BEIJBS:AQUISEUBeijer Ref AB Class B Analysis

The stock is trading at SEK 129.2, well under its 20‑day (SEK 135.5), 50‑day (SEK 138.5) and 200‑day (SEK 149.8) simple moving averages, indicating a short‑term price weakness. Technical momentum is bearish with an RSI of 32.9 (near‑oversold), a MACD histogram below zero and a “bearish” signal line, and the price is hovering just above the identified support at SEK 127.6 while facing resistance near SEK 140.8. Volatility is elevated at over 32% 30‑day**, and the beta (≈1.1) suggests the stock moves with the market, adding to price risk.
Fundamentally, the company appears undervalued: a discounted cash‑flow model places fair value around SEK 154, well above the current price, and its PE of 28.1 is slightly below the industry average of 29.3. Despite a -6.2% revenue decline, the firm posted record operating cash flow, a strong EBITDA margin and a healthy free cash flow generation, supporting a 1.16% dividend yield with a payout ratio of roughly 30%, which is sustainable. The balance sheet shows moderate leverage (debt‑to‑equity ~59%) and solid ROE (~10%). These fundamentals, combined with the dividend and long‑term HVAC/heat‑pump tailwinds, provide a value‑oriented upside potential despite the current technical weakness.