor positive impact on the company’s financial results. The acquisition aligns with Beijer Ref’s strategy to strengthen its market presence and leverage synergies across its operations.

The most recent analyst rating on ($SE:BEIJ.B) stock is a Hold with a SEK160.00 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.