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Christian Berner Tech Trade

Christian Berner Tech Trade

Leading partner for technical solutions

Christian Berner Tech Trade is a Nordic-based tech trading company founded in 1887. It owns and develops B2B businesses within the processing, construction and engineering industries. CBTT currently holds eleven different companies, acquired since 2007. The group's operations are primarily focusing on filter technology, instrument & analysis, plants, machines & components, technical plastics, filling machines & products and packaging.

Lower activity in the construction and manufacturer industry, difficulties in improving the Norwegian operation, acquisition integration issues, inflated acquisitions multiples.

SEKm 2021 2022e 2023e
Sales 743 807 823
Sales growth (%) 6,9 8,6 2
EBITDA 59 75 82
EBITDA margin (%) 8 9,2 9,9
EBIT adj 39 49 53
EBIT adj margin (%) 5,3 6,1 6,4
Pretax profit 29 42 49
EPS rep 1,21 1,79 2,03
EPS growth (%) -27,1 47,7 13,7
EPS adj 1,71 1,78 2,03
DPS 0,75 0,89 1,02
EV/EBITDA (x) 13,6 7,1 6,2
EV/EBIT adj (x) 20,5 10,8 9,5
P/E (x) 27,8 11,5 10,1
P/E adj (x) 19,7 11,5 10,1
EV/sales (x) 1,1 0,7 0,6
FCF yield (%) 2,4 17,1 17,2
Dividend yield (%) 2,2 4,4 5
Net IB debt/EBITDA 3 2 1,5
Lease adj. FCF yield (%) -5 11 11,5
Lease adj. ND/EBITDA 1,4 0,9 0,5
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation -29 -28 -29
Of which leasing depreciation -24 -23 -25
EO items -9 -2 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 69 77 82
EBITDA lease Adj margin (%) 9,2 9,5 9,9
Sales 743 807 823
COGS -450 -490 -486
Gross profit 294 317 337
Other operating items -234 -242 -255
EBITDA 59 75 82
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -1 -2 -3
EBITA 31 48 53
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 30 47 53
Other financial items 1 0 0
Net financial items -1 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 42 49
Tax -6 -9 -11
Net profit 23 34 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 34 38
EPS 1,21 1,79 2,03
EPS Adj 1,71 1,78 2,03
Total extraordinary items after tax -9,3 -2,3 0
Tax rate (%) -21 -21 -22,4
Gross margin (%) 39,5 39,2 40,9
EBITDA margin (%) 8 9,2 9,9
EBITA margin (%) 4,2 5,9 6,4
EBIT margin (%) 4 5,8 6,4
Pretax margin (%) 3,9 5,3 6
Net margin (%) 3,1 4,2 4,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 6,9 8,6 2
EBITDA growth (%) -8,4 25,8 9,4
EBIT growth (%) -26,2 55,6 12,9
Net profit growth (%) -29,2 47,5 13,7
EPS growth (%) -27,1 47,7 13,7
Profitability 2021 2022 2023
ROE (%) 12,5 17,1 17,6
ROE Adj (%) 17,6 18,2 17,6
ROCE (%) 7,1 9,4 10,4
ROCE Adj(%) 9,3 9,9 10,4
ROIC (%) 6,7 10,1 11,4
ROIC Adj (%) 8,8 10,6 11,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 69 77 82
EBITDA Adj margin (%) 9,2 9,5 9,9
EBITA Adj 40 50 53
EBITA Adj margin (%) 5,4 6,2 6,4
EBIT Adj 39 49 53
EBIT Adj margin (%) 5,3 6,1 6,4
Pretax profit Adj 38 45 49
Net profit Adj 32 36 38
Net profit to shareholders Adj 32 36 38
Net Adj margin (%) 4,3 4,4 4,6
SEKm 2021 2022e 2023e
EBITDA 59 75 82
Net financial items -1 -4 -4
Paid tax -4 -9 -11
Non-cash items 0 0 0
Cash flow before change in WC 54 61 67
Change in WC -31 11 9
Operating cash flow 22 72 76
CAPEX tangible fixed assets -7 -5 -9
CAPEX intangible fixed assets 0 -1 -1
Acquisitions and disposals -23 0 0
Free cash flow -8 66 66
Dividend paid -14 -14 -17
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -71 25 19
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 194 194 194
Indefinite intangible assets 0 0 0
Definite intangible assets 20 19 18
Tangible fixed assets 21 23 27
Other fixed assets 1 3 3
Fixed assets 336 338 341
Inventories 85 117 99
Receivables 101 117 99
Other current assets 8 14 12
Cash and liquid assets 80 109 137
Total assets 609 695 687
Shareholders equity 187 206 228
Minority 0 0 0
Total equity 187 206 228
Long-term debt 0 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 14 8 8
Lease liability amortisation -24 -24 -22
Other intangible assets 35 36 36
Right-of-use asset 84 85 82
Total other fixed assets 1 1 1
Leasing liability 83 80 80
Total other long-term liabilities 10 10 10
Net IB debt excl. leasing 95 67 39
Net IB debt / EBITDA lease Adj (%) 138,7 86,8 48,2
Other long-term liabilities 1 1 1
Short-term debt 175 175 175
Accounts payable 51 65 60
Other current liabilities 105 158 133
Total liabilities and equity 609 695 687
Net IB debt 177 146 119
Net IB debt excl. pension debt 177 146 119
Capital invested 372 361 355
Working capital 38 25 16
EV breakdown 2021 2022 2023
Market cap. diluted (m) 630 385 385
Net IB debt Adj 177 146 119
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 807 531 503
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 132,4 123,7 119,1
Capital invested turnover (%) 229,1 219,2 235,5
Capital employed turnover (%) 211 188,3 188,3
Inventories / sales (%) 9,2 8,8 9,2
Customer advances / sales (%) 3,2 3,1 4,2
Payables / sales (%) 6,4 6,3 5,9
Working capital / sales (%) 4,3 4 2,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 94,7 70,9 52,2
Net debt / market cap (%) 28,8 38,1 30,9
Equity ratio (%) 30,7 29,7 33,1
Net IB debt adj. / equity (%) 94,7 70,9 52,2
Current ratio (%) 77,8 85,3 88,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 298,2 196,1 145,7
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -5 11 11,5
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,21 1,79 2,03
Dividend per share Adj 0,8 0,9 1
EPS Adj 1,71 1,78 2,03
BVPS 9,96 11 12,13
BVPS Adj -2,26 -1,22 -0,13
Net IB debt / share 9,5 7,8 6,4
Share price 32,72 20,5 20,5
Market cap. (m) 614 385 385
Valuation 2021 2022 2023
P/E 27,8 11,5 10,1
EV/sales 1,09 0,66 0,61
EV/EBITDA 13,6 7,1 6,2
EV/EBITA 26,1 11,2 9,5
EV/EBIT 26,9 11,4 9,5
Dividend yield (%) 2,2 4,4 5
FCF yield (%) 2,4 17,1 17,2
P/BVPS 3,37 1,86 1,69
P/BVPS Adj -14,89 -16,77 -159,82
P/E Adj 19,7 11,5 10,1
EV/EBITDA Adj 11,8 6,9 6,2
EV/EBITA Adj 20,1 10,7 9,5
EV/EBIT Adj 20,5 10,8 9,5
EV/cap. employed 1,8 1,1 1
Investment ratios 2021 2022 2023
Capex / sales 1 0,8 1,2
Capex / depreciation 138,8 127,8 240
Capex tangibles / tangible fixed assets 34,4 23,4 32,9
Capex intangibles / definite intangibles 0 2,3 2,3
Depreciation on intangibles / definite intangibles 2,4 2,1 0
Depreciation on tangibles / tangibles 20,8 17,8 15

Equity research

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Media

Christian Berner Tech Trade - Interview with CEO Bo Söderqvist (Q2 2018)
Christian Berner Tech Trade: Intervju med VD Bo Söderqvist (Q1 2018)

Main shareholders - Christian Berner Tech Trade

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 23.7 % 52.3 %
Lannebo Fonder 11.0 % 6.9 %
Ernström & C:o AB 10.1 % 6.3 %
Ksenia Berner 9.1 % 5.7 %
Isolde Stensdotter Berner 8.7 % 5.4 %
Ruby Stensdotter Berner 8.3 % 5.2 %
Andra AP-fonden 4.5 % 2.8 %
AMF Försäkring & Fonder 3.5 % 2.2 %
Förvaltningsaktiebolaget Zate 2.3 % 1.5 %
Avanza Pension 1.4 % 0.9 %

Insider list - Christian Berner Tech Trade

Name Quantity Code Date
Lars Gatenbeck + 6 000 BUY 7 Nov 2022
Lars Gatenbeck + 5 000 BUY 4 Nov 2022
Caroline Reuterskiöld + 80 000 BUY 23 Sep 2022
Joakim Mikael Nilsson + 20 000 BUY 23 Sep 2022
Henrrik Westerholm + 10 000 BUY 23 Sep 2022
Fredrik Berntsson + 5 000 BUY 23 Sep 2022
Marcus Wigren + 40 000 BUY 23 Sep 2022
Kjell Liane + 20 000 BUY 23 Sep 2022
Saga Lydia Westerholm + 10 000 BUY 23 Sep 2022
Herman Thon + 10 000 BUY 23 Sep 2022

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