olivLaw · European equity research
BE Group AB (publ) BEGR.ST
Sweden · Nasdaq Stockholm · ISIN SE0008321921 · Vertical: Listed companies from Sweden
BE Group AB is a Nordic steel distributor serving construction and manufacturing, active mainly in Sweden and Finland. In fiscal 2025 the company went through a difficult year, with net sales of 3 934 MSEK and a negative operating result, which led to a strategic reorientation under a new CEO.
At the close of 05 Nov 2026, BE Group AB (publ) (BEGR.ST) stock was 23.00 SEK (−0.86% on the day), with market capitalisation 348.2 m SEK, dividend yield 0.00%, beta 0.27, 52-week range 23.00–31.10 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.3
- weak (30–45)
- Bollinger (20, 2)
- 22.58 – 28.11
- in the lower half of the band · %B 0.08 · band width 21.8%
- SMA 50 / 200
- 27.33 / 26.65
- mixed trend
- MACD (12, 26, 9)
- -1.06 / -0.82
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.5% | −0.6% | −10.9 pp | — |
| 3 months | −24.6% | −4.2% | −20.4 pp | — |
| 6 months | −10.9% | +4.3% | −15.2 pp | — |
| Year to date | −14.8% | +7.5% | −22.3 pp | — |
| 1 year | −12.0% | +9.9% | −22.0 pp | −8.2% |
| 3 years | −68.7% | +49.8% | −118.6 pp | +12.3% |
| 5 years | −80.8% | +42.8% | −123.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.3 bn | 4.7 bn | 3.9 bn |
| Revenue YoY | unavailable | −12.4% | −15.7% |
| Net income | -60.0 m | -42.0 m | -538.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -4.59 | -3.21 | -35.54 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.1% | -0.9% | -13.7% |
| Free cash flow | 390.0 m | 69.0 m | -30.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 61.0 m SEK
- Financial debt
- 359.0 m SEK
- Net debt
- 298.0 m SEK
- Equity
- 967.0 m SEK
- Total assets
- 2.2 bn SEK
- Debt / equity
- 0.37x
- Current ratio
- 1.79x
- ROE
- -45.7%
- ROA
- -21.1%
- FCF margin
- -0.8%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.3 bn | 4.7 bn | 3.9 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 4.8 bn | 4.2 bn | 3.5 bn | esef· 26 Oct 2026verified |
| Gross profit | 544.0 m | 517.0 m | 396.0 m | esef· 26 Oct 2026verified |
| Operating income | -52.0 m | -49.0 m | -586.0 m | esef· 26 Oct 2026verified |
| Interest expense | 33.0 m | 40.0 m | 31.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -75.0 m | -71.0 m | -604.0 m | esef· 26 Oct 2026verified |
| Income tax | -15.0 m | -29.0 m | -66.0 m | esef· 26 Oct 2026verified |
| Net income | -60.0 m | -42.0 m | -538.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -4.59 | -3.21 | -35.54 | esef· 26 Oct 2026verified |
| Dividend per share | 11.93 | 0.00 | — | esef· 08 May 2025derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 74.0 m | 9.0 m | 61.0 m | esef· 26 Oct 2026verified |
| Inventories | 792.0 m | 858.0 m | 615.0 m | esef· 26 Oct 2026verified |
| Current assets | 1.5 bn | 1.3 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 213.0 m | 222.0 m | 201.0 m | esef· 26 Oct 2026verified |
| Goodwill | 582.0 m | 592.0 m | 172.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 49.0 m | 138.0 m | 111.0 m | esef· 26 Oct 2026verified |
| Total assets | 3.0 bn | 2.9 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Short-term debt | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Long-term debt | 334.0 m | 350.0 m | 359.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 836.0 m | 830.0 m | 632.0 m | esef· 26 Oct 2026verified |
| Equity | 1.4 bn | 1.4 bn | 967.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 13.1 m | 13.1 m | 15.1 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 491.0 m | 105.0 m | 2.0 m | esef· 26 Oct 2026verified |
| Capex | 101.0 m | 36.0 m | 32.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 390.0 m ≈ | 69.0 m ≈ | -30.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -145.0 m | -84.0 m | -18.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -322.0 m | -86.0 m | 65.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 156.0 m | 0 | — | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 348.2 m SEK
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -32.9% | 9 (vs peers) | 25% |
| Net margin · Quality | -13.7% | 8 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -18.9x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.6% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BE Group AB (publ) (BEGR.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.9 bn SEK in 2025; YoY growth -15.7%; net margin -13.7%; ROE -45.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
What contradicts it
- ROIC: -32.9%
- Net margin: -13.7%
- Interest coverage: -18.9x
- FCF yield: -8.6%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for BEGR.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BE Group AB is a Nordic steel distributor serving construction and manufacturing, active mainly in Sweden and Finland. In fiscal 2025 the company went through a difficult year, with net sales of 3 934 MSEK and a negative operating result, which led to a strategic reorientation under a new CEO.
SWOT
Strengths
- Well-established distribution network in Sweden and Finland, with a diversified customer base across industry and construction 1.
- Numerous suppliers and diversified relationships reduce dependence on any single supplier 1.
- Strengthened balance sheet after the rights issue and a new three-year credit facility 1.
Weaknesses
Opportunities
Risks
- Steel price volatilityhigh
Falls in steel prices can reduce results and generate inventory losses, according to the company's sensitivity analysis 1.
- Economic demand cyclehigh
A weaker economy can reduce demand, sales and inventory turnover 1.
- Geopolitical and supply risksmedium
Wars and tensions can lead to higher energy prices and interruptions in supply chains 1.
- Customer dependencemedium
Customers are concentrated in construction and manufacturing, and lower production would affect volumes 1.
- Refinancing riskmedium
The company is a net borrower, and access to external financing may be limited in periods of stress 1.
Investment thesis
What would need to be true (bull case)
- If the recovery in construction and industrial production consolidates, net sales and margins could gradually recover on the existing customer base.
- European trade measures and internal reorganisation could support a more stable operating profile over the medium term.
- The strengthened balance sheet after the share issue could give flexibility to get through a difficult period.
What would break the thesis
- The negative operating result of fiscal 2025 could persist if demand and steel prices remain weak.
- Weaker-than-market growth in Finland could point to structural competitiveness issues.
- The effects of impairments and new ERP systems could keep weighing on profitability in the following years.
What to watch
- Development of net sales and tonnage in the Swedish and Finnish marketsQ1 2027
- Recovery of operating margin against the company's target2027
- Outcome of the revised strategy announced by the new management2027
- Impact of CBAM and steel price measures on marginsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BE Group is an independent supplier of steel and steel products, distributing long products, flat products, stainless steel and aluminium to customers in construction and manufacturing. Operations are mainly in Sweden and Finland, with sales through three models: stock sales, production services and direct sales. In fiscal 2025 net sales fell to 3 934 MSEK 1, and operating result was affected by goodwill impairment and restructuring costs 1.
Segments
Stock sales
Stock sales were practically flat in fiscal 2025, at 1 748 MSEK 1, remaining the main pillar of revenue as demand weakened.
Production services
Production services fell most sharply, to 1 780 MSEK 1, reflecting lower volumes and weaker industrial demand in the period.
Direct sales
Direct sales reached 406 MSEK 1, down from the prior year, and form the smallest segment of the company.
Market context
Distribution markets in Sweden and Finland were estimated to have declined in fiscal 2025, by about 0.8 percent 1. The company's organic tonnage growth was weaker than the market, particularly in Finland 1. In the short term, developments depend on a recovery in construction and steel prices, which may be influenced by European trade measures.
Competition is fragmented, and geopolitical tensions in the Middle East and Europe could change energy costs and supply chains 1. The exact impact on the company is difficult to quantify at present 1.
Trends
- Construction recoverytailwind
The company has signalled the start of a recovery in construction, which could support demand if confirmed 1.
- European steel price measurestailwind
The introduction of CBAM and other trade measures could support steel prices in Europe and the Nordics over time 1.
- Steel price volatilityheadwind
Steel prices directly influence margins and inventory value, so declines can generate inventory losses 1.
- Geopolitical uncertaintymixed
Tensions in the Middle East and relations with Iran could change energy, transport and raw material costs 1.
Competitive position
The company competes with Nordic and European steel distributors and producers in a fragmented market, where stock availability, delivery times and technical services are decisive 1. The provided sources do not name specific competitors.
Its competitive position depends on regaining market share in Finland and protecting margins in a weak demand environment 1.
- Nordic steel distributors
Regional competitors in Sweden and Finland; not named individually in the provided sources.
- European steel producers
Indirect competitors and suppliers, affected by the same steel prices and trade measures.
- Central European distributors
Competition in wider European markets, not named in the provided sources.
- Steel processing service providers
Competitors for production services, a segment that declined significantly in fiscal 2025.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BE Group AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.