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BTS Group

BTS Group

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Financials

SEKm 2022 2023e 2024e
Sales 2530 2692 3005
Sales growth (%) 32 6,4 11,6
EBITDA 420 411 498
EBITDA margin (%) 16,6 15,3 16,6
EBIT adj. 303 282 368
EBIT adj. margin (%) 12 10,5 12,2
Pretax profit 290 265 353
EPS 10,24 9,47 12,73
EPS growth (%) -7,6 -7,6 34,5
EPS adj. 11,83 11,51 14,72
DPS 5,4 5,4 6,37
EV/EBITDA (x) 10,7 10,7 8,6
EV/EBIT adj. (x) 14,8 15,6 11,7
P/E (x) 23,6 25,6 19
P/E adj. (x) 20,4 21 16,4
EV/sales (x) 1,77 1,64 1,43
FCF yield (%) 2,6 4,6 6
Le. adj. FCF yld. (%) 1,3 3,3 4,6
Dividend yield (%) 2,2 2,2 2,6
Net IB debt/EBITDA (x) -0,5 -0,7 -0,8
Le. adj. ND/EBITDA (x) -1 -1,2 -1,2
SEKm 2022 2023e 2024e
Sales 2530 2692 3005
COGS 0 0 0
Gross profit 2530 2692 3005
Other operating items -2110 -2282 -2507
EBITDA 420 411 498
Depreciation and amortisation -72 -72 -75
of which leasing depreciation -60 -63 -66
EBITA 348 339 423
EO Items 0 0 0
Impairment and PPA amortisation -45 -57 -55
EBIT 303 282 368
Net financial items -14 -17 -15
Pretax profit 290 265 353
Tax -91 -81 -106
Net profit 198 184 247
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 198 184 247
EPS 10,24 9,47 12,73
EPS adj. 11,83 11,51 14,72
Total extraordinary items after tax 0 0 0
Leasing payments -60 -63 -66
Tax rate (%) 31,5 30,6 30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,6 15,3 16,6
EBITA margin (%) 13,8 12,6 14,1
EBIT margin (%) 12 10,5 12,2
Pre-tax margin (%) 11,5 9,8 11,7
Net margin (%) 7,8 6,8 8,2
Sales growth (%) 32 6,4 11,6
EBITDA growth (%) 16,8 -2,1 21,3
EBITA growth (%) 3,1 -2,6 24,7
EBIT growth (%) -0,6 -7 30,4
Net profit growth (%) -7,6 -7,4 34,5
EPS growth (%) -7,6 -7,6 34,5
Profitability N/A N/A N/A
ROE (%) 18,1 14,6 18
ROE adj. (%) 22,2 19,2 22
ROCE (%) 19,9 17,6 21,8
ROCE adj. (%) 22,9 21,1 25,1
ROIC (%) 25,5 23,4 28,8
ROIC adj. (%) 25,5 23,4 28,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 420 411 498
EBITDA adj. margin (%) 16,6 15,3 16,6
EBITDA lease adj. 360 348 432
EBITDA lease adj. margin (%) 14,2 12,9 14,4
EBITA adj. 348 339 423
EBITA adj. margin (%) 13,8 12,6 14,1
EBIT adj. 303 282 368
EBIT adj. margin (%) 12 10,5 12,2
Pretax profit Adj. 335 322 408
Net profit Adj. 243 241 302
Net profit to shareholders adj. 243 241 302
Net adj. margin (%) 9,6 8,9 10,1
SEKm 2022 2023e 2024e
EBITDA 420 411 498
Goodwill 909 944 969
Net financial items -14 -17 -15
Other intangible assets 121 113 98
Paid tax -91 -81 -106
Tangible fixed assets 48 64 80
Non-cash items -120 -215 0
Right-of-use asset 138 138 138
Cash flow before change in WC 196 98 377
Total other fixed assets 28 28 28
Change in working capital 3 229 -6
Fixed assets 1244 1288 1313
Operating cash flow 199 327 371
Inventories 0 0 0
Capex tangible fixed assets -61 -25 -25
Receivables 723 727 811
Capex intangible fixed assets 0 -15 -15
Other current assets 215 0 0
Acquisitions and Disposals -15 -70 -50
Cash and liquid assets 577 618 698
Free cash flow 123 217 281
Total assets 2759 2632 2823
Dividend paid -93 -105 -105
Shareholders equity 1214 1299 1441
Share issues and buybacks 0 6 0
Minority 0 0 0
Leasing liability amortisation -60 -63 -66
Total equity 1214 1299 1441
Other non-cash items 168 215 0
Long-term debt 129 99 69
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 141 141 141
Total other long-term liabilities 281 82 82
Short-term debt 92 92 92
Accounts payable 35 54 60
Other current liabilities 866 865 937
Total liabilities and equity 2759 2632 2823
Net IB debt -215 -285 -396
Net IB debt excl. pension debt -215 -285 -396
Net IB debt excl. leasing -356 -427 -537
Capital employed 1576 1631 1744
Capital invested 999 1014 1046
Working capital 37 -192 -186
Market cap. diluted (m) 4689 4695 4695
Net IB debt adj. -215 -285 -396
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 4474 4409 4299
Total assets turnover (%) 96,4 99,9 110,2
Working capital/sales (%) 1,5 -2,9 -6,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -22 -27,5
Net debt / market cap (%) -4,6 -6,1 -8,4
Equity ratio (%) 44 49,3 51,1
Net IB debt adj. / equity (%) -17,7 -22 -27,5
Current ratio 1,53 1,33 1,39
EBITDA/net interest 30,9 23,5 33,2
Net IB debt/EBITDA (x) -0,5 -0,7 -0,8
Net IB debt/EBITDA lease adj. (x) -1 -1,2 -1,2
Interest coverage 25,6 19,4 28,2
SEKm 2022 2023e 2024e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 10,24 9,47 12,73
Dividend per share 5,4 5,4 6,37
EPS adj. 11,83 11,51 14,72
BVPS 62,66 66,96 74,29
BVPS adj. 9,52 12,45 19,27
Net IB debt/share -11,09 -14,71 -20,4
Share price 242 242 242
Market cap. (m) 4689 4695 4695
P/E (x) 23,6 25,6 19
EV/sales (x) 1,77 1,64 1,43
EV/EBITDA (x) 10,7 10,7 8,6
EV/EBITA (x) 12,8 13 10,2
EV/EBIT (x) 14,8 15,6 11,7
Dividend yield (%) 2,2 2,2 2,6
FCF yield (%) 2,6 4,6 6
Le. adj. FCF yld. (%) 1,3 3,3 4,6
P/BVPS (x) 3,86 3,61 3,26
P/BVPS adj. (x) 25,41 19,43 12,56
P/E adj. (x) 20,4 21 16,4
EV/EBITDA adj. (x) 10,7 10,7 8,6
EV/EBITA adj. (x) 12,8 13 10,2
EV/EBIT adj. (x) 14,8 15,6 11,7
EV/CE (x) 2,8 2,7 2,5
Investment ratios N/A N/A N/A
Capex/sales (%) 2,4 1,5 1,3
Capex/depreciation 5,2 4,5 4,3
Capex tangibles / tangible fixed assets 126,5 38,9 31,2
Capex intangibles / definite intangibles 0 13,2 15,2
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 24,14 13,76 11,61

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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11,4

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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