Beijer Ref AB (BEIJ-B) Fair Value & Analysis
Industrials · SE · Market cap 69.4B SEK (≈ $7.3B) · ISIN SE0015949748
What is Beijer Ref AB really worth?
Below-average quality, and trading another 36% above our fair value of kr 101.94.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 25 valuation models · updated 2 days ago
Share price −2.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 127.43). The favourable scenario is already priced in.
- Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range kr 97.37 – kr 186.86 · fair‑value band kr 74.82 – kr 127.43 · the kr 138.90 price screens above the kr 101.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Beijer Ref AB (BEIJ-B) currently trades at kr 138.90, while our model-based Fair Value estimate is kr 101.94, implying the stock looks roughly 36.3% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of kr 163.61 per share, and 10 of the 25 models we run sit above the kr 138.90 price. Bear case: the Dividend Discount group reads lowest at kr 28.23, and 15 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Beijer Ref AB generated revenue of 36.7B SEK at a net margin of 6.3%. Revenue declined 3.9% year over year. It earns a return on equity of 10.4%. Net debt stands at 9.5B SEK. Fundamentals as of Sep 3, 2026
Our scenario range runs from kr 74.82 (bear case) to kr 127.43 (bull case); at kr 138.90, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −39% fair-value upside, at −27%, BEIJ-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 2.17 per share, which is 2.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: DCF Models (kr 163.61) versus Dividend Discount (kr 28.23). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 44 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Beijer Ref AB (publ), together with its subsidiaries, provides commercial and industrial refrigeration, heating, and air conditioning products worldwide.
Full company description
Beijer Ref AB (publ), together with its subsidiaries, provides commercial and industrial refrigeration, heating, and air conditioning products worldwide. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Beijer Ref AB 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.
of which total revenue +17.5 % · buybacks/dilution −2.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
BEIJ-B screens 36% overvalued. Compare with W.W. Grainger, Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Beijer Ref expands Heritage Distribution platform into Canada with acquisition of Enertrak
- EQT exits remaining stake in Beijer Ref
- EQT agrees to sale of shares in Beijer Ref to Melker Schörling AB
- Beijer Ref AB (FRA:BRZ0) Q1 2026 Earnings Call Highlights: Navigating Growth Amidst Currency ...
Peer Group
Industrial Distribution · 112 stocks
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.
Valuation Multiples vs Industrial Distribution median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Industrial Distribution stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| W.W. Grainger, Inc GWW | $1,306 | $613.88 | −53% |
| Fastenal Company FAST | $51.14 | $20.64 | −60% |
| Ferguson Enterprises Inc FERG | $245.18 | $148.98 | −39% |
| WESCO International, Inc WCC | $347.60 | $213.01 | −39% |
| Watsco, Inc WSO | $313.05 | $251.37 | −20% |
| Toromont Industries Ltd TIH | C$199.59 | C$127.90 | −36% |
| Applied Industrial Technologies, Inc AIT | $319.11 | $191.65 | −40% |
| Finning International Inc FTT | C$93.86 | C$76.38 | −19% |
| Addtech AB ADDTB | kr 344.00 | kr 156.35 | −55% |
| Core & Main, Inc CNM | $45.45 | $49.47 | +9% |
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