Large, mid or small cap or equivalent in any of the Nordic exchanges. The company is a mid-cap comp

A look at the G & L Beijer, or often simply called Beijer, based on my rating criteria. Beijer was founded in 1866 by brothers Gottfried and Lorens Beijer as a trading business. First and foremost with pannmål but trading operations expanded soon to include coal, steel, etc. Today, the company is a refrigeration and air conditioning wholesaler but not to confuse it is in substance only within tssu kylsegmentet it seems when the air operations also faces the right refrigeration sector. Wholesale is the biggest draw. They provide products and services for refrigerator, freezer, technical insulation, heat pumps and climate comfort. A certain house production has also and then focused on coolers and heat exchangers. It operates in 20 countries in Europe, as well as Thailand and South Africa. The largest markets are France, the Netherlands and South Africa.
Large, mid or small cap or equivalent in any of the Nordic exchanges. The company is a mid-cap companies. Owner After a non-cash payment for the takeover of part of their business in 2009 so is Carrier's largest owner of G & L Beijer. Carrier controls 33.3% of the vote so dilution was nasty back in the day. Carrier is an American company and a global leader in the refrigeration and air conditioning by approximately 43,000 employees. Carrier is in turn owned by United Technology Corporation tssu (UTC). A juggernaut that owns several movements such as Pratt & Whitney, Sikorsky Aircraft, Hamilton Sundstrand, Otis, etc. This is followed by Peter Jurgenssen, Johan Magnusson, Per Bertland in descending order by about one tenth. Provides tssu company and it is expected to pay dividends? Yes, dividends are given and have been given a longer time and are expected to be given in future. tssu Dividend growth is around 13% over the most recent seven-year period, while earnings growth was around 6%. Earnings growth has lagged behind the words slightly in relation to the rising dividends. The dividend has been 3.55 / share in terms of a 5 annual average compared to a reported profit of 6.60 / share in the same period. The goal is to distribute 30-70% of the profits. Dividends have been rising steadily all the time, without reduction, even speaking to each. I have made an attempt to assess the free cash flow per share cash flow fluctuates but väldigt.Förvärv by issues, the sale of Beijer Tech, sales of Beijer Alma shares ... yes it happens some extraordinary things almost all the time, it looks like so accounts It is not easy to follow. Moreover, one should of course convert it to per share also ... is a substantial risk to the company's business is strongly influenced by external factors such as commodity prices, interest rate changes, political decisions, and stock market fluctuations? No, not based on what I've seen. Is the company dependent on innovative product? No it is not imperative that you constantly to develop and successfully tssu launch new coolers. Proven ability to turn a profit through high and recession, or at least shown the ability to pay dividends during such periods Yes. It showed fairly good profits even during moments such as the recent financial crisis. Earnings per share for 2011 was 7.60 / share. The gain over a 5 year period in the medium is 6.61 SEK / share and operating income was approximately 7.65 / share in funds over the same period. tssu Interest-bearing debt less than equity tssu Shareholders' equity amounted to SEK 2,433 million. 1455 million tssu SEK in interest-bearing liabilities. Debt / Equity is at 1.09 (2011). Debt increased recently due to the acquisitions made. Indebtedness by the Beijer Tech sales significantly lower (D / E 0.68) but a Debt / Equity round 1 is historically quite normal for the company. Distribution and growth requirements tssu Despite the nice graph below, the profit development has been so exceptional in terms of per share. tssu
The company's sales and profits have indeed risen sharply, but there have been some dilution also in the form of the issuance of shares. This resulted tssu in earnings per share would not have moved as much as the graph above would indicate. ROE has been on a declining trend. 5-year average tssu of ROE is 15.2%, but the last three years, the average 11.1%. This despite the great sales and profit growth. The equity has certainly built up in the company but this seems also meant that it had received a lower gear on it. As I mentioned earlier, so the cash flow is difficult to assess. The company is growing without a doubt, but I find it difficult to say whether the growth benefits shareholders to the extent that it it should be. However, I let the company meet the criterion. The management I have really nothing against the directors, but would in any case make a note about the strong dilution of the shares that have occurred in order to make acquisitions and enter for a global giant "umbrella". It may well be a very good strategy but to me sounds warning bells when choosing to