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B3 Consulting Group

B3 Consulting Group

B3 Consulting Group is an IT consulting business with approx. 800 employees in Sweden and Poland. It operates within: Digital innovation, Digital management and Cloud & Technology. The largest segment is Banking & finance, followed by Public sector, Industry and TMT. The financial targets are sales of SEK 1.5bn and an average EBIT margin of 10% by 2025e, a Net debt/EBITDA ratio below 2.0x and a payout ratio of 50%.

Sustainability information

Key risks include a slowdown of the IT market, high employee turnover and wage inflation, increasing competition from IT services brokers and integration risks with respect to acquisitions.

SEKm 2024 2025e 2026e
Sales 1130 1380 1570
Sales growth (%) -1,1 22,1 13,8
EBITDA 58 124 180
EBITDA margin (%) 5,1 9 11,4
EBIT adj. 38 90 140
EBIT adj. margin (%) 3,4 6,5 8,9
Pretax profit 93 76 138
EPS 9,14 5,92 11,06
EPS growth (%) 34 -35,2 86,7
EPS adj. 10,5 7,1 12,11
DPS 0 4,05 6,25
EV/EBITDA (x) 13,7 6 3,7
EV/EBIT adj. (x) 20,6 8,3 4,8
P/E (x) 6,5 10 5,3
P/E adj. (x) 5,6 8,3 4,9
EV/sales (x) 0,7 0,54 0,43
FCF yield (%) -6,8 15,4 23,9
Le. adj. FCF yld. (%) -10,1 12 20,9
Dividend yield (%) 0 6,9 10,6
Net IB debt/EBITDA (x) 3,9 1,3 0,5
Le. adj. ND/EBITDA (x) 2,3 0,5 -0,1
SEKm 2024 2025e 2026e
Sales 1130 1380 1570
COGS -143 -161 -184
Gross profit 987 1218 1386
Other operating items -930 -1094 -1206
EBITDA 58 124 180
Depreciation and amortisation -30 -27 -27
of which leasing depreciation -18 -18 -18
EBITA 28 97 152
EO Items -12 -3 0
Impairment and PPA amortisation -2 -10 -12
EBIT 26 86 140
Net financial items 62 -17 -11
Pretax profit 93 76 138
Tax -8 -17 -28
Net profit 85 59 110
Minority interest -2 -5 -9
Net profit discontinued 0 0 0
Net profit to shareholders 83 54 101
EPS 9,14 5,92 11,06
EPS adj. 10,5 7,1 12,11
Total extraordinary items after tax -11 -3 0
Leasing payments -18 -18 -18
Tax rate (%) 8,4 21,8 20,4
Gross margin (%) 87,4 88,3 88,3
EBITDA margin (%) 5,1 9 11,4
EBITA margin (%) 2,5 7 9,7
EBIT margin (%) 2,3 6,3 8,9
Pre-tax margin (%) 8,2 5,5 8,8
Net margin (%) 7,5 4,3 7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -1,1 22,1 13,8
EBITDA growth (%) -47,9 115,4 45,1
EBITA growth (%) -67,6 246,1 57,7
EBIT growth (%) -69,4 N/A 62,6
Net profit growth (%) 24,6 -30,6 85,7
EPS growth (%) 34 -35,2 86,7
Profitability N/A N/A N/A
ROE (%) 42,8 21,7 33,9
ROE adj. (%) 49,2 26,9 37,9
ROCE (%) 24,2 16,7 24,1
ROCE adj. (%) 27,1 19 25,8
ROIC (%) 6,5 15,6 25,6
ROIC adj. (%) 9,2 16,2 25,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 69 127 180
EBITDA adj. margin (%) 6,1 9,2 11,4
EBITDA lease adj. 51 109 162
EBITDA lease adj. margin (%) 4,5 7,9 10,3
EBITA adj. 40 100 152
EBITA adj. margin (%) 3,5 7,2 9,7
EBIT adj. 38 90 140
EBIT adj. margin (%) 3,4 6,5 8,9
Pretax profit Adj. 107 89 150
Net profit Adj. 98 72 122
Net profit to shareholders adj. 96 67 113
Net adj. margin (%) 8,6 5,2 7,8
SEKm 2024 2025e 2026e
EBITDA 58 124 180
Goodwill 388 397 397
Net financial items 62 -17 -11
Other intangible assets 29 37 32
Paid tax -21 -16 -28
Tangible fixed assets 9 11 13
Non-cash items -105 17 9
Right-of-use asset 102 96 94
Cash flow before change in WC -5 108 149
Total other fixed assets 12 13 13
Change in working capital -8 7 4
Fixed assets 540 553 548
Operating cash flow -13 115 154
Inventories 0 0 0
Capex tangible fixed assets -6 -5 -8
Receivables 214 251 279
Capex intangible fixed assets 0 -7 -11
Other current assets 54 63 70
Acquisitions and Disposals -17 -20 -6
Cash and liquid assets 78 178 251
Free cash flow -36 83 129
Total assets 885 1045 1147
Dividend paid -37 -2 -40
Shareholders equity 233 265 329
Share issues and buybacks -7 0 0
Minority 30 49 55
Leasing liability amortisation -18 -18 -16
Total equity 262 314 384
Other non-cash items -17 -16 6
Long-term debt 197 238 231
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 106 104 104
Total other long-term liabilities 15 31 31
Short-term debt 0 0 0
Accounts payable 62 72 80
Other current liabilities 244 286 317
Total liabilities and equity 885 1045 1147
Net IB debt 225 164 85
Net IB debt excl. pension debt 225 164 85
Net IB debt excl. leasing 120 60 -19
Capital employed 565 656 719
Capital invested 488 478 469
Working capital -37 -45 -49
EV breakdown N/A N/A N/A
Market cap. diluted (m) 538 538 538
Net IB debt adj. 225 164 85
Market value of minority 30 49 55
Reversal of shares and participations -4 -5 -5
Reversal of conv. debt assumed equity N/A N/A N/A
EV 788 745 672
Total assets turnover (%) 148,9 143 143,2
Working capital/sales (%) -3,7 -3 -3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 85,9 52,1 22
Net debt / market cap (%) 41,9 30,4 15,8
Equity ratio (%) 29,6 30,1 33,5
Net IB debt adj. / equity (%) 85,9 52,1 22
Current ratio 1,13 1,37 1,51
EBITDA/net interest 0,9 7,4 16
Net IB debt/EBITDA (x) 3,9 1,3 0,5
Net IB debt/EBITDA lease adj. (x) 2,3 0,5 -0,1
Interest coverage 6,1 4 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 9 9 9
Diluted shares adj. 9 9 9
EPS 9,14 5,92 11,06
Dividend per share 0 4,05 6,25
EPS adj. 10,5 7,1 12,11
BVPS 25,52 29,11 36,13
BVPS adj. -20,2 -18,54 -10,95
Net IB debt/share 24,73 17,96 9,29
Share price 59 59 59
Market cap. (m) 538 538 538
Valuation N/A N/A N/A
P/E (x) 6,5 10 5,3
EV/sales (x) 0,7 0,54 0,43
EV/EBITDA (x) 13,7 6 3,7
EV/EBITA (x) 28,3 7,7 4,4
EV/EBIT (x) 30 8,6 4,8
Dividend yield (%) 0 6,9 10,6
FCF yield (%) -6,8 15,4 23,9
Le. adj. FCF yld. (%) -10,1 12 20,9
P/BVPS (x) 2,31 2,03 1,63
P/BVPS adj. (x) -3,45 -4,08 -7,92
P/E adj. (x) 5,6 8,3 4,9
EV/EBITDA adj. (x) 11,4 5,9 3,7
EV/EBITA adj. (x) 19,8 7,5 4,4
EV/EBIT adj. (x) 20,6 8,3 4,8
EV/CE (x) 1,4 1,1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,9 1,2
Capex/depreciation 0,5 1,4 2
Capex tangibles / tangible fixed assets 65,6 48,8 58,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 44,44 37,8 38,86

Equity research

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Media

B3 Consulting Group - Fireside chat with CEO Martin Stenström
B3 Consulting Group - Company presentation with CEO Martin Stenström

Main shareholders - B3 Consulting Group

Main shareholders Share capital % Voting shares % Verified
Sverre Bjerkeli and companies 24.3 % 24.3 % 27 Mar 2025
Protector Forsikring ASA 13.7 % 13.7 % 27 Mar 2025
Herald Investment Management 4.4 % 4.4 % 30 Sep 2024
Defa Endeavour AS 3.0 % 3.0 % 27 Mar 2025
Amiral Gestion 2.8 % 2.8 % 30 Sep 2024
Sellers Of B3 Poland 2.8 % 2.8 % 14 Aug 2024
Sven Uthorn 2.8 % 2.8 % 27 Mar 2025
Claes Wiberg 2.5 % 2.5 % 27 Mar 2025
Avanza Pension 1.8 % 1.8 % 27 Mar 2025
Helena Lagman 1.2 % 1.2 % 27 Mar 2025
Source: Holdings by Modular Finance AB