BEIJ-B Stock Analysis: Beijer Ref (publ) | ST
Industrial Distribution | ST, Sweden | Market Cap: 74.124m SEK | 12M Return: -7.1% | SE0015949748 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 113M
EPS Trend: 92.1%
Qual. Beats: -1
Rev. Trend: 91.5%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 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 is a global distributor of commercial and industrial refrigeration, heating, and air conditioning (HVAC/R) products, headquartered in Malmö, Sweden, and founded in 1866 (formerly G & L Beijer AB, renamed in 2014). The company supplies commercial refrigeration systems for retail, hospitality, and catering applications, as well as central refrigeration plants for food retail, food processing, ice rinks, and offshore industries. It also offers comfort cooling, ventilation, air-to-water heat pumps, and chillers using natural refrigerants such as carbon dioxide, ammonia, and propane.
The company operates a distribution-based business model, selling through its own branch network and logistics centers across the EMEA, APAC, and North America regions. Its focus on natural refrigerants reflects a broader industry shift toward low-global-warming-potential solutions driven by environmental regulations such as the EU F-Gas Regulation.
- EU F-gas phase-down accelerates natural refrigerant demand
- Heat pump adoption surges across European residential markets
- North American acquisitions expand distribution footprint
| 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 October 12, 2026, the stock is trading at SEK 141.00 with a total of 1,080,401 shares traded. Over the past week, the price has changed by -2.96%, over one month by +0.43%, over three months by +2.99% and over the past year by -7.09%.
Current recommended Stop Loss: 136.00 (which is 3.5% or 1.3 ATR below the current price).
Beijer Ref (publ) has no consensus analysts rating.
P/E Trailing = 31.3062
P/E Forward = 22.5734
P/S = 1.9861
P/B = 3.1748
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 = 88.2b SEK (74.1b + Debt 16.6b - CCE 2.53b)
Interest Coverage Ratio = 7.79 (Ebit TTM 3.62b / Interest Expense TTM 465.0m)
EV/FCF = 23.28x (Enterprise Value 88.2b / FCF TTM 3.79b)
FCF Yield = 4.30% (FCF TTM 3.79b / Enterprise Value 88.2b)
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 = 1.79 (Enterprise Value 88.2b / 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 = 7.73% (E(74.1b)/V(90.7b) * Re(8.99%) + D(16.6b)/V(90.7b) * Rd(2.80%) * (1-Tc(0.24)))
Discount Rate = 8.99% (= 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=1.66 | Chg30d=+1.84% | Revisions=+25% | Analysts=2
EPS current Year (2026-12-31): EPS=5.51 | Chg30d=+0.57% | Revisions=+0% | GrowthEPS=+14.4% | GrowthRev=+7.3%
EPS next Year (2027-12-31): EPS=6.40 | Chg30d=+3.11% | Revisions=+73% | GrowthEPS=+16.2% | GrowthRev=+9.9%
[Analyst] Revisions Ratio: +45% (up=13, down=4)