Buy Or Sell Opportunity • Apr 13
Now 20% overvalued Over the last 90 days, the stock has fallen 4.7% to €12.73. The fair value is estimated to be €10.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Board Change • Apr 10
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. 6 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. 공시 • 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 Buy Or Sell Opportunity • Feb 28
Now 20% overvalued Over the last 90 days, the stock has fallen 5.0% to €13.13. The fair value is estimated to be €10.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. New Risk • Feb 13
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 Italian stocks, typically moving 5.2% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 09
Final dividend of kr0.75 announced Shareholders will receive a dividend of kr0.75. Ex-date: 24th April 2026 Payment date: 30th April 2026 Dividend yield will be 6.3%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • 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. 공시 • 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. 공시 • 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. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: kr1.44 (vs kr1.30 in 3Q 2024) Third quarter 2025 results: EPS: kr1.44 (up from kr1.30 in 3Q 2024). Revenue: kr9.73b (up 2.5% from 3Q 2024). Net income: kr732.0m (up 11% from 3Q 2024). Profit margin: 7.5% (up from 6.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Trade Distributors industry in Europe. Board Change • Oct 23
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. 6 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. 공시 • 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. Upcoming Dividend • Oct 18
Upcoming dividend of kr0.70 per share Eligible shareholders must have bought the stock before 24 October 2025. Payment date: 30 October 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Italian dividend payers (4.9%). Lower than average of industry peers (2.4%). Board Change • Sep 22
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. 6 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. 공시 • 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. 공시 • 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 
