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BTS Group

BTS Group

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Financials

SEKm 2025 2026e 2027e
Sales 2703 2662 2901
Sales growth (%) -3,5 -1,5 9
EBITDA 343 417 473
EBITDA margin (%) 12,7 15,7 16,3
EBIT adj. 229 273 331
EBIT adj. margin (%) 8,5 10,2 11,4
Pretax profit 165 261 321
EPS 6,85 9,41 11,6
EPS growth (%) -65,6 37,3 23,3
EPS adj. 11,14 12,15 14,12
DPS 4,4 4,7 5,8
EV/EBITDA (x) 8 6,2 5,2
EV/EBIT adj. (x) 12 9,5 7,5
P/E (x) 20 14,6 11,8
P/E adj. (x) 12,3 11,3 9,7
EV/sales (x) 1,02 0,97 0,86
FCF yield (%) 1 6,1 9,8
Le. adj. FCF yld. (%) -1,3 3,8 7,5
Dividend yield (%) 3,2 3,4 4,2
Net IB debt/EBITDA (x) 0,3 -0,2 -0,4
Le. adj. ND/EBITDA (x) -0,1 -0,6 -0,8
SEKm 2025 2026e 2027e
Sales 2703 2662 2901
COGS 0 0 0
Gross profit 2703 2662 2901
Other operating items -2360 -2245 -2429
EBITDA 343 417 473
Depreciation and amortisation -69 -68 -71
of which leasing depreciation -61 -60 -60
EBITA 274 349 401
EO Items -29 0 0
Impairment and PPA amortisation -74 -76 -70
EBIT 200 273 331
Net financial items -35 -12 -10
Pretax profit 165 261 321
Tax -32 -78 -96
Net profit 133 182 225
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 133 182 225
EPS 6,85 9,41 11,6
EPS adj. 11,14 12,15 14,12
Total extraordinary items after tax -23 0 0
Leasing payments -61 -60 -60
Tax rate (%) 19,7 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 12,7 15,7 16,3
EBITA margin (%) 10,2 13,1 13,8
EBIT margin (%) 7,4 10,2 11,4
Pre-tax margin (%) 6,1 9,8 11,1
Net margin (%) 4,9 6,9 7,8
Sales growth (%) -3,5 -1,5 9
EBITDA growth (%) -21,8 21,4 13,5
EBITA growth (%) -24,8 27 15,1
EBIT growth (%) -32,9 36,3 21,5
Net profit growth (%) -65,8 37,7 23,3
EPS growth (%) -65,6 37,3 23,3
Profitability N/A N/A N/A
ROE (%) 8,5 12,2 14
ROE adj. (%) 14,8 17,3 18,3
ROCE (%) 9,1 12,3 14,2
ROCE adj. (%) 13,8 15,7 17,2
ROIC (%) 14,3 16,2 18,9
ROIC adj. (%) 15,9 16,2 18,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 372 417 473
EBITDA adj. margin (%) 13,8 15,7 16,3
EBITDA lease adj. 311 357 413
EBITDA lease adj. margin (%) 11,5 13,4 14,2
EBITA adj. 304 349 401
EBITA adj. margin (%) 11,2 13,1 13,8
EBIT adj. 229 273 331
EBIT adj. margin (%) 8,5 10,2 11,4
Pretax profit Adj. 269 337 391
Net profit Adj. 230 258 295
Net profit to shareholders adj. 231 258 295
Net adj. margin (%) 8,5 9,7 10,2
SEKm 2025 2026e 2027e
EBITDA 343 417 473
Goodwill 1276 1301 1326
Net financial items -35 -12 -10
Other intangible assets 166 145 130
Paid tax -68 -78 -96
Tangible fixed assets 30 39 44
Non-cash items -72 -270 0
Right-of-use asset 120 120 120
Cash flow before change in WC 168 56 366
Total other fixed assets 37 37 37
Change in working capital 45 202 -10
Fixed assets 1628 1641 1657
Operating cash flow 213 258 357
Inventories 0 0 0
Capex tangible fixed assets -20 -17 -17
Receivables 648 692 754
Capex intangible fixed assets -38 -30 -30
Other current assets 270 0 0
Acquisitions and Disposals -128 -50 -50
Cash and liquid assets 626 795 904
Free cash flow 26 161 260
Total assets 3172 3128 3315
Dividend paid -118 -85 -91
Shareholders equity 1445 1543 1676
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -61 -60 -60
Total equity 1445 1543 1676
Other non-cash items 16 270 0
Long-term debt 503 503 503
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 147 147 147
Total other long-term liabilities 213 96 96
Short-term debt 77 77 77
Accounts payable 58 53 58
Other current liabilities 728 710 758
Total liabilities and equity 3172 3128 3315
Net IB debt 101 -68 -177
Net IB debt excl. pension debt 101 -68 -177
Net IB debt excl. leasing -46 -215 -324
Capital employed 2172 2270 2403
Capital invested 1546 1474 1500
Working capital 131 -71 -61
Market cap. diluted (m) 2657 2657 2657
Net IB debt adj. 101 -68 -177
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 2758 2589 2481
Total assets turnover (%) 82,7 84,5 90,1
Working capital/sales (%) 5,7 1,1 -2,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 7 -4,4 -10,5
Net debt / market cap (%) 3,8 -2,6 -6,6
Equity ratio (%) 45,6 49,3 50,6
Net IB debt adj. / equity (%) 7 -4,4 -10,5
Current ratio 1,79 1,77 1,86
EBITDA/net interest 9,8 34,7 47,3
Net IB debt/EBITDA (x) 0,3 -0,2 -0,4
Net IB debt/EBITDA lease adj. (x) -0,1 -0,6 -0,8
Interest coverage 7,8 29,1 40,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 6,85 9,41 11,6
Dividend per share 4,4 4,7 5,8
EPS adj. 11,14 12,15 14,12
BVPS 74,52 79,53 86,42
BVPS adj. 0,21 5,01 11,38
Net IB debt/share 5,21 -3,51 -9,1
Share price 137 137 137
Market cap. (m) 2657 2657 2657
P/E (x) 20 14,6 11,8
EV/sales (x) 1 1 0,9
EV/EBITDA (x) 8 6,2 5,2
EV/EBITA (x) 10,1 7,4 6,2
EV/EBIT (x) 13,8 9,5 7,5
Dividend yield (%) 3,2 3,4 4,2
FCF yield (%) 1 6,1 9,8
Le. adj. FCF yld. (%) -1,3 3,8 7,5
P/BVPS (x) 1,84 1,72 1,59
P/BVPS adj. (x) 659,56 27,36 12,03
P/E adj. (x) 12,3 11,3 9,7
EV/EBITDA adj. (x) 7,4 6,2 5,2
EV/EBITA adj. (x) 9,1 7,4 6,2
EV/EBIT adj. (x) 12 9,5 7,5
EV/CE (x) 1,3 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 2,2 1,8 1,6
Capex/depreciation 7,8 5,9 4,1
Capex tangibles / tangible fixed assets 67 43,8 38,3
Capex intangibles / definite intangibles 23,2 20,7 23,2
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 25,2 20,6 25,7

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

11,8

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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7,3

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,8

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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1,6