Rankings Construction & materials Beijer Ref

Beijer Ref

Construction & materials · SwedenRank 277 of 829Prices 3 Nov 2026Model 1.4

15070100

A strong score: the model found few serious problems, but analysts see limited upside from here.

Biggest deductions

ROIC after goodwill−6
Quality of growth−4
Multiples vs own history and peers−4

Strengths

Order book (OEM)+2
Broad customer base+1

How the score is built

From 100 to 70, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

70Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 157.40 SEK
Median analyst target: 180.00 SEK
Upside to median: +14.4%
Analysts: 9
Target range: 120.00 – 190.00 SEK
52-week change: +4%
P/E (trailing): 31.9
Forward P/E: 25.6
PEG: 2.98

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings−10 of −30

ROIC after goodwill
ROIC (incl. goodwill) 7.7% TTM – below a WACC of 8.6% – vs 11–13% in 2021–2023, after the Heritage acquisition. Intangibles have grown from SEK 3.5bn to 20.9bn since 2021, while EBIT rose only 2.16bn (marginal return about 12% pre-tax), and the share count rose 28% in the 2023 share issue.
stockanalysis.com
−6
Quality of growth
Revenue has only gone from SEK 35.7bn (2024) to 37.3bn TTM, and EPS of 4.66 TTM is below 4.88 in 2023; organic growth only 1% in Q2 2026, where acquisitions contributed 5%.
stockanalysis.com
−4

Price

Today's multiples against the company's own history and its peers. · 2 findings−6 of −35

Multiples vs own history and peers
Forward P/E 26.3 below 27.7–31.5 in 2022–2025 and EV/EBITDA 19.2 vs 22.2–32.1; the trailing P/E of 32.0 is mid-range of 28.8–44.9, though, for earnings that have not grown since 2023, and P/TBV is 27.7.
stockanalysis.com
−4
FCF yield
FCF yield 4.4% TTM (SEK 3.3bn on 75.6bn), but analysts expect FCF of only 2.75bn in 2026 (about 3.6%); dividend yield about 1.0%.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−9 of −35

Debt and leverage
Net debt/EBITDA has risen to 2.96 from 2.49 at the start of the year (debt SEK 14.1bn, interest cover 7.3x); net debt rose about 1bn in Q2, and management signalled further large acquisitions in the US on top of Enertrak (Canada, about EUR 100m of revenue, August 2026).
ca.investing.com
−4
North America and tariffs
North America – the strategic growth platform after Heritage – fell 3% organically in Q2 2026 because of weather and price turmoil around tariff announcements.
ca.investing.com
−3
Inventory and cash flow
Inventory rose from SEK 10.8bn to 12.4bn in H1 2026 (inventory turnover only 2.1x), and operating cash flow was only about SEK 300m in Q2.
stockanalysis.com
−2

Plus

Only documented strengths. · 2 findings+3 of +15

Order book (OEM)
OEM grew 25% organically in Q2 2026, and order books at Fenagy and SCM Frigo (CO2 refrigeration) are at record levels and stretch into 2027.
ca.investing.com
+2
Broad customer base
One of the world's largest refrigeration wholesalers, present in 45 countries with a large number of installer customers; no customer concentration.
inderes.fi
+1

Caveats

What the score does not capture, or where the data is weak.

Distributor of refrigeration and HVAC equipment (installers, food retail) with its own OEM production (CO2 refrigeration systems). No industry fits precisely; 'Construction & materials' was chosen as the closest because HVAC demand follows building installation and renovation (peers Carrier, Trane, Daikin and Lennox are classified as building products). Commercial refrigeration and OEM could alternatively belong under 'Machinery & automation'. Heritage Distribution (US, USD 1.275bn, 2023) was partly funded by a SEK 13.7bn share issue (+28% shares). stockanalysis' leverage includes leases. Refrigerant regulation (EU F-gas, US AIM Act/A2L) has not been examined. Only 7 analysts; next report 22 October 2026.