Company Valuation: Beijer Ref AB

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 75,295 55,967 68,369 82,676 75,580 72,349 - -
Change - -25.67% 22.16% 20.93% -8.58% -4.27% - -
Enterprise Value (EV) 1 79,880 63,171 76,769 92,417 85,188 81,603 79,978 77,984
Change - -20.92% 21.53% 20.38% -7.82% -4.21% -1.99% -2.49%
P/E 77.3x 44.8x 27.6x 37.2x 32.5x 27.2x 23.5x 21.3x
PBR 14.1x 8.17x 3.2x 3.58x 3.47x 3x 2.75x 2.54x
PEG - 1.6x 0.6x -3.7x 7.13x 1.9x 1.5x 2.1x
Capitalization / Revenue 4.45x 2.47x 2.13x 2.32x 2.04x 1.83x 1.67x 1.58x
EV / Revenue 4.73x 2.79x 2.39x 2.59x 2.3x 2.06x 1.85x 1.7x
EV / EBITDA 43.5x 23.3x 18.8x 20.3x 17.8x 15.9x 14.1x 12.8x
EV / EBIT 58.7x 29.5x 23.8x 25.9x 22.8x 20.2x 17.6x 15.9x
EV / FCF -707x -454x 55.1x 35.1x - 29.7x 29.2x 24.7x
FCF Yield -0.14% -0.22% 1.81% 2.85% - 3.36% 3.42% 4.04%
Dividend per Share 2 1.1 1.25 1.3 1.4 1.5 1.666 1.84 1.97
Rate of return 0.56% 0.85% 0.96% 0.86% 1.01% 1.17% 1.29% 1.38%
EPS 2 2.56 3.28 4.88 4.39 4.59 5.252 6.083 6.705
Distribution rate 43% 38.1% 26.6% 31.9% 32.7% 31.7% 30.2% 29.4%
Net sales 1 16,904 22,638 32,150 35,662 37,067 39,606 43,246 45,825
EBITDA 1 1,835 2,717 4,090 4,560 4,774 5,143 5,675 6,111
EBIT 1 1,361 2,145 3,219 3,571 3,744 4,038 4,534 4,904
Net income 1 979 1,248 2,375 2,227 2,326 2,659 3,060 3,376
Net Debt 1 4,585 7,204 8,400 9,741 9,608 9,254 7,629 5,635
Reference price 2 197.90 147.10 134.90 163.10 149.10 142.70 142.70 142.70
Nbr of stocks (in thousands) 380,469 380,469 506,811 506,906 506,906 507,003 - -
Announcement Date 1/27/22 1/31/23 1/31/24 1/31/25 1/30/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.94x4.03x19.75x0.96% 93.14B
29.49x3.69x19.78x1.15% 85.45B
26.63x2.38x11.6x1.82% 44.84B
20.76x1.1x8.04x1.74% 36.98B
15.15x2.4x10.96x1.43% 12.41B
25.08x1.47x14.39x4.1% 11.82B
26.43x2.33x13.46x1.14% 8.83B
15.71x2.09x10.17x2.53% 7.74B
26.47x2.02x15.52x1.2% 7.18B
Average 23.74x 2.39x 13.74x 1.79% 34.26B
Weighted average by Cap. 26.31x 3.04x 16.09x 1.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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