DB:BRZ

Stock Analysis Report

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Executive Summary

Beijer Ref AB (publ), together with its subsidiaries, engages in the wholesale of refrigeration products for refrigeration installation contractors, and service and contracting companies.


Snowflake Analysis

Flawless balance sheet with questionable track record.


Similar Companies

Share Price & News

How has Beijer Ref's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BRZ's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

4.4%

BRZ

4.1%

DE Trade Distributors

1.5%

DE Market


1 Year Return

36.0%

BRZ

9.9%

DE Trade Distributors

-0.2%

DE Market

Return vs Industry: BRZ exceeded the German Trade Distributors industry which returned 9.4% over the past year.

Return vs Market: BRZ exceeded the German Market which returned 0.1% over the past year.


Shareholder returns

BRZIndustryMarket
7 Day4.4%4.1%1.5%
30 Day34.6%12.6%5.7%
90 Day6.4%12.6%-2.7%
1 Year37.0%36.0%12.3%9.9%1.5%-0.2%
3 Yearn/a-8.4%-14.6%-7.1%-14.3%
5 Yearn/a-2.7%-12.8%5.2%-8.3%

Price Volatility Vs. Market

How volatile is Beijer Ref's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Beijer Ref undervalued compared to its fair value and its price relative to the market?

42.64x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BRZ (€25.74) is trading above our estimate of fair value (€15.43)

Significantly Below Fair Value: BRZ is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BRZ is poor value based on its PE Ratio (42.6x) compared to the Trade Distributors industry average (15.4x).

PE vs Market: BRZ is poor value based on its PE Ratio (42.6x) compared to the German market (19.3x).


Price to Earnings Growth Ratio

PEG Ratio: BRZ is poor value based on its PEG Ratio (3.5x)


Price to Book Ratio

PB vs Industry: BRZ is overvalued based on its PB Ratio (7.8x) compared to the DE Trade Distributors industry average (1x).


Next Steps

Future Growth

How is Beijer Ref forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

12.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BRZ's forecast earnings growth (12.2% per year) is above the savings rate (0.2%).

Earnings vs Market: BRZ's earnings (12.2% per year) are forecast to grow slower than the German market (21.7% per year).

High Growth Earnings: BRZ's earnings are forecast to grow, but not significantly.

Revenue vs Market: BRZ's revenue (4.8% per year) is forecast to grow slower than the German market (5.8% per year).

High Growth Revenue: BRZ's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BRZ's Return on Equity is forecast to be low in 3 years time (17.8%).


Next Steps

Past Performance

How has Beijer Ref performed over the past 5 years?

22.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BRZ has high quality earnings.

Growing Profit Margin: BRZ's current net profit margins (5.6%) are lower than last year (5.9%).


Past Earnings Growth Analysis

Earnings Trend: BRZ's earnings have grown significantly by 22.5% per year over the past 5 years.

Accelerating Growth: BRZ's earnings growth over the past year (1%) is below its 5-year average (22.5% per year).

Earnings vs Industry: BRZ earnings growth over the past year (1%) underperformed the Trade Distributors industry 3.4%.


Return on Equity

High ROE: BRZ's Return on Equity (18.6%) is considered low.


Next Steps

Financial Health

How is Beijer Ref's financial position?


Financial Position Analysis

Short Term Liabilities: BRZ's short term assets (SEK7.7B) exceed its short term liabilities (SEK6.2B).

Long Term Liabilities: BRZ's short term assets (SEK7.7B) exceed its long term liabilities (SEK1.2B).


Debt to Equity History and Analysis

Debt Level: BRZ's debt to equity ratio (3.9%) is considered satisfactory.

Reducing Debt: BRZ's debt to equity ratio has reduced from 52.2% to 3.9% over the past 5 years.

Debt Coverage: BRZ's debt is well covered by operating cash flow (684.7%).

Interest Coverage: BRZ's interest payments on its debt are well covered by EBIT (19.5x coverage).


Balance Sheet


Next Steps

Dividend

What is Beijer Ref's current dividend yield, its reliability and sustainability?

0.63%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: BRZ's dividend (0.63%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.28%).

High Dividend: BRZ's dividend (0.63%) is low compared to the top 25% of dividend payers in the German market (3.94%).


Stability and Growth of Payments

Stable Dividend: BRZ is not paying a notable dividend for the German market, therefore no need to check if payments are stable.

Growing Dividend: BRZ is not paying a notable dividend for the German market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: BRZ is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BRZ's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.5yrs

Average management tenure


CEO

Per Bertland (62yo)

6.92yrs

Tenure

kr9,081,000

Compensation

Mr. Per Bertland has been the Chief Executive Officer, President and Managing Director of Beijer Ref AB (publ) (formerly, G&L Beijer AB) since July 1, 2013. He also serves as Partner at Small Cap Partners. ...


Leadership Team

NamePositionTenureCompensationOwnership
Per Bertland
CEO, President & MD6.92yrskr9.08m1.29% SEK43.5m
Maria Rydén
CFO & Executive VP2.67yrsno data0.0012% SEK40.2k
Katarina Olsson
General Counsel & Executive VP4.42yrsno data0.00075% SEK25.4k
Yann Talhouet
COO & Executive VP of Toshiba HVACno datano datano data
Simon Karlin
COO & Executive VP of ARW - EMEAno datano data0.037% SEK1.3m
Jonas Steen
COO & Executive VP of ARW APACno datano data0.0047% SEK160.3k
Robert Schweig
CSCO & Executive VP of Beijer Ref ARW Procurement1.08yrsno datano data
Olivier Gandy
Chief Financial Officer of Toshiba HVACno datano datano data

3.5yrs

Average Tenure

51yo

Average Age

Experienced Management: BRZ's management team is considered experienced (3.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Joen Magnusson
Independent Director35.42yrskr2.73m2.53% SEK85.6m
Bernt Ingman
Independent Chairmanno datano data0.11% SEK3.7m
Peter Jürgensen
Independent Director21.42yrsno data1.33% SEK44.9m
William Striebe
Independent Director11.42yrsno datano data
Frida Sams
Independent Director5.42yrsno data0.0079% SEK268.2k
Christopher Nelson
Independent Director1.17yrsno datano data
Monica Gimre
Independent Director5.42yrsno datano data

8.4yrs

Average Tenure

65yo

Average Age

Experienced Board: BRZ's board of directors are considered experienced (8.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BRZ insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Beijer Ref AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Beijer Ref AB (publ)
  • Ticker: BRZ
  • Exchange: DB
  • Founded: 1866
  • Industry: Trading Companies and Distributors
  • Sector: Capital Goods
  • Market Cap: kr35.329b
  • Listing Market Cap: kr3.382b
  • Shares outstanding: 126.54m
  • Website: https://www.beijerref.com

Number of Employees


Location

  • Beijer Ref AB (publ)
  • Stortorget 8
  • Malmö
  • Skåne County
  • 211 34
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BEIJ BOM (OMX Nordic Exchange Stockholm)YesClass B SharesSESEKAug 1992
0A0HLSE (London Stock Exchange)YesClass B SharesGBSEKAug 1992
BEIJBsBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBSEKAug 1992
BRZDB (Deutsche Boerse AG)YesClass B SharesDEEURAug 1992

Biography

Beijer Ref AB (publ), together with its subsidiaries, engages in the wholesale of refrigeration products for refrigeration installation contractors, and service and contracting companies. It markets and sells refrigeration systems, components for refrigeration systems, and air-conditioning and heat pumps. The company also manufactures and sells its refrigeration systems and heat pumps on an original equipment manufacturing basis. It operates in the Nordic countries, Central Europe, Southern Europe, Eastern Europe, Africa, and the Asia Pacific. The company was formerly known as G & L Beijer AB (publ) and changed its name to Beijer Ref AB (publ) in May 2014. Beijer Ref AB (publ) was founded in 1866 and is headquartered in Malmö, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 02:16
End of Day Share Price2020/05/29 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.