Beijer Ref AB (publ) (BEIJ-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-34.8%

SEK 102.00

vs SEK 156.40 price

Levered DCF

SEK 224.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.99

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.48×	37.15×	27.64×	44.9×	76.78×	66.02×	40.32×	24.62×
P/B	3.47×	3.44×	3.08×	8.48×	14.55×	10.79×	8.12×	5.11×
P/S	2.04×	2.32×	2.04×	2.47×	4.45×	3.39×	2.35×	1.45×
EV / EBITDA	18.41×	20.01×	18.19×	25.48×	43.22×	33.94×	22.73×	17.71×
Gross margin	9.1%	32.3%	32.1%	30.2%	29.8%	30.3%	31.5%	31.8%
Operating margin	9.8%	10.0%	9.8%	8.4%	8.0%	7.4%	8.3%	8.3%
Net margin	6.3%	6.2%	7.4%	5.5%	5.8%	5.1%	5.8%	5.9%
Current ratio	1.5×	1.91×	2.15×	1.68×	1.87×	2.37×	1.59×	2.36×
Debt / equity	0.59×	0.53×	0.48×	1.3×	1.05×	0.89×	0.9×	0.9×
Interest coverage	7.34×	5.42×	5.12×	10.38×	17.3×	15.54×	18.7×	24.73×
Dividend yield	0.9%	0.8%	0.7%	0.7%	0.5%	0.5%	1.1%	1.3%
Payout ratio	30.5%	31.4%	20.1%	33.6%	38.8%	30.7%	44.0%	31.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	9.3%	11.1%	18.9%	18.9%	16.4%	20.2%	20.8%
Return on invested capital	7.2%	6.7%	8.8%	8.2%	9.0%	8.8%	10.7%	10.9%
Return on assets	5.2%	4.8%	6.1%	5.7%	6.4%	6.3%	7.8%	7.8%
Free cash flow yield	5.0%	3.2%	2.1%	-0.2%	-0.2%	2.4%	3.1%	2.8%
Earnings yield	3.1%	2.7%	3.6%	2.2%	1.3%	1.5%	2.5%	4.1%
Enterprise value	SEK 85.1B	SEK 92.3B	SEK 74B	SEK 63.1B	SEK 79.7B	SEK 50.4B	SEK 37.8B	SEK 21.3B
Net debt / EBITDA	2.06×	2.08×	2.04×	2.87×	2.41×	1.88×	1.84×	2×
Cash conversion cycle (days)	139	181	168	171	158	119	135	146