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Beijer Ref AB Class B
(BEIJ.B)
Select Model
Select Model
Rating:70Neutral
Price Target:
kr159.00
▲(16.57% Upside)
Action:Reiterated
Date:07/18/26
The score is driven primarily by solid financial performance (stable profitability and improved leverage) but tempered by weaker and more volatile cash flow and gross margin swings. Technicals are supportive with a strong trend and positive momentum, while valuation is the main headwind due to a high P/E and modest dividend yield.
Positive Factors
Multi-year revenue scaling
Sustained multi-year revenue scaling and a very strong TTM growth rate indicate expanding geographic and product reach. For a distributor, larger scale improves purchasing leverage, logistics efficiency and customer coverage, supporting durable top-line and margin resilience.
Negative Factors
Volatile free cash flow
A meaningful TTM decline in free cash flow signals rising working capital or reinvestment demands that could constrain funding for capex, acquisitions or dividends. For a distributor, inconsistent cash conversion increases financing risk during cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue scaling
Sustained multi-year revenue scaling and a very strong TTM growth rate indicate expanding geographic and product reach. For a distributor, larger scale improves purchasing leverage, logistics efficiency and customer coverage, supporting durable top-line and margin resilience.
Read all positive factors
Beijer Ref AB Class B (BEIJ.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr67.97B
Dividend Yield1.08%
Average Volume (3M)582.32K
Price to Earnings (P/E)28.8
Beta (1Y)0.97
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. Volume537,611
30 Day Avg. Volume582,322
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
kr155.00Price Target Upside13.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.41
Revenue Forecast (FY)kr39.22B
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 acting as a distributor in the HVAC&R value chain. Its core revenue stream is product sales: purchasing HVAC&R equipment and components (e.g., refrigeration and air-conditioning systems, heat pumps, parts, and a...
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 | 2.47B | 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
136.40
Price Trends
135.57
Positive
133.67
Positive
138.23
Positive
Market Momentum
0.44
Negative
57.45
Neutral
74.11
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 136.4 is below the 20-day moving average (MA) of 138.98, above the 50-day MA of 135.57, and below the 200-day MA of 138.23, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 57.45 is Neutral, neither overbought nor oversold. The STOCH value of 74.11 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 | kr61.45B | 35.30 | 23.33% | 0.98% | 7.48% | -12.10% | |
73 Outperform | kr92.60B | 25.08 | 10.20% | 1.95% | 0.11% | 7.71% | |
70 Neutral | kr67.97B | 28.76 | 10.47% | 1.06% | -0.16% | -0.47% | |
68 Neutral | kr13.24B | 19.27 | 12.51% | 2.03% | -6.37% | -13.45% | |
68 Neutral | kr13.69B | 24.54 | 7.49% | 2.09% | -4.48% | -23.29% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | kr4.50B | 18.37 | ― | 3.14% | -5.51% | -14.52% |
* Industrials Sector Average
SE:BEIJ.B
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Beijer Ref AB Class B Corporate Events
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...
Beijer Ref Delivers Modest Growth on Acquisitions in Q2 2026
Jul 17, 2026
Beijer Ref AB reported second-quarter 2026 net sales of SEK 10,785 million, up 5.9 percent year on year, with organic growth of 1 percent and acquisition-driven growth of 5 percent. EBITA rose 5.1 percent to SEK 1,301 million and the EBITA margin ...
MSAB Becomes Top Voting Shareholder in Beijer Ref in Long-Term Ownership Shift
Jun 11, 2026
Melker Schörling AB has agreed to acquire all outstanding A-shares in Beijer Ref from EQT and Peter Jessen Jürgensen for an undisclosed premium, becoming the largest shareholder in terms of voting rights with 14.1 percent of votes and 2....
Beijer Ref Expands U.S. Footprint With Acquisition of AM Distributors
May 29, 2026
Beijer Ref has expanded its North American footprint by acquiring AM Distributors, a Miami-based HVAC distributor with annual net sales of about SEK 460 million and solid profitability. The deal extends Beijer Ref’s presence into South Flori...
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.