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BTS Group

BTS Group

SEKm 2023 2024e 2025e
Sales 2683 2850 3159
Sales growth (%) 6,1 6,2 10,9
EBITDA 422 448 528
EBITDA margin (%) 15,7 15,7 16,7
EBIT adj. 288 310 389
EBIT adj. margin (%) 10,7 10,9 12,3
Pretax profit 295 315 376
EPS 11,07 11,78 13,56
EPS growth (%) 8,1 6,3 15,1
EPS adj. 13,24 14,14 15,73
DPS 5,7 5,89 6,78
EV/EBITDA (x) 13,2 12,4 10,2
EV/EBIT adj. (x) 19,4 17,9 13,9
P/E (x) 26,1 24,5 21,3
P/E adj. (x) 21,8 20,4 18,4
EV/sales (x) 2,08 1,95 1,71
FCF yield (%) 1,1 5,1 5,5
Le. adj. FCF yld. (%) 0,1 4,1 4,6
Dividend yield (%) 2 2 2,3
Net IB debt/EBITDA (x) 0 -0,1 -0,4
Le. adj. ND/EBITDA (x) -0,4 -0,5 -0,7
SEKm 2023 2024e 2025e
Sales 2683 2850 3159
COGS 0 0 0
Gross profit 2683 2850 3159
Other operating items -2261 -2402 -2632
EBITDA 422 448 528
Depreciation and amortisation -76 -75 -79
of which leasing depreciation -54 -55 -55
EBITA 346 373 449
EO Items 0 0 0
Impairment and PPA amortisation -58 -63 -60
EBIT 288 310 389
Net financial items 7 5 -13
Pretax profit 295 315 376
Tax -80 -87 -113
Net profit 215 228 263
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 215 228 263
EPS 11,07 11,78 13,56
EPS adj. 13,24 14,14 15,73
Total extraordinary items after tax 0 0 0
Leasing payments -54 -55 -55
Tax rate (%) 27,2 27,5 30
Gross margin (%) 100 100 100
EBITDA margin (%) 15,7 15,7 16,7
EBITA margin (%) 12,9 13,1 14,2
EBIT margin (%) 10,7 10,9 12,3
Pre-tax margin (%) 11 11,1 11,9
Net margin (%) 8 8 8,3
Sales growth (%) 6,1 6,2 10,9
EBITDA growth (%) 0,5 6,2 17,8
EBITA growth (%) -0,7 7,8 20,4
EBIT growth (%) -5 7,5 25,5
Net profit growth (%) 8,3 6,3 15,1
EPS growth (%) 8,1 6,3 15,1
Profitability N/A N/A N/A
ROE (%) 17,1 16,8 17,6
ROE adj. (%) 21,7 21,4 21,6
ROCE (%) 17,4 17,1 19,3
ROCE adj. (%) 19,9 19,9 22,3
ROIC (%) 21,3 20,4 23
ROIC adj. (%) 21,3 20,4 23
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 422 448 528
EBITDA adj. margin (%) 15,7 15,7 16,7
EBITDA lease adj. 368 393 473
EBITDA lease adj. margin (%) 13,7 13,8 15
EBITA adj. 346 373 449
EBITA adj. margin (%) 12,9 13,1 14,2
EBIT adj. 288 310 389
EBIT adj. margin (%) 10,7 10,9 12,3
Pretax profit Adj. 353 378 436
Net profit Adj. 272 292 323
Net profit to shareholders adj. 272 292 323
Net adj. margin (%) 10,2 10,2 10,2
SEKm 2023 2024e 2025e
EBITDA 422 448 528
Goodwill 1104 1176 1201
Net financial items 7 5 -13
Other intangible assets 154 188 178
Paid tax -80 -87 -113
Tangible fixed assets 38 33 25
Non-cash items -104 -243 0
Right-of-use asset 142 142 142
Cash flow before change in WC 245 123 402
Total other fixed assets 28 28 28
Change in working capital -79 348 0
Fixed assets 1466 1568 1575
Operating cash flow 166 472 402
Inventories 0 0 0
Capex tangible fixed assets -9 -15 -16
Receivables 714 769 853
Capex intangible fixed assets -31 -25 -25
Other current assets 243 0 0
Acquisitions and Disposals -65 -145 -50
Cash and liquid assets 532 572 714
Free cash flow 60 287 311
Total assets 2956 2910 3142
Dividend paid -105 -111 -114
Shareholders equity 1301 1419 1567
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -55 -55
Total equity 1301 1419 1567
Other non-cash items -117 243 0
Long-term debt 66 66 66
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 147 147 147
Total other long-term liabilities 421 96 96
Short-term debt 304 304 304
Accounts payable 58 57 63
Other current liabilities 660 821 899
Total liabilities and equity 2956 2910 3142
Net IB debt -16 -55 -197
Net IB debt excl. pension debt -16 -55 -197
Net IB debt excl. leasing -163 -202 -344
Capital employed 1817 1935 2084
Capital invested 1285 1363 1370
Working capital 239 -109 -109
Market cap. diluted (m) 5606 5606 5606
Net IB debt adj. -16 -55 -197
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 5590 5550 5409
Total assets turnover (%) 93,9 97,2 104,4
Working capital/sales (%) 7,4 2,3 -3,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,2 -3,9 -12,6
Net debt / market cap (%) -0,3 -1 -3,5
Equity ratio (%) 44 48,8 49,9
Net IB debt adj. / equity (%) -1,2 -3,9 -12,6
Current ratio 1,46 1,13 1,24
EBITDA/net interest 59,6 84,8 40,6
Net IB debt/EBITDA (x) 0 -0,1 -0,4
Net IB debt/EBITDA lease adj. (x) -0,4 -0,5 -0,7
Interest coverage 48,8 70,6 34,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 11,07 11,78 13,56
Dividend per share 5,7 5,89 6,78
EPS adj. 13,24 14,14 15,73
BVPS 67,05 73,13 80,81
BVPS adj. 2,22 2,79 9,69
Net IB debt/share -0,81 -2,85 -10,15
Share price 289 289 289
Market cap. (m) 5606 5606 5606
P/E (x) 26,1 24,5 21,3
EV/sales (x) 2,08 1,95 1,71
EV/EBITDA (x) 13,2 12,4 10,2
EV/EBITA (x) 16,2 14,9 12,1
EV/EBIT (x) 19,4 17,9 13,9
Dividend yield (%) 2 2 2,3
FCF yield (%) 1,1 5,1 5,5
Le. adj. FCF yld. (%) 0,1 4,1 4,6
P/BVPS (x) 4,31 3,95 3,58
P/BVPS adj. (x) 130,16 103,75 29,84
P/E adj. (x) 21,8 20,4 18,4
EV/EBITDA adj. (x) 13,2 12,4 10,2
EV/EBITA adj. (x) 16,2 14,9 12,1
EV/EBIT adj. (x) 19,4 17,9 13,9
EV/CE (x) 3,1 2,9 2,6
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 1,4 1,3
Capex/depreciation 1,8 2 1,7
Capex tangibles / tangible fixed assets 23,6 45,7 64,2
Capex intangibles / definite intangibles 20,2 13,3 14
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 58,81 61,39 95,98

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.

21,3

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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13,6

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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1,7

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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3,5