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BTS Group

BTS Group

SEKm 2022 2023e 2024e
Sales 2559 2737 2976
Sales growth (%) 33,5 7 8,7
EBITDA 432 461 542
EBITDA margin (%) 16,9 16,8 18,2
EBIT adj. 314 340 428
EBIT adj. margin (%) 12,3 12,4 14,4
Pretax profit 299 324 416
EPS 10,72 11,71 15,05
EPS growth (%) -3,2 9,2 28,5
EPS adj. 13,04 14,02 16,8
DPS 5,36 5,86 7,52
EV/EBITDA (x) 11 10 8,2
EV/EBIT adj. (x) 15,2 13,6 10,4
P/E (x) 25,1 23 17,9
P/E adj. (x) 21,8 20,2 16,5
EV/sales (x) 1,87 1,69 1,49
FCF yield (%) 6,5 6,6 7,1
Le. adj. FCF yld. (%) 5 5,1 5,6
Dividend yield (%) 2 2,2 0
Net IB debt/EBITDA (x) -1 -1,3 -1,4
Le. adj. ND/EBITDA (x) 1,7 2 2
SEKm 2022 2023e 2024e
Sales 2559 2737 2976
COGS 0 0 0
Gross profit 2559 2737 2976
Other operating items -2127 -2276 -2434
EBITDA 432 461 542
Depreciation and amortisation -73 -76 -80
of which leasing depreciation -80 -80 -80
EBITA 359 385 462
EO Items 0 0 0
Impairment and PPA amortisation -45 -45 -34
EBIT 314 340 428
Net financial items -15 -16 -12
Pretax profit 299 324 416
Tax -92 -97 -125
Net profit 208 227 292
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 208 227 292
EPS 10,72 11,71 15,05
EPS adj. 12,33 13,33 16,28
Total extraordinary items after tax 0 0 0
Leasing payments -80 -80 -80
Tax rate (%) 30,6 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,9 16,8 18,2
EBITA margin (%) 14 14,1 15,5
EBIT margin (%) 12,3 12,4 14,4
Pre-tax margin (%) 11,7 11,8 14
Net margin (%) 8,1 8,3 9,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 33,5 7 8,7
EBITDA growth (%) 20,2 6,7 17,6
EBITA growth (%) 6,2 7,3 20,1
EBIT growth (%) 2,9 8,3 26
Net profit growth (%) -3,2 9,2 28,5
EPS growth (%) -3,2 9,2 28,5
Profitability N/A N/A N/A
ROE (%) 20 19,6 22,3
ROE adj. (%) 24,3 23,4 24,8
ROCE (%) 22,1 23,2 27,3
ROCE adj. (%) 25,2 26,2 29,5
ROIC (%) 51,5 63,4 82
ROIC adj. (%) 51,5 63,4 82
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 432 461 542
EBITDA adj. margin (%) 16,9 16,8 18,2
EBITDA lease adj. 352 381 462
EBITDA lease adj. margin (%) 13,8 13,9 15,5
EBITA adj. 359 385 462
EBITA adj. margin (%) 14 14,1 15,5
EBIT adj. 314 340 428
EBIT adj. margin (%) 12,3 12,4 14,4
Pretax profit Adj. 344 369 450
Net profit Adj. 253 272 326
Net profit to shareholders adj. 253 272 326
Net adj. margin (%) 9,9 9,9 10,9
SEKm 2022 2023e 2024e
EBITDA 432 461 542
Goodwill 838 838 838
Net financial items -15 -16 -12
Other intangible assets 78 33 -1
Paid tax -92 -97 -125
Tangible fixed assets 63 93 122
Non-cash items -194 0 0
Right-of-use asset 148 148 148
Cash flow before change in WC 132 348 405
Total other fixed assets 22 22 22
Change in working capital 247 22 -5
Fixed assets 1147 1133 1127
Operating cash flow 379 370 401
Inventories 0 0 0
Capex tangible fixed assets -24 -26 -29
Receivables 691 739 804
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals -15 0 0
Cash and liquid assets 770 880 1009
Free cash flow 341 344 372
Total assets 2609 2752 2940
Dividend paid -93 -104 -113
Shareholders equity 1098 1221 1399
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -80 -80 -80
Total equity 1098 1221 1399
Other non-cash items 194 0 0
Long-term debt 181 131 81
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 151 151 151
Total other long-term liabilities 56 56 56
Short-term debt 0 0 0
Accounts payable 51 55 60
Other current liabilities 1071 1138 1193
Total liabilities and equity 2609 2752 2940
Net IB debt -438 -598 -777
Net IB debt excl. pension debt -438 -598 -777
Net IB debt excl. leasing -589 -749 -928
Capital employed 1430 1503 1631
Capital invested 716 679 679
Working capital -431 -453 -449
EV breakdown N/A N/A N/A
Market cap. diluted (m) 5212 5212 5212
Net IB debt adj. -438 -598 -777
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 4773 4613 4435
Total assets turnover (%) 100,3 102,1 104,6
Working capital/sales (%) -12 -16,2 -15,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -39,9 -49 -55,5
Net debt / market cap (%) -8,4 -11,5 -14,9
Equity ratio (%) 42,1 44,4 47,6
Net IB debt adj. / equity (%) -39,9 -49 -55,5
Current ratio 1,3 1,36 1,45
EBITDA/net interest 29,7 28,8 45,2
Net IB debt/EBITDA (x) -1 -1,3 -1,4
Net IB debt/EBITDA lease adj. (x) -1,7 -2 -2
Interest coverage 24,7 24,1 38,5
SEKm 2022 2023e 2024e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 10,72 11,71 15,05
Dividend per share 5,36 5,86 7,52
EPS adj. 12,33 13,33 16,28
BVPS 56,67 63,02 72,21
BVPS adj. 9,44 18,1 29,05
Net IB debt/share -22,63 -30,88 -40,1
Share price 269 269 269
Market cap. (m) 5212 5212 5212
Valuation N/A N/A N/A
P/E (x) 25,1 23 17,9
EV/sales (x) 1,87 1,69 1,49
EV/EBITDA (x) 11 10 8,2
EV/EBITA (x) 13,3 12 9,6
EV/EBIT (x) 15,2 13,6 10,4
Dividend yield (%) 2 2,2 0
FCF yield (%) 6,5 6,6 7,1
Le. adj. FCF yld. (%) 5 5,1 5,6
P/BVPS (x) 4,75 4,27 3,73
P/BVPS adj. (x) 28,49 14,86 9,26
P/E adj. (x) 21,8 20,2 16,5
EV/EBITDA adj. (x) 11 10 8,2
EV/EBITA adj. (x) 13,3 12 9,6
EV/EBIT adj. (x) 15,2 13,6 10,4
EV/CE (x) 3,3 3,1 2,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 0,9 1
Capex/depreciation -3,5 -6,5 -142,8
Capex tangibles / tangible fixed assets 37,5 28 23,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 10,74 4,31 0,16

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.

17,9

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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10,1

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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1,5

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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3,7