Beijer Ref AB (publ) (BEIJ-B) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of Beijer Ref AB (publ) stock SEK 161, price SEK 146, upside +9.8%, quality 46 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 14, 2026.
How to read this chart
60‑month range kr 97.37 – kr 186.86 · fair‑value band kr 112.49 – kr 208.93 · the kr 146.40 price screens below the kr 160.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 14, 2026.
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Beijer Ref AB (publ), together with its subsidiaries, provides commercial and industrial refrigeration, heating, and air conditioning products worldwide.
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It provides commercial refrigeration systems, which are used in shops, catering, cafes, hotels, and small refrigerated warehouses; and central refrigeration systems, freezer, and refrigeration plants for modern food retailing, as well as for a range of applications, including ice rinks, food processing, manufacturing, and offshore industries.
The company also offers HVAC or comfort cooling and heating products, such as products for climate control and ventilation in homes, offices, and shops; and provides air-to-water heat pumps, as well as produces chillers and heat pumps based on natural refrigerants, such as carbon dioxide, ammonia, and propane.
The company distributes products through its branch network and logistics centers in EMEA, APAC, and North America regions. The company was formerly known as G & L Beijer AB (publ) and changed its name to Beijer Ref AB (publ) in 2014.
The company was founded in 1866 and is headquartered in Malmö, Sweden.
Stock analysis
Beijer Ref AB (publ) (BEIJ-B) currently trades at kr 146.40, while our model-based Fair Value estimate is kr 160.71, so the stock looks roughly fairly valued today (gap 8.9%).
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 165.74 per share, and 10 of the 25 models we run sit above the kr 146.40 price.
Bear case: the Dividend Discount group reads lowest at kr 26.62, and 15 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 112.49 (bear) to kr 208.93 (bull), the price of kr 146.40 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Beijer Ref AB (publ) reported revenue of 37.1B SEK in FY2025 versus 16.9B SEK in FY2021, a compound +21.7%/yr. Reported net income was 2.3B SEK in FY2025, compounding +24.1%/yr from FY2021.
Key figures
Market cap 74.2B SEK (≈ $7.5B) Mid · P/E ratio 31.8 · P/S ratio 1.99 · EPS (TTM) kr 4.66 · Dividend yield 1.0% · Net margin 6.3% · Return on equity 10.5% · Return on assets (EBIT) 8.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −39% fair-value upside, at 10%, BEIJ-B screens cheaper than that median.
Fair Value models
Bearkr 112.49Fair Value kr 160.71Bullkr 208.93
Price kr 146.40 · Upside +9.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 2.62 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.4%
Start year 2020 (pandemic). Over 10 years: +16.1% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+18.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.2%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.2% vs 17.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +6.2% a year for the price and +5.6% for the forecasts.
AI conclusion: Thin margins and moderate returns indicate limited durable advantage in a competitive distribution sector as the main weakness, while new in-house production capacity offers a potential edge in sustainable solutions.
Main risk: The acquisition of Refra risks stretching management across new operational demands, which would hit execution and returns across the distribution platform.
Beijer Ref just closed the acquisition of Refra, a Lithuanian manufacturer of natural refrigerant HVAC systems. The wholesaler now gains in-house production capacity for sustainable solutions, yet this could either sharpen its competitive edge in a shifting market or stretch management across new operational demands. Will added manufacturing lift returns across the distribution platform more than it complicates execution?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Industrial Distribution · 106 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Bottom 25%
Fair Value upside+9.8% · Above median
Profitability
Return on equity (12 months)10.5% · Above median
Return on assets5.2% · Above median
Net margin (12 months)6.3% · Above median
Operating margin (12 months)11.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.9% · Above median
Dividend yield (12 months)1.0% · Bottom 25%
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Industrial Distribution median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Beijer Ref AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/BEIJ-B
Frequently asked questions
Is Beijer Ref AB (publ) (BEIJ-B) overvalued or undervalued?
As of Oct 14, 2026, our model estimates a fair value of kr 160.71 versus a price of kr 146.40, about +10% upside (fairly valued).
What is the fair value of BEIJ-B?
Our model-based fair value for Beijer Ref AB (publ) is kr 160.71 (as of Oct 14, 2026), built from audited fundamentals. The current price: kr 146.40.
What is the quality score of BEIJ-B?
Beijer Ref AB (publ) has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Beijer Ref AB (publ) (BEIJ-B)?
Our model-based price target is the fair value of kr 160.71 (as of Oct 14, 2026) from 25 valuation models. Cautious scenario kr 112.49, optimistic scenario kr 208.93. It is a calculation from audited fundamentals, not an analyst target.
What is the Beijer Ref AB (publ) stock forecast for 2026?
Our models put fair value at kr 160.71, about +10% upside versus a price of kr 146.40 (fairly valued). Cautious scenario kr 112.49, optimistic scenario kr 208.93. The calculation is refreshed regularly with new filings.
What is the revenue of Beijer Ref AB (publ) (BEIJ-B)?
Beijer Ref AB (publ) reported trailing-twelve-month revenue of about 37.3B SEK (latest available figure, as of Oct 14, 2026).
Does Beijer Ref AB (publ) pay a dividend?
Beijer Ref AB (publ) currently shows a dividend yield of 0.96% relative to its recent price (as of Oct 14, 2026).
What growth is priced into Beijer Ref AB (publ) (BEIJ-B)?
For today's price to be fair in a discounted-cash-flow model, Beijer Ref AB (publ) would have to grow free cash flow by +8.3 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.4 % per year. As of Oct 14, 2026.
What discount rate (WACC) does the fair value of BEIJ-B use?
Our models discount Beijer Ref AB (publ) at 9.5 %: a base by market capitalisation (mid), damped by beta 0.99, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Beijer Ref AB (publ) that is +8.3 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Beijer Ref AB (publ) (BEIJ-B) delivered so far?
Over the past 5 years revenue at Beijer Ref AB (publ) grew +21.4 % a year. The price currently implies +8.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Beijer Ref AB (publ) (BEIJ-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Beijer Ref AB (publ) (+8.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Beijer Ref AB (publ) (BEIJ-B)?
The free-cash-flow yield on the price is 5.67 %: that much free cash flow Beijer Ref AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Beijer Ref AB (publ) (BEIJ-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Beijer Ref AB (publ) it is kr 160.71 per share (as of Oct 14, 2026), against a price of kr 146.40. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Beijer Ref AB (publ) stock overvalued or undervalued in 2026?
As of Oct 14, 2026, BEIJ-B trades below its calculated fair value: price kr 146.40, fair value kr 160.71, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BEIJ-B?
No. The price is what the market pays today (kr 146.40); the fair value is what the company's own numbers justify (kr 160.71). For Beijer Ref AB (publ) the two are kr 14.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Beijer Ref AB (publ) worth?
The market values Beijer Ref AB (publ) at about 74.2B SEK (market capitalisation, as of Oct 14, 2026). Per share that is kr 146.40; our models calculate a fair value of kr 160.71 per share.
What do the bullish and bearish scenarios say about BEIJ-B?
Our models span a range for Beijer Ref AB (publ): cautious scenario kr 112.49, base kr 160.71, optimistic kr 208.93 per share (as of Oct 14, 2026, price kr 146.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BEIJ-B?
Beijer Ref AB (publ) trades at a price-to-earnings ratio of 31.8 (as of Oct 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 160.71 is built from several models across several years. Other multiples: PEG 4.9, P/B 3.4, P/S 2.0, EV/EBITDA 19.2.
What is the PEG ratio of BEIJ-B?
The PEG ratio of Beijer Ref AB (publ) is 4.88 (P/E divided by earnings growth, as of Oct 14, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Beijer Ref AB (publ) (BEIJ-B)?
Balance-sheet figures for Beijer Ref AB (publ) (as of Oct 14, 2026): return on equity 10.5%, debt of 0.20 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is BEIJ-B from its 52-week high?
Beijer Ref AB (publ) trades at kr 146.40, about 7% below its 52-week high of kr 158.03 and 19% above the low of kr 123.30 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 160.71 is for.
Which stocks are comparable to Beijer Ref AB (publ)?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Beijer Ref AB (publ) stock attractive at the current price?
The data as of Oct 14, 2026: price kr 146.40, calculated fair value kr 160.71 (+10%), Quality Score 46/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BEIJ-B calculated?
We run Beijer Ref AB (publ) through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 160.71, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7 % above its aggregate fair value. Beijer Ref AB (publ) currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Beijer Ref AB (publ) (BEIJ-B)?
The closing price on Oct 20, 2026 was kr 146.40. Our model-based fair value is kr 160.71, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Beijer Ref AB (publ) right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 112.49 to kr 208.93) leaves room in how you read the outcome.
Where does the earnings growth of Beijer Ref AB (publ) (BEIJ-B) come from?
Earnings per share at Beijer Ref AB (publ) grew +20.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +15.1 %, EBIT margin +4.4 %, tax rate +1.4 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Beijer Ref AB (publ)
How large is the market capitalisation of Beijer Ref AB (publ) (BEIJ-B)?
The market capitalisation of Beijer Ref AB (publ) is 74.2B SEK (≈ $7.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Beijer Ref AB (publ) (BEIJ-B)?
The price-to-sales ratio of Beijer Ref AB (publ) is 1.99 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Beijer Ref AB (publ) (BEIJ-B)?
Earnings per share at Beijer Ref AB (publ) are kr 4.66 (price ÷ EPS = P/E 31.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Beijer Ref AB (publ) (BEIJ-B)?
The dividend yield of Beijer Ref AB (publ) is 1.0% (payout 30.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Beijer Ref AB (publ) (BEIJ-B)?
The net margin of Beijer Ref AB (publ) is 6.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Beijer Ref AB (publ) (BEIJ-B)?
The return on equity (ROE) of Beijer Ref AB (publ) is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Beijer Ref AB (publ) (BEIJ-B)?
On an EBIT basis the return on assets of Beijer Ref AB (publ) is 8.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Beijer Ref AB (publ) (BEIJ-B)?
The operating margin of Beijer Ref AB (publ) is 11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Beijer Ref AB (publ) (BEIJ-B)?
Revenue at Beijer Ref AB (publ) is growing +5.9% versus a year earlier (3y avg +17.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Beijer Ref AB (publ) (BEIJ-B)?
Earnings per share at Beijer Ref AB (publ) are growing +4.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Beijer Ref AB (publ) (BEIJ-B) carry?
The net debt of Beijer Ref AB (publ) is 9.5B SEK (fiscal year 2025, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 14, 2026