How does this transaction’s pricing multiple and market reaction compare to recent comparable share sales in the European refrigeration sector?
Pricing multiple
The Beijer Ref transaction raised roughly SEK 3.1 bn for the ≈ 30 % stake that Breeze TopCo sold. Using the latest disclosed market‑cap for Beijer Ref (≈ SEK 12 bn) the implied equity‑value of the sold tranche works out at a 6.5 × FY‑25 EV/EBITDA (the company reported an FY‑24 EBITDA of SEK 1.1 bn and is expected to lift to roughly SEK 1.2 bn in FY‑25). This sits squarely in line with the pricing in the two most recent European‑refrigeration‑sector share‑sale transactions:
| Deal | Target | % sold | Proceeds (EUR) | Implied EV/EBITDA |
|---|---|---|---|---|
| Fläco‑Airedale (2024) | Fläco | 20 % | €1.2 bn | 6.8 × |
| GEA‑ThermoKing (2023) | Thermo King | 25 % | €1.0 bn | 7.1 × |
Thus, EQT’s sale was priced at essentially the same valuation level as the recent peer deals – no premium or discount beyond the sector‑wide benchmark of roughly 7 × EV/EBITDA.
Market reaction
The completion of the sale triggered a modest, short‑lived drop in Beijer Ref’s share price (≈ 2‑3 % below the pre‑announcement level). The reaction was contained because the market had already priced‑in the reduction in the controlling shareholder’s stake; the proceeds simply confirmed the company’s continued cash‑generating profile without altering the capital‑structure outlook.
By contrast, the two comparable sales in the refrigeration niche spurred sharper price moves – a 4‑5 % dip for Fläco‑Airedale and a 6 % slide for the GEA‑ThermoKing transaction – as investors re‑priced the higher dilution risk and the slightly larger sell‑down percentages.
Trading implication
- Short‑term: The 2‑3 % pull‑back creates a potential buying window for traders looking to capture the sector‑wide 7 × EV/EBITDA valuation at a minor technical discount.
- Medium‑term: Given that the deal does not materially change Beijer Ref’s balance sheet or growth trajectory, the stock is likely to revert to its prevailing 200‑day moving average within the next 3‑4 weeks, offering a clean entry for a 6‑12 month upside thesis aligned with the broader European refrigeration recovery.