Beijer Alma (Swedish serial acquirer) [Final Update Q1-2026]
[If you are looking for something to buy today, you don't need to read this post]
Beijer Alma is a decentralized swedish industrial serial acquirer. It was founded in 1983. It has now two division : Beijer Components and Beijer Tech. Habia Cable was sold in 2022.
Recent changes in its distribution/acquisition policy
Pre-Covid, the company used to distribute about 75% of their earnings. It had an equity ratio of about 60%.
Now the company is distributing only about 35% of their earnings (2020-), the new equity ratio is about 45% (2021-). In short : the company is making more acquisitions than before. The growth was slower before, that is why the share price history doesn't look as sexy as other good serial acquirers. It looks to me that the market had initially not priced entirely the new reality, but it eventually catched up.
They hired a M&A associate in february 2021. He was replaced in january 2024. It looks like the head of M&A might have been alone until 2021.
New financial targets
A day before presenting the 2025-Q4 results, the company announced new financial targets :
• EBITA growth above 15 percent per year over a business cycle
• Capital efficiency (EBITA/working capital) above 50 percent
What they call "capital efficiency" is used by other swedish serial acquirers from the Bergman & Beving "family" (Bergman & Beving, Addtech, Lagercrantz, Momentum, Addlife etc, most of them beeing excellent serial acquirers) as an important indicator under the name P/WC. All those companies usually aim for a "modest" 45% since decades. Lagercrantz recently announced they upgraded their target to 60% (they are curently at 80%).
Beijer Alma is at 45.9% in 2025, but on an adjusted basis. I think it is a good indicator for managers.
Division Beijer Components
Division Lesjöfors has been renamed Beijer Components in march 2026. It produces lots of springs for different uses and other complementary products. The division is geographically diverse (both in term of companies and in term of customers). About 2/3 of the group. (down to 64.5% in 25)
In Q2-2025 the division wrote down some customized inventory and implemented a savings plan, notably the closure of one factory. Bad news on the short term, but the company is taking actions, which is good
In Q3-2025 the division was still implementing the savings plan, that is supposed to be totally implemented at the end of 2025.
Division Beijer Tech
Division Beijer Tech is more diverse in term of businesses, but less in term of geography. It was originally bought in 2010. It still makes about half of its income in Sweden. (total for the group : ~25% in Sweden in 25). It had two sub-divisions : industrial products & Fluid Technologies. In 2020 they expanded the scope of acquisitions with a new sub-division : Niche Technologies (building automation, bus windscreen, equipement for the battery industry etc). https://beijertech.se/en/business-areas
One acquisition was made in october 2025. One acquistion was made in november 2025 (annual sales of 150 MSEK). Clemco Norge (bought in june 24) and Intest (bought in february 25) have been merged into Norspray in 2025. Thanks mainly to acquisitions, the share of total group sales from this division is up to 35.5% in 2025.
Management
If you look at the previous management : ex-CEO Henrik Perbeck (18-25) resigned from his position early 2025 and the company also changed its CFO later in the year.
Johnny Alvarsson has been interim CEO between june and early november 2025.
Oscar Fredell, who became CEO in november 2025 resigned his position in january for personal reasons. I saw his nomination as positive news as he was previously head of division at an other swedish decentrilized serial acquirer (Bergman & Beving)
Johnny Alvarsson has been named interim CEO again in january.
As I already stated in previous quarters, I don't see a problem with that because Johnny Alvarsson is a board member of Beijer Alma since 2017 and has been CEO of the excellent serial acquirer Indutrade in 2005-2016.
The head of Beijer Tech has been promoted in 2019 after having lower responsabilities in the division since 2016, so there is some stability for this division even in the absence of a real CEO and during the short Oscar Fredell CEOship.
Some of the subsidiaries's managing directors in Beijer Tech have been in their positions since 2001/2004/2007/2016 etc
The ex-head of Lesjöfors (now Beijer Components) was hired in his position in 2019 but quit his position during the second quarter 2025. Interim group CEO Johnny Alvarsson was and is again also interim CEO of Beijer Components. I see it as negative news in term of stability/continuity.
Board and major shareholder
Major Shareholder Anders Wall controls the company with his family and fundations (total : 25.3% of capital and 54.3% of voting power). His son Johan Wall is chairman since 2016 and board member since 2000. Among the other board members are Johnny Alvarsson (already mentionned) and Caroline af Ugglas. She seats on the board of Lifco since 2020 so she knows what an excellent decentralized serial acquirer is.
Some numbers
The profitability of 2015-2025 has been quite stable and good :
10.04% (15), 9.29% (16), 9.78% (17). 10.63% (18), 9.32% (19), 9.33% (20), 10.54% (21), 9.20% (22*), 7.77% (23), 9.91% (24), 7.33% (25), 7.88% (r.12m)
*continuing, without the gain on the sale of Habia Cable
Conclusion
At a P/E of 29.81, I think that the company is fairly valued. I sold my remaining shares because there were better opportunities elsewhere, else I might have kept them. Even if you look at the best swedish serial acquirers, (Lifco P/E 34.23 , Indutrade 27.61 , Addtech 42.56 , Lagercrantz 43.80), Beijer Alma doesn't stand out in term of value anymore.
>Previous conclusion after 2025-Q1 : At a P/E of 18.33, I think the company is undervalued. Of course, the company is not as good as other swedish serial acquirers, but the price/value is way better (Lifco P/E 51.12 , Indutrade 34.4 , Addtech 47.57 , Lagercrantz 44.67).
>Previous conclusion after 2025-Q2 : At a P/E of 24, I think that the company is now significantly closer to the right valuation and is not a buy as strong as it was.
>Previous conclusion after 2025-Q3 : At a P/E of about 33 (27 if we make some adjustments), I think Beijer Alma is not a buy anymore. It is still not as good as the best swedish serial acquirers, so it is normal that Beijer Alma is cheaper than them (Lifco 48.6, Indutrade 36.2, Addtech 44.95, Lagercrantz 44.81)$
>Previous conclusion after 2025-Q4 : At a P/E of about 28, I think Beijer Alma is still not a buy anymore, just like last quarter. It is still not as good as the best swedish serial acquirers, so it is normal that Beijer Alma is cheaper than them (Lifco 40.13, Indutrade 33.09, Addtech 42.67, Lagercrantz 39.2)
Depending on where you live, be aware of the 30% swedish witholding tax on the dividend.
Disclaimer
I bought a position in the company at various price between 174.4 to 215.5 SEK both before and after the 2025-Q1 report.
After the 2025-Q2 report, I sold 25% of my position around 263/264
After the publishing of the 2025-Q3 report, I sold some other shares around the price of 294.
Since the publishing of the 2026-Q1 report, I sold my remaining shares around the price of 301 SEK.