BEIJ-B Stock Analysis: Beijer Ref (publ) | ST
Industrial Distribution | ST, Sweden | Market Cap: 69.155m SEK | 12M Return: -16.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 102M
EPS Trend: 92.1%
Qual. Beats: -1
Rev. Trend: 91.5%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Beijer Ref AB (publ) is a Swedish-headquartered distributor of commercial and industrial refrigeration, heating, and air conditioning (HVAC/R) products, operating across the EMEA, APAC, and North America regions. The company supplies commercial refrigeration systems for retail, hospitality, and food service, as well as central refrigeration plants serving food retail, food processing, manufacturing, ice rinks, and offshore industries. It also offers HVAC/comfort cooling and heating products, including air-to-water heat pumps, chillers, and heat pumps based on natural refrigerants such as carbon dioxide, ammonia, and propane.
Founded in 1866 and headquartered in Malmö, the company was previously known as G & L Beijer AB before adopting its current name in 2014. It operates a branch-based distribution model supported by its own logistics centers, serving as a value-added intermediary between manufacturers and installers/contractors in the fragmented HVAC/R aftermarket.
The companys focus on natural refrigerants aligns with the broader HVAC/R sector trend driven by regulatory phase-downs of high-GWP fluorinated gases and growing demand for low-carbon heating solutions. As a pure-play HVAC/R distributor rather than a primary equipment manufacturer, Beijer Refs growth is tied to installation volumes, replacement cycles, and energy-efficiency retrofitting demand across its three operating regions.
- EU F-Gas regulation accelerates shift to natural refrigerants
- Heat pump demand surges across European residential markets
- APAC and North America expansion drives revenue growth
| Net Income: 2.36b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 1.56 > 1.0 |
| NWC/Revenue: 22.99% < 20% (prev 26.19%; Δ -3.20% < -1%) |
| CFO/TA 0.08 > 3% & CFO 3.73b > Net Income 2.36b |
| Net Debt (14.1b) to EBITDA (4.68b): 3.01 < 3 |
| Current Ratio: 1.61 > 1.5 & < 3 |
| Outstanding Shares: last quarter (507.0m) vs 12m ago 0.24% < -2% |
| Gross Margin: 9.13% > 18% (prev 11.47%; Δ -2.33% > 0.5%) |
| Asset Turnover: 78.59% > 50% (prev 81.70%; Δ -3.11% > 0%) |
| Interest Coverage Ratio: 7.79 > 6 (EBIT TTM 3.62b / Interest Expense TTM 465.0m) |
| A: 0.17 (Total Current Assets 22.7b - Total Current Liabilities 14.1b) / Total Assets 49.2b |
| B: 0.18 (Retained Earnings 8.71b / Total Assets 49.2b) |
| C: 0.08 (EBIT TTM 3.62b / Avg Total Assets 47.5b) |
| D: 0.92 (Book Value of Equity 23.6b / Total Liabilities 25.5b) |
| Altman-Z'' = 3.20 = A |
| DSRI: 1.15 (Receivables 7.76b/6.77b, Revenue 37.3b/37.4b) |
| GMI: 1.26 (GM 11.47% / 9.13%) |
| AQI: 1.00 (AQ_t 0.44 / AQ_t-1 0.44) |
| SGI: 1.00 (Revenue 37.3b / 37.4b) |
| TATA: -0.03 (NI 2.36b - CFO 3.73b) / TA 49.2b) |
| Beneish M = -2.68 (Cap -4..+1) = A |
As of July 28, 2026, the stock is trading at SEK 136.40 with a total of 948,600 shares traded. Over the past week, the price has changed by -3.88%, over one month by -1.37%, over three months by +5.33% and over the past year by -16.87%.
Current recommended Stop Loss: 130.00 (which is 4.7% or 1.5 ATR below the current price).
Beijer Ref (publ) has no consensus analysts rating.
P/E Trailing = 29.2704
P/E Forward = 22.5734
P/S = 1.8529
P/B = 2.9018
P/EG = 4.8805
Revenue TTM = 37.3b SEK
EBIT TTM = 3.62b SEK
EBITDA TTM = 4.68b SEK
Long Term Debt = 4.38b SEK (from longTermDebt, last fiscal year)
Short Term Debt = 9.64b SEK (from shortTermDebt, last quarter)
Debt = 16.6b SEK (from shortLongTermDebtTotal, last quarter) + Leases 2.47b
Net Debt = 14.1b SEK (calculated: Debt 16.6b - CCE 2.53b)
Enterprise Value = 83.2b SEK (69.2b + Debt 16.6b - CCE 2.53b)
Interest Coverage Ratio = 7.79 (Ebit TTM 3.62b / Interest Expense TTM 465.0m)
EV/FCF = 21.97x (Enterprise Value 83.2b / FCF TTM 3.79b)
FCF Yield = 4.55% (FCF TTM 3.79b / Enterprise Value 83.2b)
FCF Margin = 10.15% (FCF TTM 3.79b / Revenue TTM 37.3b)
Net Margin = 6.33% (Net Income TTM 2.36b / Revenue TTM 37.3b)
Gross Margin = 9.13% ((Revenue TTM 37.3b - Cost of Revenue TTM 33.9b) / Revenue TTM)
Gross Margin QoQ = 11.10% (prev 8.02%)
Tobins Q-Ratio = 1.69 (Enterprise Value 83.2b / Total Assets 49.2b)
Interest Expense / Debt = 2.80% (Interest Expense 465.0m / Debt 16.6b)
Taxrate = 24.42% (770.0m / 3.15b)
NOPAT = 2.74b (EBIT 3.62b * (1 - 24.42%))
Current Ratio = 1.61 (Total Current Assets 22.7b / Total Current Liabilities 14.1b)
Debt / Equity = 0.70 (Debt 16.6b / totalStockholderEquity, last quarter 23.6b)
Debt / EBITDA = 3.01 (Net Debt 14.1b / EBITDA 4.68b)
Debt / FCF = 3.71 (Net Debt 14.1b / FCF TTM 3.79b)
Total Stockholder Equity = 22.6b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.98% (Net Income 2.36b / Total Assets 49.2b)
RoE = 10.47% (Net Income TTM 2.36b / Total Stockholder Equity 22.6b)
RoCE = 13.44% (EBIT 3.62b / Capital Employed (Equity 22.6b + L.T.Debt 4.38b))
RoIC = 6.38% (NOPAT 2.74b / Invested Capital 42.9b)
WACC = 7.39% (E(69.2b)/V(85.8b) * Re(8.65%) + D(16.6b)/V(85.8b) * Rd(2.80%) * (1-Tc(0.24)))
Discount Rate = 8.65% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 37.10 | Cagr: 0.02%
[DCF] Terminal Value 77.97% ; FCFF base≈3.40b ; Y1≈3.89b ; Y5≈5.73b
[DCF] Fair Price = 150.6 (EV 86.2b - Net Debt 14.1b = Equity 72.1b / Shares 479.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 92.12 | EPS CAGR: 7.79% | SUE: -0.96 | # QB: -1
Revenue Correlation: 91.50 | Revenue CAGR: 7.64% | SUE: -0.03 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.64 | Chg30d=-0.61% | Revisions=+25% | Analysts=3
EPS current Year (2026-12-31): EPS=5.50 | Chg30d=+0.68% | Revisions=-29% | GrowthEPS=+14.2% | GrowthRev=+6.4%
EPS next Year (2027-12-31): EPS=6.21 | Chg30d=+1.39% | Revisions=+50% | GrowthEPS=+12.8% | GrowthRev=+6.7%
[Analyst] Revisions Ratio: +18% (up=5, down=3)