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Bergs Timber

Bergs Timber

Timber pure-play

Bergs Timber is a Swedish company, which owns and develops companies that produce and sell processed timber products. Bergs Timber operates through its main segments Wood Protection, Sawn Wood and Joinery. It produces products such as sawn wood, treated wood, custom-made windows/ doors, houses, and outdoor furniture/gardening products. The company has operations in Sweden, Estonia, Latvia, and the UK, and its products are sold to ~20 countries.

Risks include higher raw material costs, lower product prices and changes in the general economic cycle.

SEKm 2022 2023e 2024e
Sales 3280 2716 2808
Sales growth (%) 4,5 -17,2 3,4
EBITDA 331 246 323
EBITDA margin (%) 10,1 9 11,5
EBIT adj. 241 154 231
EBIT adj. margin (%) 7,3 5,7 8,2
Pretax profit 244 146 227
EPS 6,66 3,46 5,57
EPS growth (%) -43,9 -48,1 61,2
EPS adj. 6,66 3,46 5,57
DPS 1,99 0,86 1,39
EV/EBITDA (x) 3,5 4,4 2,8
EV/EBIT adj. (x) 4,8 7 4
P/E (x) 5,2 9,9 6,2
P/E adj. (x) 5,2 9,9 6,2
EV/sales (x) 0,35 0,4 0,33
FCF yield (%) 29,7 12,7 16,3
Le. adj. FCF yld. (%) 29,7 12,7 16,3
Dividend yield (%) 5,8 2,5 4,1
Net IB debt/EBITDA (x) -0,1 -0,4 -0,8
Le. adj. ND/EBITDA (x) 0,1 0,4 0,8
SEKm 2022 2023e 2024e
Sales 3280 2716 2808
COGS -1975 -1549 -1538
Gross profit 1305 1167 1270
Other operating items -974 -921 -947
EBITDA 331 246 323
Depreciation and amortisation -90 -92 -92
of which leasing depreciation 0 0 0
EBITA 241 154 231
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 241 154 231
Net financial items 3 -8 -4
Pretax profit 244 146 227
Tax -13 -26 -34
Net profit 231 120 193
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 231 120 193
EPS 6,66 3,46 5,57
EPS adj. 6,66 3,46 5,57
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 5,3 17,7 15
Gross margin (%) 39,8 43 45,2
EBITDA margin (%) 10,1 9 11,5
EBITA margin (%) 7,3 5,7 8,2
EBIT margin (%) 7,3 5,7 8,2
Pre-tax margin (%) 7,4 5,4 8,1
Net margin (%) 7 4,4 6,9
Sales growth (%) 4,5 -17,2 3,4
EBITDA growth (%) -34,2 -25,8 31,7
EBITA growth (%) -43,4 -36,3 50,6
EBIT growth (%) -43,4 -36,3 50,6
Net profit growth (%) -43,9 -48,1 61,2
EPS growth (%) -43,9 -48,1 61,2
Profitability N/A N/A N/A
ROE (%) 13,4 6,4 9,8
ROE adj. (%) 13,4 6,4 9,8
ROCE (%) 13 7,5 10,8
ROCE adj. (%) 13 7,5 10,8
ROIC (%) 13,9 10,1 14,9
ROIC adj. (%) 13,9 10,1 14,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 331 246 323
EBITDA adj. margin (%) 10,1 9 11,5
EBITDA lease adj. 331 246 323
EBITDA lease adj. margin (%) 10,1 9 11,5
EBITA adj. 241 154 231
EBITA adj. margin (%) 7,3 5,7 8,2
EBIT adj. 241 154 231
EBIT adj. margin (%) 7,3 5,7 8,2
Pretax profit Adj. 244 146 227
Net profit Adj. 231 120 193
Net profit to shareholders adj. 231 120 193
Net adj. margin (%) 7 4,4 6,9
SEKm 2022 2023e 2024e
EBITDA 331 246 323
Goodwill 0 0 0
Net financial items 3 -8 -4
Other intangible assets 355 355 355
Paid tax -13 -26 -34
Tangible fixed assets 888 886 884
Non-cash items 33 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 354 212 285
Total other fixed assets 32 32 32
Change in working capital 137 29 -1
Fixed assets 1275 1273 1271
Operating cash flow 491 241 284
Inventories 705 698 694
Capex tangible fixed assets -137 -90 -90
Receivables 219 203 197
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 268 350 515
Free cash flow 354 151 194
Total assets 2467 2524 2677
Dividend paid -104 -69 -30
Shareholders equity 1842 1893 2056
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 1842 1893 2056
Other non-cash items -4 0 0
Long-term debt 211 211 211
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 40 40 40
Short-term debt 29 29 29
Accounts payable 345 351 340
Other current liabilities 0 0 0
Total liabilities and equity 2467 2524 2677
Net IB debt -28 -110 -275
Net IB debt excl. pension debt -28 -110 -275
Net IB debt excl. leasing -28 -110 -275
Capital employed 2082 2133 2296
Capital invested 1814 1783 1782
Working capital 579 550 551
Market cap. diluted (m) 1191 1191 1191
Net IB debt adj. -28 -110 -275
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1163 1081 916
Total assets turnover (%) 137,2 108,8 108
Working capital/sales (%) 19,7 20,8 19,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,5 -5,8 -13,4
Net debt / market cap (%) -2,4 -9,2 -23,1
Equity ratio (%) 74,7 75 76,8
Net IB debt adj. / equity (%) -1,5 -5,8 -13,4
Current ratio 3,19 3,29 3,81
EBITDA/net interest 110,3 30,7 80,9
Net IB debt/EBITDA (x) -0,1 -0,4 -0,8
Net IB debt/EBITDA lease adj. (x) -0,1 -0,4 -0,8
Interest coverage 15,4 13,1 20
SEKm 2022 2023e 2024e
Shares outstanding adj. 35 35 35
Diluted shares adj. 35 35 35
EPS 6,66 3,46 5,57
Dividend per share 1,99 0,86 1,39
EPS adj. 6,66 3,46 5,57
BVPS 53,13 54,59 59,3
BVPS adj. 42,89 44,35 49,06
Net IB debt/share -0,81 -3,17 -7,92
Share price 34,4 34,4 34,4
Market cap. (m) 1191 1191 1191
P/E (x) 5,2 9,9 6,2
EV/sales (x) 0,35 0,4 0,33
EV/EBITDA (x) 3,5 4,4 2,8
EV/EBITA (x) 4,8 7 4
EV/EBIT (x) 4,8 7 4
Dividend yield (%) 5,8 2,5 4,1
FCF yield (%) 29,7 12,7 16,3
Le. adj. FCF yld. (%) 29,7 12,7 16,3
P/BVPS (x) 0,65 0,63 0,58
P/BVPS adj. (x) 0,65 0,63 0,58
P/E adj. (x) 5,2 9,9 6,2
EV/EBITDA adj. (x) 3,5 4,4 2,8
EV/EBITA adj. (x) 4,8 7 4
EV/EBIT adj. (x) 4,8 7 4
EV/CE (x) 0,6 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 4,2 3,3 3,2
Capex/depreciation 1,5 1 1
Capex tangibles / tangible fixed assets 15,4 10,2 10,2
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 10,14 10,38 10,41

Equity Research

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Media

Bergs Timber - Company presentation with CFO Anders Marklund
Bergs Timber - Company presentation with CFO Anders Marklund

Main shareholders - Bergs Timber

Main shareholders Share capital % Voting shares % Verified
Norvik Hf 58.7 % 58.7 % 24 Feb 2023
Åke och Christina Bergh 3.4 % 3.4 % 24 Feb 2023
Cervantes Capital 2.3 % 2.3 % 31 Dec 2022
Lupus alpha 1.9 % 1.9 % 30 Jun 2022
Avanza Pension 1.6 % 1.6 % 24 Feb 2023
Per Anders Bendt 1.6 % 1.6 % 24 Feb 2023
Souverain AB 0.8 % 0.8 % 24 Feb 2023
Futur Pension 0.8 % 0.8 % 24 Feb 2023
Erik Selin 0.7 % 0.7 % 24 Feb 2023
Swedbank Försäkring 0.6 % 0.6 % 24 Feb 2023
Source: Holdings by Modular Finance AB