Buy Or Sell Opportunity • Jun 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.1% to €12.05. The fair value is estimated to be €10.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 6.5%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Ankündigung • May 30
Beijer Ref AB (publ) (OM:BEIJ B) acquired AM Distributors. Beijer Ref AB (publ) (OM:BEIJ B) acquired AM Distributors on May 29, 2026.
The acquisition is expected to have a minor positive impact on Beijer Ref’s results. The company will continue operating under its existing brand.
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition of AM Distributors on May 29, 2026. Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Nathalie Delbreuve was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Mar 20
Beijer Ref AB (publ), Annual General Meeting, Apr 23, 2026 Beijer Ref AB (publ), Annual General Meeting, Apr 23, 2026, at 14:00 W. Europe Standard Time. Location: malmo borshus, skeppsbron 2, malmo Sweden Ankündigung • Jan 30
Beijer Ref AB (Publ) Proposes Dividend for the Financial Year 2025 The Board of Directors of Beijer Ref AB (publ) proposed a dividend of SEK 1.50 per share (1.40) for the year 2025, corresponding to 31% (32) of net profit for the year attributable to the parent company's shareholders, excluding items affecting comparability. This corresponds to an increase in the dividend of 7%. The Board of Directors proposes that the dividend be paid in two instalments to accommodate the Group's seasonal variations. The Board of Directors' final proposal for dividend per share will be presented no later than in connection with the notice to the Annual General Meeting. Ankündigung • Jan 28
Beijer Ref AB Announces Kate Swann Will Not Stand for Re-Election as Chair of the Board Beijer Ref AB has announced that Kate Swann will not stand for re-election as Chair of the Board at the forthcoming Annual General Meeting. Ankündigung • Jan 21
Beijer Ref AB (publ) (OM:BEIJ B) acquired 75% stake in Idema Clima Srl. Beijer Ref AB (publ) (OM:BEIJ B) acquired 75% stake in Idema Clima Srl on January 20, 2026. Beijer Ref has an option to acquire the remaining shares. The company will continue to operate under its own brand. The acquisition is expected to have a minor positive impact on Beijer Ref’s results. Idema has an annual turnover of approximately SEK 200 million.
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition 75% stake in Idema Clima Srl on January 20, 2026. Ankündigung • Oct 21
Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 80% stake in Airwave OÜ. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 80% stake in Airwave OÜ on October 20, 2025. Upon completion, Airwave OÜ will continue to operate under its own brand and Beijer Ref will have an option to acquire the remaining shares in Airwave OÜ. For the period ending December 31, 2024, Airwave OÜ reported total revenue of SEK 600 million.
The transaction needs to be approved by the competition authority in Estonia as conditions of closing. Robin Viia of Superia Corporate Finance acted as sole financial advisor to the founders of Airwave OÜ. Ankündigung • Apr 24
Beijer Ref AB (Publ) Approves Dividend for the Financial Year 2024, Payable on 2 May 2025 and on 30 October 2025 Beijer Ref AB (publ) at its AGM held on April 24, 2025, approved to pay a dividend of SEK 1.40 per share for the financial year 2024. The dividend shall be paid in two instalments, the first with SEK 0.70 per share with 28 April 2025 as record date and the second with SEK 0.70 per share with 27 October 2025 as record date. The dividend is expected to be distributed by Euroclear Sweden AB on 2 May 2025 and on 30 October 2025. Ankündigung • Mar 20
Beijer Ref AB (publ), Annual General Meeting, Apr 24, 2025 Beijer Ref AB (publ), Annual General Meeting, Apr 24, 2025, at 14:00 W. Europe Standard Time. Location: at glasklart, dockplatsen 1, in malmo, Sweden Ankündigung • Jan 03
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition of 80% stake in Cool4u Kft. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 80% stake in Cool4u Kft on June 19, 2024. Beijer Ref has an option to acquire the remaining shares of Cool4u. Cool4U will continue to operate under its own brand, in both distribution and marketing. The parties have signed a binding agreement; however, the transaction needs to be approved by the competition authority in Hungary and an FDI (Foreign Direct Investment) screening will also be carried out as conditions of closing. The acquisition is expected to have a minor positive impact on Beijer Ref’s results. The company has an annual turnover of approximately SEK 500 million and with good profitability. Tamás Simonyi of KPMG Hungary acted as financial advisor to Cool4U Kft.
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition of 80% stake in Cool4u Kft on January 03, 2025. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr1.30 (vs kr1.10 in 3Q 2023) Third quarter 2024 results: EPS: kr1.30 (up from kr1.10 in 3Q 2023). Revenue: kr9.54b (up 12% from 3Q 2023). Net income: kr657.0m (up 17% from 3Q 2023). Profit margin: 6.9% (up from 6.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 17
Upcoming dividend of kr0.65 per share Eligible shareholders must have bought the stock before 24 October 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.1%). Ankündigung • Oct 16
Beijer Ref AB (Publ) Appoints Nomination Committee Beijer Ref Nomination Committee shall consist of five members. The members should be one representative of each of the five largest shareholders in terms of voting rights based on the known shareholding as per the last trading day in August, that wish to participate in the committee. This year's Nomination Committee consists of the following members: Juho Frilander (EQT), Joen Magnusson (own and related parties' holdings), Per Bertland (own and related parties' holdings), Vegard Torsnes (Norges Bank), Patricia Hedelius (AMF Tjänstepension och Fonder) Juho Frilander has been appointed Chairperson of the Nomination Committee. The Nomination Committee will prepare proposals for the Annual General Meeting in 2025 regarding Board members, Chairperson of the Board of Directors, Chairperson of the Annual Meeting, Auditors, remuneration of the Board of Directors, the Auditors, Committee work, and to the extent deemed necessary, proposal regarding amendments of the current instruction for the Nomination Committee. Buy Or Sell Opportunity • Oct 03
Now 21% overvalued Over the last 90 days, the stock has fallen 8.7% to €14.02. The fair value is estimated to be €11.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Buy Or Sell Opportunity • Aug 08
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to €14.42. The fair value is estimated to be €11.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: kr1.42 (vs kr1.39 in 2Q 2023) Second quarter 2024 results: EPS: kr1.42 (up from kr1.39 in 2Q 2023). Revenue: kr9.68b (up 12% from 2Q 2023). Net income: kr720.0m (up 2.1% from 2Q 2023). Profit margin: 7.4% (down from 8.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Ankündigung • Jun 19
Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 80% stake in Cool4u Kft. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 80% stake in Cool4u Kft on June 19, 2024. Beijer Ref has an option to acquire the remaining shares of Cool4u. Cool4U will continue to operate under its own brand, in both distribution and marketing. The parties have signed a binding agreement; however, the transaction needs to be approved by the competition authority in Hungary and an FDI (Foreign Direct Investment) screening will also be carried out as conditions of closing. The acquisition is expected to have a minor positive impact on Beijer Ref’s results. The company has an annual turnover of approximately SEK 500 million and with good profitability. Buy Or Sell Opportunity • Jun 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €14.18. The fair value is estimated to be €11.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Independent Director Nathalie Delbreuve was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 25
Dividend of kr0.65 announced Shareholders will receive a dividend of kr0.65. Ex-date: 24th October 2024 Payment date: 30th October 2024 Dividend yield will be 5.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 9.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €13.10. The fair value is estimated to be €10.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Ankündigung • Apr 24
Beijer Ref AB (Publ) Approves Dividend for the Financial Year 2023, Payable on 30 April 2024 and 30 October 2024 Beijer Ref AB (publ) at its AGM held on April 23, 2024, in accordance with the board of directors' proposal, the meeting resolved to pay a dividend of SEK 1.30 per share for the financial year 2023. The dividend shall be paid in two instalments, the first with SEK 0.65 per share with 25 April 2024 as record date and the second with SEK 0.65 per share with 25 October 2024 as record date. The dividend is expected to be distributed by Euroclear Sweden AB on 30 April 2024 and on 30 October 2024. Upcoming Dividend • Apr 17
Upcoming dividend of kr0.65 per share Eligible shareholders must have bought the stock before 24 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.2%). Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: kr4.88 (vs kr3.28 in FY 2022) Full year 2023 results: EPS: kr4.88 (up from kr3.28 in FY 2022). Revenue: kr32.2b (up 42% from FY 2022). Net income: kr2.38b (up 90% from FY 2022). Profit margin: 7.4% (up from 5.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €13.69, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.04 per share. Buy Or Sell Opportunity • Mar 28
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €13.69. The fair value is estimated to be €11.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. Ankündigung • Mar 21
Beijer Ref AB (publ) Proposes Dividend, Payable on 30 April 2024 and 30 October 2024 Beijer Ref AB (publ) announced that at its AGM to be held on 23 April 2024, to propose dividend: From the available unappropriated earnings of SEK 15,342,626,017, dividend shall be paid in the total amount of SEK 1.30 per share. Payment shall be made in two instalments of SEK 0.65 per share for the first instalment and SEK 0.65 per share for the second instalment. It is proposed that the record date for the first instalment be 25 April 2024 and for the second instalment 25 October 2024. If the Annual General Meeting resolves to accept this proposal, the first instalment will be due to be paid from Euroclear on 30 April 2024 and the second instalment on 30 October 2024. Declared Dividend • Feb 05
Final dividend of kr0.65 announced Shareholders will receive a dividend of kr0.65. Ex-date: 24th April 2024 Payment date: 30th April 2024 Dividend yield will be 5.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 9.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: kr4.88 (vs kr3.28 in FY 2022) Full year 2023 results: EPS: kr4.88 (up from kr3.28 in FY 2022). Revenue: kr32.3b (up 43% from FY 2022). Net income: kr2.38b (up 90% from FY 2022). Profit margin: 7.4% (up from 5.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 01
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to €12.32. The fair value is estimated to be €9.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Ankündigung • Jan 23
Beijer Ref AB (publ) to Report Fiscal Year 2023 Results on Mar 28, 2024 Beijer Ref AB (publ) announced that they will report fiscal year 2023 results on Mar 28, 2024 Ankündigung • Dec 13
Beijer Ref AB (publ) to Report Q4, 2024 Results on Jan 31, 2025 Beijer Ref AB (publ) announced that they will report Q4, 2024 results at 8:30 AM, Central European Standard Time on Jan 31, 2025 New Risk • Nov 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Ankündigung • Nov 03
Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire Turner Engineering WA Pty Ltd. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire Turner Engineering WA Pty Ltd on November 2, 2023. For FY 2022, Turner had an annual turnover of approximately SEK 200 million. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: kr1.10 (vs kr1.12 in 3Q 2022) Third quarter 2023 results: EPS: kr1.10. Revenue: kr8.49b (up 42% from 3Q 2022). Net income: kr560.0m (up 32% from 3Q 2022). Profit margin: 6.6% (down from 7.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Trade Distributors industry in Europe. Upcoming Dividend • Oct 16
Upcoming dividend of kr0.47 per share at 0.9% yield Eligible shareholders must have bought the stock before 23 October 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.9%). Buying Opportunity • Oct 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €12.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 33% in 2 years. Earnings is forecast to grow by 67% in the next 2 years. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: kr1.39 (vs kr1.08 in 2Q 2022) Second quarter 2023 results: EPS: kr1.39 (up from kr1.08 in 2Q 2022). Revenue: kr8.65b (up 46% from 2Q 2022). Net income: kr705.0m (up 72% from 2Q 2022). Profit margin: 8.1% (up from 6.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €11.58, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.67 per share. Ankündigung • Jun 01
Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire CFD. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire CFD on June 1, 2023. The company, which is a distributor of heat pumps, geothermal energy products and HVAC components, has an annual turnover of approximately SEK 75 million. Upcoming Dividend • Apr 19
Upcoming dividend of kr0.47 per share at 0.5% yield Eligible shareholders must have bought the stock before 26 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: kr3.28 (vs kr2.58 in FY 2021) Full year 2022 results: EPS: kr3.28 (up from kr2.58 in FY 2021). Revenue: kr22.6b (up 34% from FY 2021). Net income: kr1.25b (up 28% from FY 2021). Profit margin: 5.5% (down from 5.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 10
Independent Director recently sold €147k worth of stock On the 7th of March, Joen Magnusson sold around 11k shares on-market at roughly €13.86 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €64k more than they bought in the last 12 months. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: kr3.28 (vs kr2.58 in FY 2021) Full year 2022 results: EPS: kr3.28 (up from kr2.58 in FY 2021). Revenue: kr22.8b (up 35% from FY 2021). Net income: kr1.25b (up 27% from FY 2021). Profit margin: 5.5% (down from 5.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 18% per year. Ankündigung • Jan 31
Beijer Ref AB (Publ) Proposes Dividend The board of Beijer Ref AB (publ) proposed a dividend amounting to a total of SEK 475 million (419), corresponding to 38% (43) of the year's profit. Ankündigung • Jan 16
Beijer Ref AB (publ) to Report Fiscal Year 2022 Results on Apr 04, 2023 Beijer Ref AB (publ) announced that they will report fiscal year 2022 results at 9:00 AM, Central European Standard Time on Apr 04, 2023 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €13.47, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 12x in the Trade Distributors industry in Europe. Total returns to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.37 per share. Ankündigung • Dec 16
Beijer Ref AB (publ) (OM:BEIJ B) and the management of Heritage Distribution Holdings signed a binding agreement to Heritage Distribution Holdings from Gryphon Heritage Partners, L.P. managed by Gryphon Investors Inc and the management of Heritage Distribution for $1.3 billion. Beijer Ref AB (publ) (OM:BEIJ B) and the management of Heritage Distribution Holdings signed a binding agreement to Heritage Distribution Holdings from Gryphon Heritage Partners, L.P. managed by Gryphon Investors Inc and the management of Heritage Distribution for $1.3 billion on December 15, 2022. Beijer Ref and the management will acquire Heritage Distribution for a purchase price in cash of $1.275 billion on a cash and debt free basis. As part of the transaction, the management of Heritage Distribution have invested a large part of their equity back, in such a way, that, the management will own about 2% of Heritage Distribution and Beijer Ref will own 98% of Heritage Distribution. The acquisition is fully financed through a bridge facility provided by Handelsbanken and Nordea. For the twelve months ended September 30, 2022, Heritage Distribution had a turnover of $640 million and an adjusted EBITDA of $95 million. The acquisition is conditional upon regulatory approvals and customary closing conditions and is expected to close early in Q1 2023. The acquisition is financially compelling and Beijer Ref expects it to be EPS accretive in 2023 and accretive to Beijer Ref's organic sales growth and EBITDA margin. Seale & Associates acted as financial advisor and Hogan Lovells as legal advisor in relation to the acquisition and Mannheimer Swartling acted as legal advisor in relation to the debt financing to Beijer Ref. Baird acted as financial advisor and Kirkland & Ellis as legal advisor to Gryphon Investors. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Bill Striebe was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Nov 02
Beijer Ref AB (publ) (OM:BEIJ B) Completed the acquisition of 51% stake in Australian Airconditioning Distributors Pty Ltd and HVAC Consolidated Pty Ltd from Coldflow Airconditioning Pty Ltd and Aircon Concepts Pty Ltd. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 51% shares in Australian Airconditioning Distributors Pty Ltd and HVAC Consolidated Pty Ltd from Coldflow Airconditioning Pty Ltd and Aircon Concepts Pty Ltd for approximately SEK 480 million on September 19, 2022. The purchase price, for 51% of the shares, amounts to approximately SEK 480 million on a debt-free basis and the acquisition is financed via cash and existing credit facilities. AAD will continue to operate under its own brand, in both distribution and marketing. The acquisition will have a positive impact on the Beijer Ref Group’s results and position. AAD and HVAC Consolidated have approximately 125 employees. Beijer Ref with an option to acquire the remaining shares. Sellers of AAD and HVAC Consolidated, and holders of the remaining 49% in each company, are Aircon Concepts Pty Ltd and Coldflow Airconditioning Pty Ltd. During the Australian financial year, which ended on 30 June 2022, AAD and HVAC Consolidated had a combined turnover of approximately SEK 800 million with good profitability. Completion of the transaction is expected to take place on November 1, 2022.
Beijer Ref AB (publ) (OM:BEIJ B) Completed the acquisition of 51% stake in Australian Airconditioning Distributors Pty Ltd and HVAC Consolidated Pty Ltd from Coldflow Airconditioning Pty Ltd and Aircon Concepts Pty Ltd on November 1, 2022 Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 15% share price gain to €15.28, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 10x in the Trade Distributors industry in Europe. Total returns to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.42 per share. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: kr1.12 (vs kr0.65 in 3Q 2021) Third quarter 2022 results: EPS: kr1.12 (up from kr0.65 in 3Q 2021). Revenue: kr5.98b (up 38% from 3Q 2021). Net income: kr425.0m (up 72% from 3Q 2021). Profit margin: 7.1% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Ankündigung • Oct 20
Beijer Ref AB (publ), Annual General Meeting, Apr 25, 2023 Beijer Ref AB (publ), Annual General Meeting, Apr 25, 2023. Location: Malmö Arena, Hyllie stationstorg 2 Malmo Sweden Agenda: To propose candidates for election as members of the Beijer Ref Board of Directors. Ankündigung • Oct 19
Beijer Ref AB (Publ) Announces Board Appointments Beijer Ref AB (publ) announced in accordance with decision by the Annual General Meeting, the company Nomination Committee shall consist of five members. The members should be one representative of each of the four larger shareholders in terms of voting rights that wish to participate in the committee, together with the chairperson of the company Board. 2022's Nomination Committee consists of the following members: Juho Frilander (EQT Partners); Joen Magnusson (own and related parties' holdings, Board member of the Beijer Ref Board of Directors); Erik Ståhl Hallengren (SEB Investment Management); Patricia Hedelius (AMF Tjänstepension och Fonder); Kate Swann (Chairperson of Beijer Ref Board of Directors). Juho Frilander has been appointed Chairperson of the Nomination Committee. The Nomination Committee will prepare proposals for the Annual General Meeting in 2023 regarding Board members, Chairperson of the Board of Directors, Chairperson of the Annual Meeting, Auditors, remuneration of the Board of Directors, the Auditors, Committee work, and to the extent deemed necessary, proposal regarding amendments of the current instruction for the Nomination Committee. Ankündigung • Oct 06
Beijer Ref AB (publ) (OM:BEIJ B) acquired 80% stake in Easyairconditioning Limited. Beijer Ref AB (publ) (OM:BEIJ B) acquired 80% stake in Easyairconditioning Limited on October 04, 2022. Easy Air Conditioning will continue to operate under its own brand and the acquisition will have a minor impact on the Beijer Ref group’s result and position. Beijer will have an option to acquire the remaining shares.
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition of 80% stake in Easyairconditioning Limited on October 04, 2022. Upcoming Dividend • Oct 03
Upcoming dividend of kr0.50 per share Eligible shareholders must have bought the stock before 10 October 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.7%). Lower than average of industry peers (2.9%). Ankündigung • Sep 20
Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 51% shares in Australian Airconditioning Distributors Pty Ltd and HVAC Consolidated Pty Ltd from Coldflow Airconditioning Pty Ltd and Aircon Concepts Pty Ltd for approximately SEK 480 million. Beijer Ref AB (publ) (OM:BEIJ B) signed an agreement to acquire 51% shares in Australian Airconditioning Distributors Pty Ltd and HVAC Consolidated Pty Ltd from Coldflow Airconditioning Pty Ltd and Aircon Concepts Pty Ltd for approximately SEK 480 million on September 19, 2022. The purchase price, for 51% of the shares, amounts to approximately SEK 480 million on a debt-free basis and the acquisition is financed via cash and existing credit facilities. AAD will continue to operate under its own brand, in both distribution and marketing. The acquisition will have a positive impact on the Beijer Ref Group’s results and position. AAD and HVAC Consolidated have approximately 125 employees. Beijer Ref with an option to acquire the remaining shares. Sellers of AAD and HVAC Consolidated, and holders of the remaining 49% in each company, are Aircon Concepts Pty Ltd and Coldflow Airconditioning Pty Ltd. During the Australian financial year, which ended on 30 June 2022, AAD and HVAC Consolidated had a combined turnover of approximately SEK 800 million with good profitability. Completion of the transaction is expected to take place on November 1, 2022. Ankündigung • Aug 02
Beijer Ref AB (publ) (OM:BEIJ B) agreed to acquire 85% stake in Eid. Beijer Ref AB (publ) (OM:BEIJ B) agreed to acquire 85% stake in Eid on August 1, 2022. EID will continue to operate under its own brand and the founders will remain and manage the business. Reported Earnings • Jul 16
Second quarter 2022 earnings released Second quarter 2022 results: Net income: kr409.0m (up 35% from 2Q 2021). Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: kr0.71 (vs kr0.47 in 1Q 2021) First quarter 2022 results: EPS: kr0.71 (up from kr0.47 in 1Q 2021). Revenue: kr4.90b (up 31% from 1Q 2021). Net income: kr270.0m (up 50% from 1Q 2021). Profit margin: 5.5% (up from 4.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Bill Striebe was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
First quarter 2022 earnings released: EPS: kr0.71 (vs kr0.47 in 1Q 2021) First quarter 2022 results: EPS: kr0.71 (up from kr0.47 in 1Q 2021). Revenue: kr4.93b (up 32% from 1Q 2021). Net income: kr270.0m (up 50% from 1Q 2021). Profit margin: 5.5% (up from 4.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Apr 08
Beijer Ref AB (publ) Approves Dividend, Payable on 14 April 2022 and on 14 October 2022 Beijer Ref AB (publ) announced that at its Annual General Meeting held on 7 April 2022, approved dividend to the shareholders of the total amount of SEK 1.10 per share. Payment for the dividend shall be made in two instalments: a first instalment of SEK 0.60 per share and a second instalment of SEK 0.50 per share. The record dates for receiving dividend were set to 11 April 2022 and 14 October 2022 and the dividend is expected to be distributed by Euroclear on 14 April 2022 and on 14 October 2022. Ankündigung • Apr 03
Beijer Ref AB (publ) (OM:BEIJ B) acquired Mackay Air Supply. Beijer Ref AB (publ) (OM:BEIJ B) acquired Mackay Air Supply on April 1, 2022. In a related transaction Beijer Ref AB (publ) (OM:BEIJ B) acquired GMR Supplies.
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition of Mackay Air Supply on April 1, 2022. Upcoming Dividend • Apr 01
Upcoming dividend of kr0.60 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (3.7%). Lower than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to €15.37, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 16x in the Trade Distributors industry in Europe. Total returns to shareholders of 226% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.89 per share. Ankündigung • Mar 10
Beijer Ref AB (publ) Proposes Dividend, Payable on 14 April 2022 and on 14 October 2022 Beijer Ref AB (publ) announced that at its Annual General Meeting to be held on 7 April 2022, it will propose dividends shall be paid in the total amount of SEK 1.10 per share, entailing a total dividend amount of SEK 418, 515, 878. Payment shall be made in two instalments of SEK 0.6 per share for the first instalment and SEK 0.5 per share for the second instalment. It is proposed that the record date for the first instalment be 11 April 2022 and for the second instalment 11 October 2022. If the Annual General Meeting decides to accept this proposal, the first instalment will be due to be paid from Euroclear on 14 April 2022 and the second instalment on 14 October 2022. Recent Insider Transactions • Feb 09
Director recently bought €139k worth of stock On the 8th of February, Per Bertland bought around 10k shares on-market at roughly €13.87 per share. In the last 3 months, they made an even bigger purchase worth €144k. Despite this recent purchase, insiders have collectively sold €6.7m more in shares than they bought in the last 12 months. Recent Insider Transactions • Jan 30
Director recently bought €144k worth of stock On the 28th of January, Per Bertland bought around 10k shares on-market at roughly €14.43 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €6.9m more in shares than they bought in the last 12 months. Reported Earnings • Jan 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr2.57 (up from kr1.90 in FY 2020). Revenue: kr17.0b (up 21% from FY 2020). Net income: kr979.0m (up 36% from FY 2020). Profit margin: 5.8% (up from 5.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 18%, compared to a 7.7% growth forecast for the industry in Germany. Ankündigung • Jan 12
Beijer Ref AB (publ) (OM:BEIJ B) acquired 80% stake in Deltron D.O.O. Beijer Ref AB (publ) (OM:BEIJ B) acquired 80% stake in Deltron D.O.O. on January 11, 2022. Beijer Ref will have an option to acquire the remaining shares. Deltron will operate under its own brand and the founders will continue to lead the company. Deltron has an annual turnover of SEK 400 million. The acquisition is expected to have a minor
positive impact on the results and position.
Beijer Ref AB (publ) (OM:BEIJ B) completed the acquisition of 80% stake in Deltron D.O.O. on January 11, 2022. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €15.77, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 18x in the Trade Distributors industry in Europe. Total returns to shareholders of 29% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €9.06 per share. Recent Insider Transactions • Oct 27
Director recently bought €162k worth of stock On the 25th of October, Per Bertland bought around 9k shares on-market at roughly €18.03 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €7.6m more in shares than they bought in the last 12 months. 
