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Beijer Ref (OM:BEIJ B) Stock Faces Narratives Test As Q2 EPS Climbs To 1.63 SEK

Simply Wall St · 2d ago

Beijer Ref (OM:BEIJ B) has put fresh numbers on the table for Q2 2026, with revenue of about SEK 10.8b and basic EPS of 1.63 SEK as investors weigh the latest print against the current share price of SEK 144.70. Over the past few quarters, the company has seen revenue move from SEK 10.2b in Q2 2025 to SEK 9.7b in Q3 2025, SEK 8.3b in Q4 2025, SEK 8.5b in Q1 2026 and now SEK 10.8b. Quarterly basic EPS has ranged from 1.56 SEK in Q2 2025 to 1.44 SEK in Q3 2025, 0.64 SEK in Q4 2025, 0.94 SEK in Q1 2026 and 1.63 SEK in Q2 2026. With a trailing net profit margin of 6.3%, the latest set of results puts profitability and revenue scale in clear focus for anyone tracking how Beijer Ref is turning top line into bottom line.

See our full analysis for Beijer Ref.

With the headline figures in place, the next step is to see how these results line up with the widely followed Beijer Ref narratives, highlighting where the story around growth, risks and margins is reinforced and where it is challenged.

See what the community is saying about Beijer Ref

OM:BEIJ B Revenue & Expenses Breakdown as at Jul 2026
OM:BEIJ B Revenue & Expenses Breakdown as at Jul 2026

TTM earnings of SEK 2.4b vs mixed quarterly pattern

  • Over the last twelve months, Beijer Ref generated SEK 37.3b in revenue and SEK 2.4b in net income (excluding extra items), giving trailing basic EPS of 4.66 SEK compared with single quarter EPS figures that ranged from 0.64 SEK to 1.63 SEK across the last five reported quarters.
  • What stands out for the bullish narrative is that this SEK 2.4b trailing net income and 4.66 SEK trailing EPS sit alongside five year earnings growth of 19.7% per year. However, recent quarterly EPS swings, such as 0.64 SEK in Q4 2025 versus 1.63 SEK in Q2 2026, show the path to the bullish target of SEK 3.9b earnings and 7.56 SEK EPS by 2029 could be uneven quarter to quarter.
    • Bulls point to forecast earnings growth of about 9.9% per year and expect margins to rise from 6.3% to 8.0%, while the latest trailing net margin is 6.3%, only slightly different from 6.4% a year earlier.
    • The contrast between a SEK 2.4b trailing profit base and the SEK 3.9b bullish earnings goal highlights how much of the upside case depends on those margin gains materialising on a revenue base that was SEK 37.3b over the last twelve months.

For a fuller picture of how optimists think this recent EPS pattern ties into longer term growth, you can see how bullish analysts frame Beijer Ref's story in the 🐂 Beijer Ref Bull Case

DCF fair value vs 31x P/E on SEK 144.70

  • At a share price of SEK 144.70 and trailing basic EPS of 4.66 SEK, Beijer Ref trades on a P/E of about 31x, while a DCF fair value in the data is SEK 121.78 and the stock is compared with a peer average P/E of 37.5x and a broader European Trade Distributors industry average of 19.2x.
  • Critics highlight that the share price sitting above the DCF fair value of SEK 121.78 and the P/E premium to the 19.2x industry average sit awkwardly next to the bearish narrative. That view already assumes Beijer Ref would trade on a lower 24.1x multiple by 2029 even as earnings move from SEK 2.4b trailing profit to SEK 3.0b, so the current 31x multiple leaves less room for the valuation reset that cautious investors expect.
    • Bears also focus on the slightly lower trailing net margin of 6.3% versus 6.4% a year earlier, arguing that if margins do not push toward their assumed 7.1% level, paying 31x trailing earnings could look demanding against the wider industry.
    • At the same time, the P/E sitting below the 37.5x peer average means the stock is not the most expensive in its immediate comparison group, which partially softens but does not remove the valuation concerns built into the bearish view.

If you want to see how skeptics connect these valuation trade offs to their downside case for Beijer Ref, it is worth reading through the 🐻 Beijer Ref Bear Case

6.3% margin and 5.6% revenue growth outlook

  • Beijer Ref's trailing net profit margin is 6.3% compared with 6.4% a year earlier, and revenue in the latest quarter was SEK 10.8b within a last twelve month revenue figure of SEK 37.3b, while revenue growth is forecast at about 5.6% per year and earnings growth at about 9.9% per year.
  • Consensus narrative notes that this combination of a broadly steady 6.3% margin, revenue growth forecasts of 5.6% per year and high quality past earnings underpins expectations for earnings to reach around SEK 3.3b by 2029. However, the small margin movement over the last year and the current TTM profit of SEK 2.4b show that most of the step up analysts are talking about still lies ahead rather than in the numbers just reported.
    • Analysts also point to a P/E of about 31x and a consensus price target of SEK 162.00 compared with the SEK 144.70 share price, so much of the expected value depends on margins lifting from 6.3% to 7.6% while revenue moves up from the SEK 37.3b trailing level.
    • The fact that forecasts see Beijer Ref's revenue growth at 5.6% per year compared with a Swedish market forecast of a 1.7% decline provides context for why a premium P/E to the broader industry can coexist with only a slight margin difference year on year.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Beijer Ref on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Given the mix of bullish, bearish and consensus views on Beijer Ref, it makes sense to look at the underlying data directly and move quickly to shape your own view based on the company's potential rewards, starting with the 2 key rewards

See What Else Is Out There

For Beijer Ref, the mix of a 31x P/E, only slightly shifting margins and reliance on future earnings growth expectations leaves valuation looking exposed.

If that combination makes you cautious about paying up for Beijer Ref today, it is worth hunting for companies priced more conservatively using the 227 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.