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BTS Group

BTS Group

Implementing business strategies on a large scale

BTS offers client-tailored programmes and products to turn strategy into action for the largest companies in the world. BTS takes over when management consultants have told companies what to do, and operates in a global market. Financial targets include: 1) 20% sales growth, primarily organic, 2) a 17% EBITA margin, and 3) an equity ratio that does not fall below 50% over an extended period.

Macro factors affect global activity for management consulting services, and therefore also strategy implementation. Volatile markets and recessions make companies less active in terms of transformation, which could affect BTS negatively. The company is also dependent on its employees, meaning that brand value and company culture are crucial.

SEKm 2022 2023e 2024e
Sales 2530 2747 3081
Sales growth (%) 32 8,6 12,1
EBITDA 420 434 520
EBITDA margin (%) 16,6 15,8 16,9
EBIT adj. 303 310 400
EBIT adj. margin (%) 12 11,3 13
Pretax profit 290 294 385
EPS 10,24 10,56 13,89
EPS growth (%) -7,6 3,1 31,6
EPS adj. 11,83 12,47 15,52
DPS 5,4 5,28 6,95
EV/EBITDA (x) 12,4 11,8 9,6
EV/EBIT adj. (x) 17,2 16,5 12,4
P/E (x) 27,3 26,5 20,2
P/E adj. (x) 23,7 22,5 18
EV/sales (x) 2,06 1,86 1,61
FCF yield (%) 2,3 4,8 5,7
Le. adj. FCF yld. (%) 1,2 3,6 4,4
Dividend yield (%) 1,9 1,9 2,5
Net IB debt/EBITDA (x) -0,5 -0,8 -0,9
Le. adj. ND/EBITDA (x) -1 -1,3 -1,3
SEKm 2022 2023e 2024e
Sales 2530 2747 3081
COGS 0 0 0
Gross profit 2530 2747 3081
Other operating items -2110 -2313 -2561
EBITDA 420 434 520
Depreciation and amortisation -72 -71 -75
of which leasing depreciation -60 -63 -66
EBITA 348 363 445
EO Items 0 0 0
Impairment and PPA amortisation -45 -53 -45
EBIT 303 310 400
Net financial items -14 -15 -15
Pretax profit 290 294 385
Tax -91 -90 -116
Net profit 198 205 270
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 198 205 270
EPS 10,24 10,56 13,89
EPS adj. 11,83 12,47 15,52
Total extraordinary items after tax 0 0 0
Leasing payments -60 -63 -66
Tax rate (%) 31,5 30,4 30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,6 15,8 16,9
EBITA margin (%) 13,8 13,2 14,4
EBIT margin (%) 12 11,3 13
Pre-tax margin (%) 11,5 10,7 12,5
Net margin (%) 7,8 7,5 8,7
Sales growth (%) 32 8,6 12,1
EBITDA growth (%) 16,8 3,3 19,7
EBITA growth (%) 3,1 4,2 22,6
EBIT growth (%) -0,6 2,1 29,2
Net profit growth (%) -7,6 3,2 31,6
EPS growth (%) -7,6 3,1 31,6
Profitability N/A N/A N/A
ROE (%) 18,1 16,2 19,2
ROE adj. (%) 22,2 20,4 22,4
ROCE (%) 19,9 19,2 23,2
ROCE adj. (%) 22,9 22,5 25,9
ROIC (%) 25,5 25,4 30,9
ROIC adj. (%) 25,5 25,4 30,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 420 434 520
EBITDA adj. margin (%) 16,6 15,8 16,9
EBITDA lease adj. 360 371 453
EBITDA lease adj. margin (%) 14,2 13,5 14,7
EBITA adj. 348 363 445
EBITA adj. margin (%) 13,8 13,2 14,4
EBIT adj. 303 310 400
EBIT adj. margin (%) 12 11,3 13
Pretax profit Adj. 335 348 430
Net profit Adj. 243 258 315
Net profit to shareholders adj. 243 258 315
Net adj. margin (%) 9,6 9,4 10,2
SEKm 2022 2023e 2024e
EBITDA 420 434 520
Goodwill 909 938 963
Net financial items -14 -15 -15
Other intangible assets 121 104 92
Paid tax -91 -90 -116
Tangible fixed assets 48 57 66
Non-cash items -120 -215 0
Right-of-use asset 138 138 138
Cash flow before change in WC 196 114 389
Total other fixed assets 28 28 28
Change in working capital 3 228 -7
Fixed assets 1244 1266 1287
Operating cash flow 199 342 382
Inventories 0 0 0
Capex tangible fixed assets -61 -17 -17
Receivables 723 742 832
Capex intangible fixed assets 0 -8 -8
Other current assets 215 0 0
Acquisitions and Disposals -15 -58 -50
Cash and liquid assets 577 660 769
Free cash flow 123 259 307
Total assets 2759 2667 2888
Dividend paid -93 -105 -102
Shareholders equity 1214 1320 1487
Share issues and buybacks 0 6 0
Minority 0 0 0
Leasing liability amortisation -60 -63 -66
Total equity 1214 1320 1487
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 55 62
Other current liabilities 866 878 954
Total liabilities and equity 2759 2667 2888
Net IB debt -215 -327 -466
Net IB debt excl. pension debt -215 -327 -466
Net IB debt excl. leasing -356 -469 -608
Capital employed 1576 1652 1790
Capital invested 999 993 1021
Working capital 37 -191 -184
Market cap. diluted (m) 5425 5432 5432
Net IB debt adj. -215 -327 -466
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 5210 5104 4966
Total assets turnover (%) 96,4 101,3 110,9
Working capital/sales (%) 1,5 -2,8 -6,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -24,8 -31,4
Net debt / market cap (%) -4 -6 -8,6
Equity ratio (%) 44 49,5 51,5
Net IB debt adj. / equity (%) -17,7 -24,8 -31,4
Current ratio 1,53 1,37 1,44
EBITDA/net interest 30,9 28,4 34,6
Net IB debt/EBITDA (x) -0,5 -0,8 -0,9
Net IB debt/EBITDA lease adj. (x) -1 -1,3 -1,3
Interest coverage 25,6 23,7 29,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 10,24 10,56 13,89
Dividend per share 5,4 5,28 6,95
EPS adj. 11,83 12,47 15,52
BVPS 62,66 68,05 76,67
BVPS adj. 9,52 14,31 22,26
Net IB debt/share -11,09 -16,88 -24,03
Share price 280 280 280
Market cap. (m) 5425 5432 5432
P/E (x) 27,3 26,5 20,2
EV/sales (x) 2,06 1,86 1,61
EV/EBITDA (x) 12,4 11,8 9,6
EV/EBITA (x) 15 14,1 11,2
EV/EBIT (x) 17,2 16,5 12,4
Dividend yield (%) 1,9 1,9 2,5
FCF yield (%) 2,3 4,8 5,7
Le. adj. FCF yld. (%) 1,2 3,6 4,4
P/BVPS (x) 4,47 4,11 3,65
P/BVPS adj. (x) 29,41 19,57 12,58
P/E adj. (x) 23,7 22,5 18
EV/EBITDA adj. (x) 12,4 11,8 9,6
EV/EBITA adj. (x) 15 14,1 11,2
EV/EBIT adj. (x) 17,2 16,5 12,4
EV/CE (x) 3,3 3,1 2,8
Investment ratios N/A N/A N/A
Capex/sales (%) 2,4 0,9 0,8
Capex/depreciation 5,2 3,1 3
Capex tangibles / tangible fixed assets 126,5 29,7 25,8
Capex intangibles / definite intangibles 0 7,7 8,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 24,14 13,95 12,73

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.6 % 40.5 % 28 Jun 2023
Stefan af Petersens 12.0 % 9.9 % 28 Jun 2023
Lannebo Fonder 10.9 % 7.8 % 31 Aug 2023
SEB Fonder 10.8 % 7.8 % 31 Aug 2023
Nordea Funds 9.3 % 6.6 % 31 Jul 2023
Swedbank Robur Fonder 8.8 % 6.3 % 31 Aug 2023
Tredje AP-fonden 4.4 % 3.1 % 28 Jun 2023
AMF Pension & Fonder 2.0 % 1.5 % 31 Aug 2023
Enter Fonder 1.7 % 1.2 % 31 Aug 2023
Handelsbanken Fonder 1.7 % 1.2 % 31 Aug 2023
Source: Holdings by Modular Finance AB