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Swedish wholesale distributor of refrigeration and HVAC/heat pump equipment and components across Europe, Asia-Pacific and the Americas.
Swedish wholesale distributor of refrigeration and HVAC/heat pump equipment and components across Europe, Asia-Pacific and the Americas.
Resells equipment and parts bought from manufacturers through local branches, earning the margin on fast availability and technical advice for installers rather than on making what it sells, with a small share of own-brand products. Growth has come largely from repeated purchases of local distributors, folded into one group. Refrigeration is the older core; heat pumps are a newer, regulation-driven line.
In one line: A Swedish Ferguson/HVAC distribution peer.
Moat: narrow (distribution, scale). Dense wholesale distribution network across many countries built through acquisitions, in a fragmented industry.
Headquarters: Malmo, Sweden · Founded: 1866 · Employees: 6,755
Size Beijer Ref (BEIJ-B.ST) is a Sweden Industrials company (Wholesale Distributors) with a market value of $8.09B, the 36th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 156.30 on 6 Nov 2026.
Performance Over six months the shares gained 26.8%, against -1.0% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +4.4%); the operating margin is 9.8% (peer median 10.5%).
Valuation It trades at 28.0× forward earnings against a peer median of 19.2× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (8.3% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 39.2B | SEK 37.1B | SEK 35.7B | SEK 32.1B | SEK 22.6B |
| Revenue growth | — | +4% | +11% | +42% | — |
| Gross profit | SEK 3.66B | SEK 3.46B | SEK 3.54B | SEK 3.12B | SEK 1.89B |
| EBITDA | SEK 4.95B | SEK 4.51B | SEK 4.52B | SEK 3.99B | SEK 2.46B |
| Net income | SEK 2.50B | SEK 2.33B | SEK 2.23B | SEK 2.38B | SEK 1.25B |
| Free cash flow | n/a | SEK 3.79B | SEK 2.63B | SEK 1.47B | -SEK 132M |
| Capital expenditure | n/a | SEK 421M | SEK 445M | SEK 361M | SEK 220M |
| Total debt | SEK 15.2B | SEK 12.9B | SEK 12.7B | SEK 10.2B | SEK 8.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Beijer Ref BEIJ-B.ST | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% |
| Ferguson Enterprises FERG | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% |
| Watsco WSO | $12.7B | -28% | 0% | 9% | 24.3× | 13.2% |
| Reece REH.AX | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BEIJ-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.1% | +3.4% | 4th highest of 21 |
| 6-month return | +26.8% | -1.0% | 2nd highest of 21 |
| Distance from 52-week high | -3.6% | -16.0% | 4th highest of 21 |
| Revenue growth (TTM) | +4.3% | +4.4% | 11th highest of 21 |
| Operating margin | 9.8% | 10.5% | 11th highest of 21 |
| Forward P/E | 28.0× | 19.2× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.0% | 9.0% | 6th most demanding of 20 |
| Growth delivered (Del g) | +21.4% | +9.0% | 3rd highest of 20 |
| Hurdle (Req g minus delivered) | -7.4 pp | -0.9 pp | 4th least demanding of 20 |
| ROIC minus cost of capital | -0.1 pp | +3.8 pp | 6th lowest of 21 |
| EV / EBITDA | 18.4× | 12.6× | 4th most expensive of 18 |
| Net debt / EBITDA | 2.4× | 2.1× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Royal Vopak VPK.AS | Netherlands | $6.51B | +14% | +1% | 29% | 15.5× | 8.8% | +1.8% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| MSC Industrial Direct MSM | United States | $6.33B | +9% | +6% | 9% | 20.1× | 9.0% | +4.3% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| Hdhms 443060.KS | South Korea | $5.28B | -39% | +20% | 16% | 23.0× | 3.0% | +14.5% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |