Financials Beijer Ref AB

Equities

BEIJ B

SE0015949748

Electrical Components & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 11:29:45 2024-05-15 am EDT			5-day change	1st Jan Change
168.8 ^SEK	-3.71%		+3.18%	+25.09%

Apr. 23	Beijer Ref AB Approves Dividend for the Financial Year 2023, Payable on 30 April 2024 and 30 October 2024	CI
Apr. 23	Transcript : Beijer Ref AB, Q1 2024 Earnings Call, Apr 23, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,772	47,628	75,295	55,967	68,369	85,524	-	-
Enterprise Value (EV) ¹	37,979	50,222	79,880	63,171	76,769	91,972	90,694	89,333
P/E ratio	40.5 x	66.4 x	77.3 x	44.8 x	27.6 x	38 x	31.8 x	28.9 x
Yield	1.27%	0.66%	0.56%	0.85%	0.96%	0.85%	0.93%	1.05%
Capitalization / Revenue	2.35 x	3.39 x	4.45 x	2.47 x	2.13 x	2.43 x	2.23 x	2.05 x
EV / Revenue	2.56 x	3.57 x	4.73 x	2.79 x	2.39 x	2.61 x	2.37 x	2.14 x
EV / EBITDA	22.9 x	34 x	43.5 x	23.3 x	18.8 x	20.4 x	18.3 x	16.2 x
EV / FCF	33.7 x	51.4 x	-707 x	-454 x	55.1 x	28.8 x	32.5 x	28.1 x
FCF Yield	2.96%	1.95%	-0.14%	-0.22%	1.81%	3.47%	3.08%	3.56%
Price to Book	7.85 x	10.8 x	14.1 x	8.17 x	3.2 x	3.83 x	3.54 x	3.25 x
Nbr of stocks (in thousands)	379,610	379,610	380,469	380,469	506,811	506,811	-	-
Reference price ²	91.60	125.5	197.9	147.1	134.9	175.2	175.2	175.2
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/31/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,817	14,062	16,904	22,638	32,150	35,241	38,298	41,803
EBITDA ¹	1,655	1,477	1,835	2,717	4,090	4,512	4,963	5,510
EBIT ¹	1,230	1,036	1,361	2,145	3,219	3,583	3,979	4,371
Operating Margin	8.3%	7.37%	8.05%	9.48%	10.01%	10.17%	10.39%	10.46%
Earnings before Tax (EBT) ¹	1,174	977	1,292	1,721	2,583	3,049	3,545	3,954
Net income ¹	864	722	979	1,248	2,375	2,328	2,686	3,011
Net margin	5.83%	5.13%	5.79%	5.51%	7.39%	6.61%	7.01%	7.2%
EPS ²	2.260	1.890	2.560	3.280	4.880	4.609	5.510	6.071
Free Cash Flow ¹	1,125	977.9	-113	-139	1,393	3,191	2,795	3,179
FCF margin	7.59%	6.95%	-0.67%	-0.61%	4.33%	9.06%	7.3%	7.61%
FCF Conversion (EBITDA)	68%	66.21%	-	-	34.06%	70.73%	56.31%	57.7%
FCF Conversion (Net income)	130.25%	135.45%	-	-	58.65%	137.09%	104.04%	105.58%
Dividend per Share ²	1.167	0.8333	1.100	1.250	1.300	1.498	1.637	1.834
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/31/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,271	4,903	5,938	5,979	5,818	7,378	8,654	8,491	7,627	8,680	9,627	9,564	8,736	8,642	10,318
EBITDA ¹	449	526	739	747	704	863	1,188	1,138	901	917	1,338	1,312	1,056	1,020	1,431
EBIT ¹	326	393	603	607	543	666	970	912	671	684	1,115	1,044	774	787	1,198
Operating Margin	7.63%	8.02%	10.15%	10.15%	9.33%	9.03%	11.21%	10.74%	8.8%	7.88%	11.58%	10.92%	8.86%	9.11%	11.61%
Earnings before Tax (EBT) ¹	303	367	549	567	238	459	877	753	494	543	974	903	655	684	1,094
Net income ¹	250	270	409	425	145	351	705	560	759	399	739	685	497	519	831
Net margin	5.85%	5.51%	6.89%	7.11%	2.49%	4.76%	8.15%	6.6%	9.95%	4.6%	7.68%	7.16%	5.69%	6.01%	8.05%
EPS ²	0.6500	0.7100	1.070	1.120	0.3800	0.8200	1.390	1.100	1.500	0.7900	1.430	1.320	0.9600	1.000	1.600
Dividend per Share ²	1.100	-	-	-	-	-	-	-	-	-	1.300	-	-	-	1.610
Announcement Date	1/27/22	4/21/22	7/15/22	10/20/22	1/31/23	4/25/23	7/20/23	10/24/23	1/31/24	4/23/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,207	2,594	4,585	7,204	8,400	6,448	5,169	3,809
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.938 x	1.756 x	2.499 x	2.651 x	2.054 x	1.429 x	1.041 x	0.6912 x
Free Cash Flow ¹	1,125	978	-113	-139	1,393	3,191	2,795	3,179
ROE (net income / shareholders' equity)	21.4%	16.5%	20.3%	20.4%	11.2%	10.7%	11.5%	11.9%
ROA (Net income/ Total Assets)	8.26%	3.93%	7.33%	7.69%	7%	5.85%	6.5%	6.53%
Assets ¹	10,462	18,366	13,350	16,239	33,931	39,760	41,325	46,115
Book Value Per Share ²	11.70	11.70	14.00	18.00	42.10	45.80	49.50	53.90
Cash Flow per Share ²	-	-	-	-	3.440	5.940	5.260	6.100
Capex ¹	164	352	202	220	360	400	344	404
Capex / Sales	1.11%	2.51%	1.2%	0.97%	1.12%	1.13%	0.9%	0.97%
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/31/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Beijer Ref AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

168.8 SEK

Average target price

171.8 SEK

Spread / Average Target

+1.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electric Equipment Wholesale

	1st Jan change	Capi.
BEIJER REF AB	+25.09%	8.21B
WESCO INTERNATIONAL, INC.	+7.15%	9.13B
REXEL	+10.74%	9.12B
INABA DENKI SANGYO CO.,LTD.	+10.00%	1.36B
TOTECH CORPORATION	+84.28%	760M
ZHONGYEDA ELECTRIC CO., LTD.	-6.86%	684M
SENSHU ELECTRIC CO.,LTD.	+77.78%	646M
TADIRAN GROUP LTD	-1.43%	607M
SOLOMON TECHNOLOGY CORPORATION	+220.97%	606M
TACHIBANA ELETECH CO., LTD.	+2.40%	439M

Electric Equipment Wholesale