Report
Viktor Trollsten
EUR 90.62 For Business Accounts Only

Beijer Ref (Buy, TP: SEK425.00) - Set for a compounder year

In our view, Beijer Ref is well-positioned for accelerating EPS growth in the coming years while an achievable level of M&A is not reflected in the stock price and the growth headwind from falling refrigerant prices is diminishing. In our organic forecasts including announced M&A, we expect a 2020–2023 EPS CAGR of 20%, and with a capital-light business model opening up for further M&A, it deserves a premium valuation in our view. We reiterate our BUY but have cut our target price to SEK425 (430).
Underlying
Beijer Ref AB Class B

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Viktor Trollsten

Other Reports on these Companies
Other Reports from DnB Markets

ResearchPool Subscriptions

Get the most out of your insights

Get in touch