# Beijer Ref (BEIJ-B.ST)

Canonical: https://gigainvestors.com/s/BEIJ-B.ST

Analysis as of: 2026-10-16T07:36:31.355Z. Financial observations: FY2002–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 147.90 per share; close as of 2026-10-15.

Estimated value: low SEK 65.10 per share, central SEK 88.58 per share, high SEK 103.28 per share. Buy at or below the central value SEK 88.58 per share. Valuation as of 2026-10-16T07:36:31.355Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- Recent gross margin fell 21.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 13.5%

- Typical minus recent gross margin: 21.3 pp

- Typical gross margin (annual median): 30.4%

- Recent gross margin (lower of latest and 3-year median): 9.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.2%

- FY2017: 15.0%

- FY2018: 17.4%

- FY2019: 15.8%

- FY2020: 13.7%

- FY2021: 15.0%

- FY2022: 15.6%

- FY2023: 16.6%

- FY2024: 13.5%

- FY2025: 15.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 9.3B

- Net income, five-year total: SEK 9.2B

- Return on incremental invested capital: 28.4%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.6 pp

- Working capital / revenue, final three-year average: 36.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: 1.01×

- FY2024: 1.02×

- FY2025: 1.05×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.0% vs 15.2%

- Per-share earnings: 1.02 to 4.56 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.9%

- Ordinary dilution, 5-year annual growth: 6.0%

- Market cap gain: SEK 68B

- Cumulative retained earnings: SEK 7.0B

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: 6.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.6%

- Per-share value change: SEK 3.55

- Per-share value, starting three-year median: SEK 1.02

- Per-share value, ending three-year median: SEK 4.56

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 19B

- Cumulative net income, 10 years: SEK 12B

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 15.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 1.02

- FY2017: SEK 1.34

- FY2018: SEK 2.02

- FY2019: SEK 2.08

- FY2020: SEK 1.89

- FY2021: SEK 2.33

- FY2022: SEK 3.00

- FY2023: SEK 4.69

- FY2024: SEK 4.39

- FY2025: SEK 4.56

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.7%

- FY2017: 0.1%

- FY2018: 0.8%

- FY2019: -3.5%

- FY2020: -5.3%

- FY2021: 5.8%

- FY2022: 5.3%

- FY2023: 1.6%

- FY2024: -1.8%

- FY2025: -4.2%

## Holders

## Price story

Price needs cash profits to grow 12.4% a year for ten years · sales +3.9%

Story as of 2026-10-16T10:00:07.630Z; price observation 2026-10-15.

Price needs cash profits to grow 12.4% a year for ten years

### Sales · FY2024–2025

sales +3.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 9.0B 

- FY2017: SEK 9.8B 

- FY2018: SEK 13B 

- FY2019: SEK 15B 

- FY2020: SEK 14B 

- FY2021: SEK 17B 

- FY2022: SEK 23B 

- FY2023: SEK 32B 

- FY2024: SEK 36B 

- FY2025: SEK 37B 

### Gross margin · FY2025

gross margin 9.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.1% 

- FY2017: 30.5% 

- FY2018: 31.8% 

- FY2019: 31.5% 

- FY2020: 30.3% 

- FY2021: 29.8% 

- FY2022: 30.2% 

- FY2023: 32.1% 

- FY2024: 32.3% 

- FY2025: 9.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in industrial distribution; annual sales are SEK 37.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2025: revenue 37067000000; grossProfit 3364000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEIJ-B.ST: Beijer Ref AB (publ), together with its subsidiaries, provides commercial and industrial refrigeration, heating, and air conditioning products worldwide. It provides commercial refrigeration systems, which are used in shops, catering, cafes, hotels, and small refrigerated warehouses; and central refrigeration systems, freezer, and refrigeration plants for modern food retailing, as well as for a range of applications, including ice rinks, food processing, manufacturing, and offshore industries. The company also offers HVAC or comfort cooling and heating products, such as products for climate control and ventilation in homes, offices, and shops; and provides air-to-water heat pumps, as well as produces chillers and heat pumps based on natural refrigerants, such as carbon dioxide, ammonia, and propane. The company distributes products through its branch network and logistics centers in EMEA, APAC, and North America regions. The company was formerly known as G & L Beijer AB (publ) and changed its name to Beijer Ref AB (publ) in 2014. The company was founded in 1866 and is headquartered in Malmö, Sweden.

### Why customers stay

Margins ranged from 9.1% to 32.3% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2023: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2024: grossProfit / revenue = 32.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2025: grossProfit / revenue = 9.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); 10-year return on capital observations [[2016,0.12183396782669353],[2017,0.1501491193519524],[2018,0.17379743645743403],[2019,0.15817172199942045],[2020,0.13704357665877342],[2021,0.15009592283275544],[2022,0.1562335563938136],[2023,0.16559614316675103],[2024,0.13515151452197624],[2025,0.15181951520805864]]; median 0.15098431728000553. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2016: growth capex 18136000; upkeep 77963000; owner earnings 388843000. Growth capex / owner earnings = 0.04664093220142834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2017: growth capex 1714000; upkeep 85364000; owner earnings 511271000. Growth capex / owner earnings = 0.0033524295334568166.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2018: growth capex 56152000; upkeep 104411000; owner earnings 769340000. Growth capex / owner earnings = 0.07298723581251462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2019: growth capex 57813000; upkeep 106507000; owner earnings 655657800. Growth capex / owner earnings = 0.08817556963403776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2020: growth capex 0; upkeep 185822000; owner earnings 731142000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2021: growth capex 0; upkeep 202072000; owner earnings 955630200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2022: growth capex 0; upkeep 220000000; owner earnings 1236200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2023: growth capex 0; upkeep 360000000; owner earnings 2407800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2024: growth capex 0; upkeep 445000000; owner earnings 2278800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); FY2025: growth capex 0; upkeep 421000000; owner earnings 2438400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); Dividend observations: [[2016,222553000],[2017,233151000],[2018,243748000],[2019,379610000],[2020,221439000],[2021,379954000],[2022,425000000],[2023,477000000],[2024,700000000],[2025,710000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEIJ-B.ST SharesStats.PercentInsiders = 0.136 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.4% yearly over ten years; actual growth was 17.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.355Z); Ten-year compound average after fade. Initial solved rate 0.16512259026904574. Price 147.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9847730883904288 → FY2025 4.787042944785276. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-11: SEK 22.38 per share

- 2016-12: SEK 21.98 per share

- 2017-01: SEK 21.57 per share

- 2017-02: SEK 23.25 per share

- 2017-03: SEK 23.60 per share

- 2017-04: SEK 22.74 per share

- 2017-05: SEK 23.30 per share

- 2017-06: SEK 23.71 per share

- 2017-07: SEK 24.67 per share

- 2017-08: SEK 25.49 per share

- 2017-09: SEK 26.96 per share

- 2017-10: SEK 29.71 per share

- 2017-11: SEK 30.67 per share

- 2017-12: SEK 32.20 per share

- 2018-01: SEK 34.80 per share

- 2018-02: SEK 32.66 per share

- 2018-03: SEK 35.20 per share

- 2018-04: SEK 41.27 per share

- 2018-05: SEK 45.02 per share

- 2018-06: SEK 49.57 per share

- 2018-07: SEK 58.60 per share

- 2018-08: SEK 58.04 per share

- 2018-09: SEK 56.97 per share

- 2018-10: SEK 44.13 per share

- 2018-11: SEK 47.44 per share

- 2018-12: SEK 44.53 per share

- 2019-01: SEK 41.86 per share

- 2019-02: SEK 45.51 per share

- 2019-03: SEK 45.63 per share

- 2019-04: SEK 61.29 per share

- 2019-05: SEK 64.10 per share

- 2019-06: SEK 68.37 per share

- 2019-07: SEK 65.50 per share

- 2019-08: SEK 67.15 per share

- 2019-09: SEK 68.31 per share

- 2019-10: SEK 79.48 per share

- 2019-11: SEK 75.51 per share

- 2019-12: SEK 83.87 per share

- 2020-01: SEK 88.51 per share

- 2020-02: SEK 79.17 per share

- 2020-03: SEK 54.57 per share

- 2020-04: SEK 61.90 per share

- 2020-05: SEK 85.16 per share

- 2020-06: SEK 85.89 per share

- 2020-07: SEK 104.51 per share

- 2020-08: SEK 105.00 per share

- 2020-09: SEK 90.41 per share

- 2020-10: SEK 75.02 per share

- 2020-11: SEK 89.73 per share

- 2020-12: SEK 114.89 per share

- 2021-01: SEK 106.09 per share

- 2021-02: SEK 109.09 per share

- 2021-03: SEK 117.14 per share

- 2021-04: SEK 120.41 per share

- 2021-05: SEK 131.58 per share

- 2021-06: SEK 139.64 per share

- 2021-07: SEK 166.47 per share

- 2021-08: SEK 181.48 per share

- 2021-09: SEK 159.69 per share

- 2021-10: SEK 161.52 per share

- 2021-11: SEK 163.90 per share

- 2021-12: SEK 181.21 per share

- 2022-01: SEK 147.70 per share

- 2022-02: SEK 131.58 per share

- 2022-03: SEK 156.94 per share

- 2022-04: SEK 147.42 per share

- 2022-05: SEK 142.20 per share

- 2022-06: SEK 128.10 per share

- 2022-07: SEK 147.15 per share

- 2022-08: SEK 126.73 per share

- 2022-09: SEK 125.90 per share

- 2022-10: SEK 156.85 per share

- 2022-11: SEK 164.82 per share

- 2022-12: SEK 134.69 per share

- 2023-01: SEK 147.15 per share

- 2023-02: SEK 162.80 per share

- 2023-03: SEK 181.70 per share

- 2023-04: SEK 167.40 per share

- 2023-05: SEK 160.50 per share

- 2023-06: SEK 137.60 per share

- 2023-07: SEK 143.20 per share

- 2023-08: SEK 125.80 per share

- 2023-09: SEK 115.50 per share

- 2023-10: SEK 105.70 per share

- 2023-11: SEK 116.10 per share

- 2023-12: SEK 134.90 per share

- 2024-01: SEK 142.80 per share

- 2024-02: SEK 145.60 per share

- 2024-03: SEK 159.00 per share

- 2024-04: SEK 158.45 per share

- 2024-05: SEK 170.15 per share

- 2024-06: SEK 163.50 per share

- 2024-07: SEK 170.00 per share

- 2024-08: SEK 176.70 per share

- 2024-09: SEK 166.95 per share

- 2024-10: SEK 159.85 per share

- 2024-11: SEK 172.00 per share

- 2024-12: SEK 163.10 per share

- 2025-01: SEK 165.00 per share

- 2025-02: SEK 160.50 per share

- 2025-03: SEK 140.60 per share

- 2025-04: SEK 147.20 per share

- 2025-05: SEK 141.50 per share

- 2025-06: SEK 149.35 per share

- 2025-07: SEK 164.40 per share

- 2025-08: SEK 160.90 per share

- 2025-09: SEK 146.65 per share

- 2025-10: SEK 150.60 per share

- 2025-11: SEK 150.35 per share

- 2025-12: SEK 149.10 per share

- 2026-01: SEK 126.85 per share

- 2026-02: SEK 141.65 per share

- 2026-03: SEK 128.80 per share

- 2026-04: SEK 129.20 per share

- 2026-05: SEK 128.70 per share

- 2026-06: SEK 142.00 per share

- 2026-07: SEK 134.00 per share

- 2026-08: SEK 138.60 per share

- 2026-09: SEK 149.30 per share

- 2026-10: SEK 146.10 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 13.72 per share, central SEK 18.32 per share, high SEK 21.39 per share

- FY2017: low SEK 15.07 per share, central SEK 19.18 per share, high SEK 22.26 per share

- FY2018: low SEK 21.94 per share, central SEK 29.66 per share, high SEK 34.49 per share

- FY2019: low SEK 22.99 per share, central SEK 32.33 per share, high SEK 37.77 per share

- FY2020: low SEK 28.36 per share, central SEK 39.53 per share, high SEK 46.04 per share

- FY2021: low SEK 30.00 per share, central SEK 42.11 per share, high SEK 49.19 per share

- FY2022: low SEK 43.02 per share, central SEK 60.36 per share, high SEK 70.46 per share

- FY2023: low SEK 48.81 per share, central SEK 67.36 per share, high SEK 78.61 per share

- FY2024: low SEK 58.06 per share, central SEK 80.00 per share, high SEK 93.12 per share

- FY2025: low SEK 66.43 per share, central SEK 89.74 per share, high SEK 104.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Beijer Ref

BEIJ-B · ST

STOXX Europe 600

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: SEK 147.90
Buy up to: SEK 88.58
Expected / yr: 7.2% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 13.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 8.3%
Worst year: 6.6%
Latest · 2025: 9.8%

Gross margin fell 21.3 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 15.1%
Worst year: 12.2%
Latest · 2025: 15.2%

Each $1 of profit left $1.02 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.02×
Annual median: 1.01×
Latest · 2025: 1.05×

Share growth was 2.9% over ten years and 6% over five (either must be at most 1% a year).

Earnings per share

10y median: SEK 2.20
Worst year: SEK 1.02
Latest · 2025: SEK 4.56

Profits were backed by cash: accruals were -4.2% of assets (limit 10%).

Sloan accruals

10y median: 0.5%
Worst year: 5.8%
Latest · 2025: -4.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.4%, three-year average owner earnings per share 4.68 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price SEK 22.38 · Value 18.32 · Buy at or below 18.32; 2016-12 · Price SEK 21.98 · Value 18.32 · Buy at or below 18.32; 2017-01 · Price SEK 21.57 · Value 18.32 · Buy at or below 18.32; 2017-02 · Price SEK 23.25 · Value 19.18 · Buy at or below 19.18; 2017-03 · Price SEK 23.60 · Value 19.18 · Buy at or below 19.18; 2017-04 · Price SEK 22.74 · Value 19.18 · Buy at or below 19.18; 2017-05 · Price SEK 23.30 · Value 19.18 · Buy at or below 19.18; 2017-06 · Price SEK 23.71 · Value 19.18 · Buy at or below 19.18; 2017-07 · Price SEK 24.67 · Value 19.18 · Buy at or below 19.18; 2017-08 · Price SEK 25.49 · Value 19.18 · Buy at or below 19.18; 2017-09 · Price SEK 26.96 · Value 19.18 · Buy at or below 19.18; 2017-10 · Price SEK 29.71 · Value 19.18 · Buy at or below 19.18; 2017-11 · Price SEK 30.67 · Value 19.18 · Buy at or below 19.18; 2017-12 · Price SEK 32.20 · Value 19.18 · Buy at or below 19.18; 2018-01 · Price SEK 34.80 · Value 19.18 · Buy at or below 19.18; 2018-02 · Price SEK 32.66 · Value 29.66 · Buy at or below 29.66; 2018-03 · Price SEK 35.20 · Value 29.66 · Buy at or below 29.66; 2018-04 · Price SEK 41.27 · Value 29.66 · Buy at or below 29.66; 2018-05 · Price SEK 45.02 · Value 29.66 · Buy at or below 29.66; 2018-06 · Price SEK 49.57 · Value 29.66 · Buy at or below 29.66; 2018-07 · Price SEK 58.60 · Value 29.66 · Buy at or below 29.66; 2018-08 · Price SEK 58.04 · Value 29.66 · Buy at or below 29.66; 2018-09 · Price SEK 56.97 · Value 29.66 · Buy at or below 29.66; 2018-10 · Price SEK 44.13 · Value 29.66 · Buy at or below 29.66; 2018-11 · Price SEK 47.44 · Value 29.66 · Buy at or below 29.66; 2018-12 · Price SEK 44.53 · Value 29.66 · Buy at or below 29.66; 2019-01 · Price SEK 41.86 · Value 29.66 · Buy at or below 29.66; 2019-02 · Price SEK 45.51 · Value 32.33 · Buy at or below 32.33; 2019-03 · Price SEK 45.63 · Value 32.33 · Buy at or below 32.33; 2019-04 · Price SEK 61.29 · Value 32.33 · Buy at or below 32.33; 2019-05 · Price SEK 64.10 · Value 32.33 · Buy at or below 32.33; 2019-06 · Price SEK 68.37 · Value 32.33 · Buy at or below 32.33; 2019-07 · Price SEK 65.50 · Value 32.33 · Buy at or below 32.33; 2019-08 · Price SEK 67.15 · Value 32.33 · Buy at or below 32.33; 2019-09 · Price SEK 68.31 · Value 32.33 · Buy at or below 32.33; 2019-10 · Price SEK 79.48 · Value 32.33 · Buy at or below 32.33; 2019-11 · Price SEK 75.51 · Value 32.33 · Buy at or below 32.33; 2019-12 · Price SEK 83.87 · Value 32.33 · Buy at or below 32.33; 2020-01 · Price SEK 88.51 · Value 32.33 · Buy at or below 32.33; 2020-02 · Price SEK 79.17 · Value 39.53 · Buy at or below 39.53; 2020-03 · Price SEK 54.57 · Value 39.53 · Buy at or below 39.53; 2020-04 · Price SEK 61.90 · Value 39.53 · Buy at or below 39.53; 2020-05 · Price SEK 85.16 · Value 39.53 · Buy at or below 39.53; 2020-06 · Price SEK 85.89 · Value 39.53 · Buy at or below 39.53; 2020-07 · Price SEK 104.51 · Value 39.53 · Buy at or below 39.53; 2020-08 · Price SEK 105.00 · Value 39.53 · Buy at or below 39.53; 2020-09 · Price SEK 90.41 · Value 39.53 · Buy at or below 39.53; 2020-10 · Price SEK 75.02 · Value 39.53 · Buy at or below 39.53; 2020-11 · Price SEK 89.73 · Value 39.53 · Buy at or below 39.53; 2020-12 · Price SEK 114.89 · Value 39.53 · Buy at or below 39.53; 2021-01 · Price SEK 106.09 · Value 39.53 · Buy at or below 39.53; 2021-02 · Price SEK 109.09 · Value 42.11 · Buy at or below 42.11; 2021-03 · Price SEK 117.14 · Value 42.11 · Buy at or below 42.11; 2021-04 · Price SEK 120.41 · Value 42.11 · Buy at or below 42.11; 2021-05 · Price SEK 131.58 · Value 42.11 · Buy at or below 42.11; 2021-06 · Price SEK 139.64 · Value 42.11 · Buy at or below 42.11; 2021-07 · Price SEK 166.47 · Value 42.11 · Buy at or below 42.11; 2021-08 · Price SEK 181.48 · Value 42.11 · Buy at or below 42.11; 2021-09 · Price SEK 159.69 · Value 42.11 · Buy at or below 42.11; 2021-10 · Price SEK 161.52 · Value 42.11 · Buy at or below 42.11; 2021-11 · Price SEK 163.90 · Value 42.11 · Buy at or below 42.11; 2021-12 · Price SEK 181.21 · Value 42.11 · Buy at or below 42.11; 2022-01 · Price SEK 147.70 · Value 42.11 · Buy at or below 42.11; 2022-02 · Price SEK 131.58 · Value 60.36 · Buy at or below 60.36; 2022-03 · Price SEK 156.94 · Value 60.36 · Buy at or below 60.36; 2022-04 · Price SEK 147.42 · Value 60.36 · Buy at or below 60.36; 2022-05 · Price SEK 142.20 · Value 60.36 · Buy at or below 60.36; 2022-06 · Price SEK 128.10 · Value 60.36 · Buy at or below 60.36; 2022-07 · Price SEK 147.15 · Value 60.36 · Buy at or below 60.36; 2022-08 · Price SEK 126.73 · Value 60.36 · Buy at or below 60.36; 2022-09 · Price SEK 125.90 · Value 60.36 · Buy at or below 60.36; 2022-10 · Price SEK 156.85 · Value 60.36 · Buy at or below 60.36; 2022-11 · Price SEK 164.82 · Value 60.36 · Buy at or below 60.36; 2022-12 · Price SEK 134.69 · Value 60.36 · Buy at or below 60.36; 2023-01 · Price SEK 147.15 · Value 60.36 · Buy at or below 60.36; 2023-02 · Price SEK 162.80 · Value 67.36 · Buy at or below 67.36; 2023-03 · Price SEK 181.70 · Value 67.36 · Buy at or below 67.36; 2023-04 · Price SEK 167.40 · Value 67.36 · Buy at or below 67.36; 2023-05 · Price SEK 160.50 · Value 67.36 · Buy at or below 67.36; 2023-06 · Price SEK 137.60 · Value 67.36 · Buy at or below 67.36; 2023-07 · Price SEK 143.20 · Value 67.36 · Buy at or below 67.36; 2023-08 · Price SEK 125.80 · Value 67.36 · Buy at or below 67.36; 2023-09 · Price SEK 115.50 · Value 67.36 · Buy at or below 67.36; 2023-10 · Price SEK 105.70 · Value 67.36 · Buy at or below 67.36; 2023-11 · Price SEK 116.10 · Value 67.36 · Buy at or below 67.36; 2023-12 · Price SEK 134.90 · Value 67.36 · Buy at or below 67.36; 2024-01 · Price SEK 142.80 · Value 67.36 · Buy at or below 67.36; 2024-02 · Price SEK 145.60 · Value 80.00 · Buy at or below 80.00; 2024-03 · Price SEK 159.00 · Value 80.00 · Buy at or below 80.00; 2024-04 · Price SEK 158.45 · Value 80.00 · Buy at or below 80.00; 2024-05 · Price SEK 170.15 · Value 80.00 · Buy at or below 80.00; 2024-06 · Price SEK 163.50 · Value 80.00 · Buy at or below 80.00; 2024-07 · Price SEK 170.00 · Value 80.00 · Buy at or below 80.00; 2024-08 · Price SEK 176.70 · Value 80.00 · Buy at or below 80.00; 2024-09 · Price SEK 166.95 · Value 80.00 · Buy at or below 80.00; 2024-10 · Price SEK 159.85 · Value 80.00 · Buy at or below 80.00; 2024-11 · Price SEK 172.00 · Value 80.00 · Buy at or below 80.00; 2024-12 · Price SEK 163.10 · Value 80.00 · Buy at or below 80.00; 2025-01 · Price SEK 165.00 · Value 80.00 · Buy at or below 80.00; 2025-02 · Price SEK 160.50 · Value 89.74 · Buy at or below 89.74; 2025-03 · Price SEK 140.60 · Value 89.74 · Buy at or below 89.74; 2025-04 · Price SEK 147.20 · Value 89.74 · Buy at or below 89.74; 2025-05 · Price SEK 141.50 · Value 89.74 · Buy at or below 89.74; 2025-06 · Price SEK 149.35 · Value 89.74 · Buy at or below 89.74; 2025-07 · Price SEK 164.40 · Value 89.74 · Buy at or below 89.74; 2025-08 · Price SEK 160.90 · Value 89.74 · Buy at or below 89.74; 2025-09 · Price SEK 146.65 · Value 89.74 · Buy at or below 89.74; 2025-10 · Price SEK 150.60 · Value 89.74 · Buy at or below 89.74; 2025-11 · Price SEK 150.35 · Value 89.74 · Buy at or below 89.74; 2025-12 · Price SEK 149.10 · Value 89.74 · Buy at or below 89.74; 2026-01 · Price SEK 126.85 · Value 89.74 · Buy at or below 89.74; 2026-02 · Price SEK 141.65 · Value 88.58 · Buy at or below 88.58; 2026-03 · Price SEK 128.80 · Value 88.58 · Buy at or below 88.58; 2026-04 · Price SEK 129.20 · Value 88.58 · Buy at or below 88.58; 2026-05 · Price SEK 128.70 · Value 88.58 · Buy at or below 88.58; 2026-06 · Price SEK 142.00 · Value 88.58 · Buy at or below 88.58; 2026-07 · Price SEK 134.00 · Value 88.58 · Buy at or below 88.58; 2026-08 · Price SEK 138.60 · Value 88.58 · Buy at or below 88.58; 2026-09 · Price SEK 149.30 · Value 88.58 · Buy at or below 88.58; 2026-10 · Price SEK 146.10 · Value 88.58 · Buy at or below 88.58; 2026-10 · Price SEK 147.90 · Value 88.58 · Buy at or below 88.58

SEK per share · annual estimates

Price & return math
Value range	SEK 65.10 – SEK 103.28
Buy at or below	Central value SEK 88.58
Discount to value	1 − 147.90 / 88.58 = -67.0%
Return / year	About 7.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 4.68/share; 6.8% growth for 5 years, then fades to 3.0%; excess cash SEK 3.51/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 37B

Revenue

Owner earningsSEK 2.4B

Owner earnings

Operating margin9.8%

Operating margin

Net cash / debtSEK -9.5B

Net cash / debt

Diluted shares509M

Diluted shares

Prices 15 Oct 2026 · FY2025