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BTS Group

BTS Group

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Financials

SEKm 2024 2025e 2026e
Sales 2802 2973 3263
Sales growth (%) 4,4 6,1 9,8
EBITDA 439 488 566
EBITDA margin (%) 15,7 16,4 17,3
EBIT adj. 298 340 417
EBIT adj. margin (%) 10,6 11,4 12,8
Pretax profit 468 328 407
EPS 19,95 11,84 14,67
EPS growth (%) 80,1 -40,6 23,9
EPS adj. 22,8 14,29 17,02
DPS 6,1 5,92 7,34
EV/EBITDA (x) 10,3 9,1 7,6
EV/EBIT adj. (x) 15,2 13,1 10,3
P/E (x) 12 20,3 16,4
P/E adj. (x) 10,5 16,8 14,1
EV/sales (x) 1,61 1,49 1,31
FCF yield (%) 4,2 4,4 7,2
Le. adj. FCF yld. (%) 3 3,1 5,9
Dividend yield (%) 2,5 2,5 3,1
Net IB debt/EBITDA (x) -0,3 -0,4 -0,7
Le. adj. ND/EBITDA (x) -0,7 -0,8 -1
SEKm 2024 2025e 2026e
Sales 2802 2973 3263
COGS 0 0 0
Gross profit 2802 2973 3263
Other operating items -2363 -2485 -2698
EBITDA 439 488 566
Depreciation and amortisation -74 -80 -84
of which leasing depreciation -60 -60 -60
EBITA 365 408 482
EO Items 0 0 0
Impairment and PPA amortisation -67 -68 -65
EBIT 298 340 417
Net financial items 170 -12 -10
Pretax profit 468 328 407
Tax -81 -98 -122
Net profit 387 230 285
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 387 230 285
EPS 19,95 11,84 14,67
EPS adj. 22,8 14,29 17,02
Total extraordinary items after tax 0 0 0
Leasing payments -60 -60 -60
Tax rate (%) 17,2 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 15,7 16,4 17,3
EBITA margin (%) 13 13,7 14,8
EBIT margin (%) 10,6 11,4 12,8
Pre-tax margin (%) 16,7 11 12,5
Net margin (%) 13,8 7,7 8,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 4,4 6,1 9,8
EBITDA growth (%) 4,1 11,2 15,9
EBITA growth (%) 5,5 11,9 18
EBIT growth (%) 3,5 14,1 22,5
Net profit growth (%) 80,1 -40,6 23,9
EPS growth (%) 80,1 -40,6 23,9
Profitability N/A N/A N/A
ROE (%) 26,1 13,3 15,3
ROE adj. (%) 30,6 17,3 18,8
ROCE (%) 31,5 14,9 17,2
ROCE adj. (%) 18 17,8 19,8
ROIC (%) 21,5 18,5 21,5
ROIC adj. (%) 21,5 18,5 21,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 439 488 566
EBITDA adj. margin (%) 15,7 16,4 17,3
EBITDA lease adj. 379 428 506
EBITDA lease adj. margin (%) 13,5 14,4 15,5
EBITA adj. 365 408 482
EBITA adj. margin (%) 13 13,7 14,8
EBIT adj. 298 340 417
EBIT adj. margin (%) 10,6 11,4 12,8
Pretax profit Adj. 534 396 472
Net profit Adj. 454 298 350
Net profit to shareholders adj. 454 298 350
Net adj. margin (%) 16,2 10 10,7
SEKm 2024 2025e 2026e
EBITDA 439 488 566
Goodwill 1272 1368 1393
Net financial items 170 -12 -10
Other intangible assets 162 214 199
Paid tax -107 -98 -122
Tangible fixed assets 51 47 40
Non-cash items -180 -267 0
Right-of-use asset 142 142 142
Cash flow before change in WC 322 110 434
Total other fixed assets 39 39 39
Change in working capital 64 326 -6
Fixed assets 1666 1809 1812
Operating cash flow 386 436 428
Inventories 0 0 0
Capex tangible fixed assets -5 -16 -17
Receivables 727 773 848
Capex intangible fixed assets -25 -25 -25
Other current assets 267 0 0
Acquisitions and Disposals -159 -191 -50
Cash and liquid assets 703 781 942
Free cash flow 197 204 336
Total assets 3363 3363 3603
Dividend paid -111 -118 -115
Shareholders equity 1665 1776 1946
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -60 -60 -60
Total equity 1665 1776 1946
Other non-cash items 202 267 0
Long-term debt 203 203 203
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 147 147 147
Total other long-term liabilities 311 96 96
Short-term debt 218 218 218
Accounts payable 58 59 65
Other current liabilities 761 864 928
Total liabilities and equity 3363 3363 3603
Net IB debt -135 -213 -374
Net IB debt excl. pension debt -135 -213 -374
Net IB debt excl. leasing -282 -360 -521
Capital employed 2233 2344 2514
Capital invested 1530 1563 1572
Working capital 175 -150 -144
EV breakdown N/A N/A N/A
Market cap. diluted (m) 4655 4655 4655
Net IB debt adj. -135 -213 -374
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 4520 4442 4281
Total assets turnover (%) 88,7 88,4 93,7
Working capital/sales (%) 7,4 0,4 -4,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,1 -12 -19,2
Net debt / market cap (%) -2,9 -4,6 -8
Equity ratio (%) 49,5 52,8 54
Net IB debt adj. / equity (%) -8,1 -12 -19,2
Current ratio 1,64 1,36 1,48
EBITDA/net interest 2,6 40,7 56,6
Net IB debt/EBITDA (x) -0,3 -0,4 -0,7
Net IB debt/EBITDA lease adj. (x) -0,7 -0,8 -1
Interest coverage 2,2 34 48,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 19,95 11,84 14,67
Dividend per share 6,1 5,92 7,34
EPS adj. 22,8 14,29 17,02
BVPS 85,83 91,57 100,32
BVPS adj. 11,9 10,02 18,26
Net IB debt/share -6,97 -10,97 -19,27
Share price 240 240 240
Market cap. (m) 4655 4655 4655
Valuation N/A N/A N/A
P/E (x) 12 20,3 16,4
EV/sales (x) 1,61 1,49 1,31
EV/EBITDA (x) 10,3 9,1 7,6
EV/EBITA (x) 12,4 10,9 8,9
EV/EBIT (x) 15,2 13,1 10,3
Dividend yield (%) 2,5 2,5 3,1
FCF yield (%) 4,2 4,4 7,2
Le. adj. FCF yld. (%) 3 3,1 5,9
P/BVPS (x) 2,8 2,62 2,39
P/BVPS adj. (x) 20,17 23,94 13,14
P/E adj. (x) 10,5 16,8 14,1
EV/EBITDA adj. (x) 10,3 9,1 7,6
EV/EBITA adj. (x) 12,4 10,9 8,9
EV/EBIT adj. (x) 15,2 13,1 10,3
EV/CE (x) 2 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,4 1,3
Capex/depreciation 2 2,1 1,8
Capex tangibles / tangible fixed assets 9,9 34,3 42,8
Capex intangibles / definite intangibles 15,2 11,7 12,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 28,66 42,85 60,49

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.

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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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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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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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