Beijer Ref AB (publ) (BEIJ-B.ST) | Investment Case

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on BEIJ

Beijer Ref AB's recent performance was negatively impacted by currency impacts, regional market pressures, and a decline in sales for its core business, despite a strong Q4 2024 earnings report. The company's Q4 growth was driven by strategic acquisitions, but this was not enough to offset the challenges faced in its core business. Furthermore, the decline in sales for its core business suggests a potential loss of market share, which may continue to weigh on the company's performance.

1.c. Company Highlights

Last Price	154.1
Change Percentage	1.08%
Open	153.8
Previous Close	152.45
Market Cap ( Millions)	78112
Volume	330281
Year High	178.6
Year Low	119.9
M A 50	150.03
M A 200	152.55

FCF Yield	2.16%
Dividend Yield	0.91%
ROE	10.88%
Debt / Equity	57.05%
Net Debt / EBIDTA	187.01%
Price To Book	3.55
Price Earnings Ratio	31.88
Price To FCF	46.3
Price To sales	2.08
EV / EBITDA	18.06

2. Transcript Summary

Unfortunately this company is not part of our coverage yet. But as part of your subscription plan you can request it by clicking just below and we'll process.

Request Coverage

3. NewsRoom

Heritage Distribution acquires Key Refrigeration Supply and Dennis Supply Company

Nov -18

Source:

GMG Achieves Major Commercial Milestone - THERMAL-XR(R) to be Distributed Through Australian Beijer Ref and Kirby Network

Oct -28

Source: newsfilecorp.com

Beijer Ref AB (STU:BRZ0) Q3 2025 Earnings Call Highlights: Strong Profitability Amid Currency ...

Oct -24

Source:

Assessing Beijer Ref (OM:BEIJ B) Valuation After Recent Period of Subtle Share Price Shifts

Sep -09

Source:

EQT completes sale of shares in Beijer Ref

Aug -29

Source:

Beijer Ref AB (FRA:BRZ0) Q2 2025 Earnings Call Highlights: Record EBITDA Margin and Strategic ...

Jul -19

Source:

EQT to acquire Europa Biosite, a distributor of life science products

Jul -03

Source:

Beijer Ref AB (FRA:BRZ0) Q1 2025 Earnings Call Highlights: Strong Sales Growth Amidst Market ...

Apr -25

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.62%)

6. Segments

Heating, Ventilation, Air Conditioning

Expected Growth: 7%

Beijer Ref AB's 7% growth in Heating, Ventilation, Air Conditioning (HVAC) is driven by increasing demand for energy-efficient solutions, government incentives for sustainable infrastructure, and rising construction activities in commercial and residential sectors. Additionally, the company's strategic expansion into emerging markets and innovative product offerings contribute to its growth momentum.

Commercial and Industrial Refrigeration

Expected Growth: 9%

Beijer Ref AB's 9% growth in Commercial and Industrial Refrigeration is driven by increasing demand for energy-efficient solutions, rising adoption of natural refrigerants, and growing need for cold chain logistics in the food retail and pharmaceutical industries. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to its growth momentum.

Original Equipment Manufacturer

Expected Growth: 6%

Beijer Ref AB's 6% growth as an Original Equipment Manufacturer (OEM) is driven by increasing demand for energy-efficient refrigeration solutions, expansion into emerging markets, and strategic partnerships with leading brands. Additionally, investments in R&D and manufacturing process improvements have enhanced product quality and reduced costs, enabling the company to capitalize on growing market opportunities.

7. Detailed Products

Refrigeration Systems

Beijer Ref AB provides refrigeration systems for commercial and industrial applications, including supermarkets, cold storage facilities, and food processing plants.

Air Conditioning Systems

Beijer Ref AB offers air conditioning systems for commercial and residential buildings, providing comfortable indoor climate control.

Heat Pumps

Beijer Ref AB provides heat pumps for heating and cooling applications, offering an energy-efficient and environmentally friendly solution.

Cooling Systems for Industrial Processes

Beijer Ref AB offers cooling systems for industrial processes, such as data centers, laboratories, and manufacturing facilities.

Service and Maintenance

Beijer Ref AB provides service and maintenance for refrigeration, air conditioning, and heat pump systems, ensuring optimal performance and efficiency.

8. Beijer Ref AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Beijer Ref AB (publ) is moderate due to the presence of alternative refrigeration solutions, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Beijer Ref AB (publ) as the company has a diverse customer base and no single customer accounts for a significant portion of its revenue.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Beijer Ref AB (publ) as the company relies on a few key suppliers for its refrigeration components, but it has established long-term relationships with these suppliers to mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low for Beijer Ref AB (publ) as the company has a strong brand reputation and established customer relationships, making it difficult for new entrants to gain traction in the market.

Intensity Of Rivalry

The intensity of rivalry is high for Beijer Ref AB (publ) as the refrigeration industry is highly competitive, with several established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	28.29%
Debt Cost	5.66%
Equity Weight	71.71%
Equity Cost	11.75%
WACC	10.03%
Leverage	39.46%

11. Quality Control: Beijer Ref AB (publ) passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Melrose

A-Score: 4.7/10

Value: 4.8

Growth: 2.1

Quality: 6.0

Yield: 2.5

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

Interpump

A-Score: 4.5/10

Value: 4.0

Growth: 6.4

Quality: 6.8

Yield: 1.2

Momentum: 4.0

Volatility: 4.7

1-Year Total Return ->

Spirax-Sarco Engineering

A-Score: 4.4/10

Value: 2.2

Growth: 5.2

Quality: 5.4

Yield: 3.1

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

Beijer Ref

A-Score: 4.4/10

Value: 2.4

Growth: 8.7

Quality: 5.5

Yield: 1.2

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

FLSmidth

A-Score: 4.3/10

Value: 2.7

Growth: 2.7

Quality: 4.7

Yield: 2.5

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

Interroll

A-Score: 4.0/10

Value: 2.0

Growth: 4.7

Quality: 7.4

Yield: 2.5

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

17.01%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.03%

Beijer Ref AB (publ) - SE0015949748

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BEIJ

1.c. Company Highlights

Expensive

Higher Growth

Lower Yield

Earnings Miss

Revenues Miss

Earnings Beats

Medium Volatility

Average Yield

Strong Momentum

Stable Momentum

Revenues Beats

Better Quality

Average Quality

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.62%)

6. Segments

Heating, Ventilation, Air Conditioning

Expected Growth: 7%

Commercial and Industrial Refrigeration

Expected Growth: 9%

Original Equipment Manufacturer

Expected Growth: 6%

7. Detailed Products

Refrigeration Systems

Air Conditioning Systems

Heat Pumps

Cooling Systems for Industrial Processes

Service and Maintenance

8. Beijer Ref AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Beijer Ref AB (publ) passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

154.1$

Current Price

154.1$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA