Handelsbanken has reiterated its buy recommendation on refrigeration wholesaler Beijer Ref, maintaining a target price of SEK 180.
This is revealed in a recent analyst note.
Handelsbanken's analysts state that the third-quarter report was slightly better than expected, with the most positive aspect being that North America grew organically by 6 percent--even as American manufacturers of heating, ventilation, and air conditioning systems (HVAC) signaled a 30 percent decline in deliveries.
"That Beijer Ref manages to grow in this climate is crucial for investor sentiment, especially with continued inventory reductions expected until the second quarter of 2026. Cash flow was strong, and the company indicates that further acquisitions are imminent. We are raising our earnings forecast slightly for the coming years," the bank writes.
The research firm further notes that despite short-term uncertainty regarding the ownership structure, it sees an attractive price for high and relatively predictable profit growth. The buy recommendation is maintained.
Regarding ownership, the largest shareholder EQT sold shares in the company in August. After the latest sale, EQT retains 41.7 million shares, corresponding to 8.2 percent of the capital.
"Once this so-called 'overhang' disappears, we see a robust investment case, where the company's track record and future prospects support continued value creation," the bank writes.
