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BTS Group

BTS Group

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 4,5 3,6
Lease adj. ND/EBITDA -1,2 -1,8 -2
Sales 1917 2372 2579
Sales growth (%) 30,9 23,7 8,7
EBITDA 359 439 481
EBITDA margin (%) 18,8 18,5 18,6
EBIT adj 256 317 363
EBIT adj margin (%) 13,3 13,4 14,1
Pretax profit 289 302 351
EPS rep 11,09 10,88 12,69
EPS growth (%) 512,9 -1,9 16,6
EPS adj 10,22 13,15 14,55
DPS 4,8 5,43 6,34
EV/EBITDA (x) 21,3 14,8 13,2
EV/EBIT adj (x) 29,9 20,5 17,5
P/E (x) 36,3 33,2 28,5
P/E adj (x) 39,4 27,5 24,8
EV/sales (x) 4 2,7 2,5
FCF yield (%) 1,7 5,6 4,8
Dividend yield (%) 1,2 1,5 1,8
Net IB debt/EBITDA -0,5 -1,1 -1,3
SEKm 2021 2022e 2023e
Leasing payments -54 -80 -80
Depreciation and amortisation -71 -78 -82
Of which leasing depreciation -54 -80 -80
EO items 50 0 0
Impairment and PPA amortisation -33 -44 -36
EBITDA lease Adj 256 359 401
EBITDA lease Adj margin (%) 13,3 15,1 15,5
Sales 1917 2372 2579
COGS 0 0 0
Gross profit 1917 2372 2579
Other operating items -1557 -1933 -2099
EBITDA 359 439 481
Depreciation on tangibles -13 -13 -16
Depreciation on intangibles 0 0 0
EBITA 338 361 399
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -28 -25
EBIT 305 317 363
Other financial items 0 0 0
Net financial items -16 -16 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 289 302 351
Tax -75 -91 -105
Net profit 215 211 246
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 215 211 246
EPS 11,09 10,88 12,69
EPS Adj 10,22 13,15 14,55
Total extraordinary items after tax 49,7 0 0
Tax rate (%) -25,8 -30,2 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 18,8 18,5 18,6
EBITA margin (%) 17,6 15,2 15,5
EBIT margin (%) 15,9 13,4 14,1
Pretax margin (%) 15,1 12,7 13,6
Net margin (%) 11,2 8,9 9,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 30,9 23,7 8,7
EBITDA growth (%) 131,3 22,2 9,5
EBIT growth (%) 372,4 4 14,3
Net profit growth (%) 515,6 -1,9 16,6
EPS growth (%) 512,9 -1,9 16,6
Profitability 2021 2022 2023
ROE (%) 25,4 20,2 21
ROE Adj (%) 23,4 24,4 24
ROCE (%) 22,8 22,3 24,5
ROCE Adj(%) 21,5 25,4 27
ROIC (%) 28,2 28,7 38,2
ROIC Adj (%) 23,6 28,7 38,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 310 439 481
EBITDA Adj margin (%) 16,2 18,5 18,6
EBITA Adj 288 361 399
EBITA Adj margin (%) 15 15,2 15,5
EBIT Adj 256 317 363
EBIT Adj margin (%) 13,3 13,4 14,1
Pretax profit Adj 272 346 387
Net profit Adj 198 254 282
Net profit to shareholders Adj 198 254 282
Net Adj margin (%) 10,3 10,7 10,9
SEKm 2021 2022e 2023e
Lease liability amortisation -54 -80 -80
Other intangible assets 115 71 35
Right-of-use asset 148 148 148
Total other fixed assets 22 22 22
Leasing liability 151 151 151
Total other long-term liabilities 142 56 56
Net IB debt excl. leasing -313 -640 -789
Net IB debt / EBITDA lease Adj (%) -122,5 -178,3 -196,8
EBITDA 359 439 481
Net financial items -16 -16 -12
Paid tax -75 -91 -105
Non-cash items 0 0 0
Cash flow before change in WC 269 333 364
Change in WC 43 83 -4
Operating cash flow 312 415 359
CAPEX tangible fixed assets -21 -24 -26
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -160 0 0
Free cash flow 130 392 333
Dividend paid -23 -93 -105
Share issues and buybacks 0 0 0
Other non cash items -308 194 0
Decrease in net IB debt 302 -125 118
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 830 830 830
Indefinite intangible assets 0 0 0
Definite intangible assets 75 76 51
Tangible fixed assets 33 58 82
Other fixed assets 17 17 17
Fixed assets 1147 1129 1117
Inventories 0 0 0
Receivables 557 640 696
Other current assets 194 0 0
Cash and liquid assets 594 821 920
Total assets 2492 2590 2733
Shareholders equity 983 1101 1241
Minority 0 0 0
Total equity 983 1101 1241
Long-term debt 281 181 131
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 48 48 48
Other long-term liabilities 263 0 0
Short-term debt 0 0 0
Accounts payable 35 47 52
Other current liabilities 901 1054 1101
Total liabilities and equity 2492 2590 2733
Net IB debt -162 -489 -638
Net IB debt excl. pension debt -162 -489 -638
Capital invested 877 668 660
Working capital -185 -461 -457
EV breakdown 2021 2022 2023
Market cap. diluted (m) 7808 6994 6994
Net IB debt Adj -162 -489 -638
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 7645 6505 6357
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 86,1 93,3 96,9
Capital invested turnover (%) 193,4 312,8 362,8
Capital employed turnover (%) 156 193,1 192,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 27,2 22,8 21,8
Payables / sales (%) 2,4 2 1,9
Working capital / sales (%) -6,6 -13,6 -17,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -16,5 -44,5 -51,4
Net debt / market cap (%) -2,5 -7 -9,1
Equity ratio (%) 39,5 42,5 45,4
Net IB debt adj. / equity (%) -16,5 -44,5 -51,4
Current ratio (%) 137,3 127,6 135
EBITDA / net interest (%) 2242 2823,6 4006,4
Net IB debt / EBITDA (%) -45,2 -111,4 -132,6
Interest cover (%) 2107,9 2321,4 3322,8
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 4,5 3,6
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 11,09 10,88 12,69
Dividend per share Adj 4,8 5,4 6,3
EPS Adj 10,22 13,15 14,55
BVPS 50,75 56,82 64,06
BVPS Adj 1,97 10,31 19,4
Net IB debt / share -8,4 -25,3 -32,9
Share price 334,38 361 361
Market cap. (m) 6478 6994 6994
Valuation 2021 2022 2023
P/E 36,3 33,2 28,5
EV/sales 3,99 2,74 2,46
EV/EBITDA 21,3 14,8 13,2
EV/EBITA 22,6 18 15,9
EV/EBIT 25,1 20,5 17,5
Dividend yield (%) 1,2 1,5 1,8
FCF yield (%) 1,7 5,6 4,8
P/BVPS 7,94 6,35 5,64
P/BVPS Adj 204,07 35,03 18,61
P/E Adj 39,4 27,5 24,8
EV/EBITDA Adj 24,7 14,8 13,2
EV/EBITA Adj 26,5 18 15,9
EV/EBIT Adj 29,9 20,5 17,5
EV/cap. employed 5,4 4,5 4,2
Investment ratios 2021 2022 2023
Capex / sales 1,1 1 1
Capex / depreciation 124,8 -1255,9 1280,6
Capex tangibles / tangible fixed assets 65,9 40,7 31,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 52,8 -3,2 2,5

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.

28,4

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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17,1

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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2,4

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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5,5