Beijer Ref: Resilient end-markets with a scalable US platform; initiate at OW, SEK155 PT

Research evidence excerpt

Beijer Ref: Resilient end-markets with a scalable US platform; initiate at OW, SEK155 PT

Equity Research

European Capital Goods

19 May 2026

Beijer Ref

Resilient end-markets with a

scalable US platform; initiate at Initiating Coverage

BEIJb.ST/BEIJB SS OVERWEIGHTOW, SEK155 PT

from Not Rated

Significant exposure to the critical R&M market, exclusive European Capital Goods NEUTRAL

distribution agreements and a supportive inflationary Unchanged

environment should help deliver solid organic growth in the Price Target SEKfrom155.00N/A

MT, while a scalable US platform, strong balance sheet and Price (18-May-26) SEK 126.00

M&A discipline position the group well to act as a Potential Upside/Downside +23.0% Source: Bloomberg, Barclays Research

consolidator.

Market Cap (SEK mn) 64144

Where are we different? While our estimates are largely in line with consensus, we believe that Shares Outstanding (mn) 509.09

an inflationary backdrop and the platform to support consolidation in the US should benefit the Free Float (%) 89.82

group. The group's average transaction multiples of 8.4x EV/EBITA and 0.8x EV/Sales since 2018 52 Wk Avg Daily Volume (mn) 0.8

provide us with comfort that Beijer takes a disciplined approach, and with leverage below 2.0x, Dividend Yield (%) 1.19

we see scope for outcomes to be c.20% above 2028e consensus should the group pursue US Return on Equity TTM (%) 10.31

M&A opportunities. Current BVPS (SEK) 45.26

Source: Bloomberg

What is our investment thesis? Beijer is a global leader in the distribution of refrigeration, air-

conditioning and heating, and we like its significant exposure to the critical repairs and Price Performance Exchange-STO

maintenance end-market (often associated with emergency 'no cool' situations). The group 52 Week range SEK 174.35-121.95