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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.

Historically, Bergs Timber has been a typical sawmill group with a high degree of commoditised wood products. In 2020, the company divested its Swedish sawmills and is now a more downstream-focused company with less cyclicality in its earnings. Bergs Timber’s strategy is to focus on growth within its Joinery and Wood Protection segments (organically & through M&As). The end-markets for its products are growing structurally (building with wood is more environmentally friendly), and there could be potential for growth, both organically and inorganically.

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

SEKm 2021 2022e 2023e
Sales 3139 3260 2890
Sales growth (%) 47,2 3,9 -11,4
EBITDA 508 334 315
EBITDA margin (%) 16,2 10,2 10,9
EBIT adj 431 247 228
EBIT adj margin (%) 13,7 7,6 7,9
Pretax profit 423 240 221
EPS rep 1,2 0,61 0,53
EPS growth (%) 141 -49,4 -13,7
EPS adj 1,22 0,61 0,53
DPS 0,3 0,15 0,13
EV/EBITDA (x) 4,1 6,4 6,7
EV/EBIT adj (x) 4,9 8,6 9,2
P/E (x) 4,5 9,3 10,7
P/E adj (x) 4,5 9,3 10,7
EV/sales (x) 0,7 0,7 0,7
FCF yield (%) -8,1 8,1 3,8
Dividend yield (%) 5,5 2,7 2,3
Net IB debt/EBITDA 0,4 0,5 0,5
Lease adj. FCF yield (%) -8,1 8,1 3,8
Lease adj. ND/EBITDA 0,4 0,5 0,5
SEKm 2021 2022e 2023e
Sales 3139 3260 2890
COGS -1868 -2150 -1943
Gross profit 1271 1110 947
Other operating items -763 -776 -632
EBITDA 508 334 315
Depreciation on tangibles -75 -70 -70
Depreciation on intangibles 0 0 0
EBITA 431 247 228
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 431 247 228
Other financial items 0 0 0
Net financial items -3 -7 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 423 240 221
Tax -6 -29 -38
Net profit 417 211 182
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 417 211 182
EPS 1,2 0,61 0,53
EPS Adj 1,22 0,61 0,53
Total extraordinary items after tax -5 0 0
Tax rate (%) -1,4 -11,9 -17,3
Gross margin (%) 40,5 34 32,8
EBITDA margin (%) 16,2 10,2 10,9
EBITA margin (%) 13,7 7,6 7,9
EBIT margin (%) 13,7 7,6 7,9
Pretax margin (%) 13,5 7,4 7,6
Net margin (%) 13,3 6,5 6,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 47,2 3,9 -11,4
EBITDA growth (%) 140,1 -34,3 -5,8
EBIT growth (%) 214,6 -42,8 -7,8
Net profit growth (%) 282,6 -49,4 -13,7
EPS growth (%) 141 -49,4 -13,7
Profitability 2021 2022 2023
ROE (%) 29,1 12,6 10,2
ROE Adj (%) 29,4 12,6 10,2
ROCE (%) 25,9 13 11,3
ROCE Adj(%) 26,2 13 11,3
ROIC (%) 27,8 11,6 9,6
ROIC Adj (%) 27,8 11,6 9,6
Adj earnings numbers 2021 2022 2023
EBITDA Adj 508 334 315
EBITDA Adj margin (%) 16,2 10,2 10,9
EBITA Adj 431 247 228
EBITA Adj margin (%) 13,7 7,6 7,9
EBIT Adj 431 247 228
EBIT Adj margin (%) 13,7 7,6 7,9
Pretax profit Adj 428 240 221
Net profit Adj 422 211 182
Net profit to shareholders Adj 422 211 182
Net Adj margin (%) 13,4 6,5 6,3
Depreciation and amortisation -77 -87 -87
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 508 334 315
EBITDA lease Adj margin (%) 16,2 10,2 10,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 508 334 315
Net financial items -3 -7 -7
Paid tax -6 -29 -38
Non-cash items 0 0 0
Cash flow before change in WC 499 298 269
Change in WC -435 41 6
Operating cash flow 64 339 275
CAPEX tangible fixed assets -216 -181 -200
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -152 158 75
Dividend paid -69 -104 -53
Share issues and buybacks 0 0 0
Other non cash items -45 0 0
Decrease in net IB debt 696 76 93
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 187 187 187
Definite intangible assets 0 0 0
Tangible fixed assets 800 902 1015
Other fixed assets 7 7 7
Fixed assets 1158 1269 1382
Inventories 733 697 693
Receivables 330 288 290
Other current assets 0 0 0
Cash and liquid assets 94 87 109
Total assets 2315 2341 2474
Shareholders equity 1616 1730 1860
Minority 0 0 0
Total equity 1616 1730 1860
Long-term debt 12 229 229
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 303 27 27
Accounts payable 347 320 324
Other current liabilities 0 0 0
Total liabilities and equity 2315 2341 2474
Net IB debt 221 169 147
Net IB debt excl. pension debt 221 169 147
Capital invested 1837 1899 2007
Working capital 716 665 660
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1879 1956 1956
Net IB debt Adj 221 169 147
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 2100 2125 2102
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 156,7 140 120
Capital invested turnover (%) 140,3 168,9 177,7
Capital employed turnover (%) 128,7 139,6 138
Inventories / sales (%) 23,8 16,7 15,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13 9,5 8,8
Working capital / sales (%) 17,5 21,2 22,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 13,7 9,8 7,9
Net debt / market cap (%) 12,7 8,6 7,5
Equity ratio (%) 69,8 73,9 75,2
Net IB debt adj. / equity (%) 13,7 9,8 7,9
Current ratio (%) 178 309,2 311,4
EBITDA / net interest (%) 16933,3 4767,4 4493,3
Net IB debt / EBITDA (%) 43,5 50,7 46,7
Interest cover (%) 2617,6 1812,3 1937,7
Lease liability amortisation 0 0 0
Other intangible assets 329 337 337
Right-of-use asset 0 0 0
Total other fixed assets 29 30 30
Leasing liability 0 0 0
Total other long-term liabilities 37 35 35
Net IB debt excl. leasing 221 169 147
Net IB debt / EBITDA lease Adj (%) 43,5 50,7 46,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 347 347 347
Fully diluted shares Adj 347 347 347
EPS 1,2 0,61 0,53
Dividend per share Adj 0,3 0,2 0,1
EPS Adj 1,22 0,61 0,53
BVPS 4,66 4,99 5,36
BVPS Adj 4,66 4,99 5,36
Net IB debt / share 0,6 0,5 0,4
Share price 5,03 5,64 5,64
Market cap. (m) 1743 1956 1956
Valuation 2021 2022 2023
P/E 4,5 9,3 10,7
EV/sales 0,67 0,65 0,73
EV/EBITDA 4,1 6,4 6,7
EV/EBITA 4,9 8,6 9,2
EV/EBIT 4,9 8,6 9,2
Dividend yield (%) 5,5 2,7 2,3
FCF yield (%) -8,1 8,1 3,8
P/BVPS 1,16 1,13 1,05
P/BVPS Adj 1,16 1,13 1,05
P/E Adj 4,5 9,3 10,7
EV/EBITDA Adj 4,1 6,4 6,7
EV/EBITA Adj 4,9 8,6 9,2
EV/EBIT Adj 4,9 8,6 9,2
EV/cap. employed 1,1 1,1 1
Investment ratios 2021 2022 2023
Capex / sales 6,9 5,6 6,9
Capex / depreciation 280,5 208 229,9
Capex tangibles / tangible fixed assets 27 20,1 19,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 9,6 9,6 8,6
Lease adj. FCF yield (%) -8,1 8,1 3,8

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 % 31 Mar 2022
Åke och Christina Bergh 3.4 % 3.4 % 30 Apr 2022
Futur Pension 2.8 % 2.8 % 30 Apr 2022
Cervantes Capital 2.0 % 2.0 % 31 Mar 2022
Lupus alpha 1.9 % 1.9 % 31 Dec 2021
Avanza Pension 1.5 % 1.5 % 30 Apr 2022
Per Anders Bendt 1.3 % 1.3 % 30 Apr 2022
Therese Sundbye 0.8 % 0.8 % 30 Apr 2022
Mandarine Gestion 0.7 % 0.7 % 31 Jan 2022
Swedbank Försäkring 0.6 % 0.6 % 30 Apr 2022
Source: Holdings by Modular Finance AB

Insider list - Bergs Timber

Name Quantity Code Date
Anders Marklund + 20 000 BUY 6 May 2022
Anders Marklund + 20 000 BUY 9 Feb 2022
Jón Helgi Guðmundsson and Guðmundur H. Jónsson -17 000 000 SELL 24 Nov 2021
Michael Bertorp + 40 000 BUY 8 Sep 2021
Michael Bertorp + 50 000 BUY 7 Sep 2021
Anders Marklund + 20 000 BUY 27 Aug 2021
Peter Nilsson + 50 000 BUY 26 Aug 2021
Anders Marklund + 25 000 BUY 16 Mar 2021
Peter Nilsson + 50 000 BUY 16 Mar 2021
Peter Nilsson + 50 000 BUY 17 Jun 2020

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