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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 2023 2024e 2025e
Sales 2683 2837 3094
Sales growth (%) 6,1 5,7 9,1
EBITDA 422 460 534
EBITDA margin (%) 15,7 16,2 17,3
EBIT adj. 288 316 388
EBIT adj. margin (%) 10,7 11,1 12,6
Pretax profit 295 325 375
EPS 11,07 12,15 13,55
EPS growth (%) 8,1 9,7 11,6
EPS adj. 13,24 14,51 15,72
DPS 5,7 6,07 6,77
EV/EBITDA (x) 14,4 13,2 11,1
EV/EBIT adj. (x) 21,1 19,3 15,3
P/E (x) 29,3 26,8 24
P/E adj. (x) 24,6 22,4 20,7
EV/sales (x) 2,26 2,14 1,92
FCF yield (%) 1 4,4 5
Le. adj. FCF yld. (%) 0,1 3,5 4,2
Dividend yield (%) 1,8 1,9 2,1
Net IB debt/EBITDA (x) -0,5 -0,5 -0,7
Le. adj. ND/EBITDA (x) -1 -0,9 -1,1
SEKm 2023 2024e 2025e
Sales 2683 2837 3094
COGS 0 0 0
Gross profit 2683 2837 3094
Other operating items -2261 -2376 -2561
EBITDA 422 460 534
Depreciation and amortisation -76 -81 -85
of which leasing depreciation -54 -55 -55
EBITA 346 379 448
EO Items 0 0 0
Impairment and PPA amortisation -58 -63 -60
EBIT 288 316 388
Net financial items 7 9 -13
Pretax profit 295 325 375
Tax -80 -89 -113
Net profit 215 236 263
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 215 236 263
EPS 11,07 12,15 13,55
EPS adj. 13,24 14,51 15,72
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 16,2 17,3
EBITA margin (%) 12,9 13,4 14,5
EBIT margin (%) 10,7 11,1 12,6
Pre-tax margin (%) 11 11,4 12,1
Net margin (%) 8 8,3 8,5
Sales growth (%) 6,1 5,7 9,1
EBITDA growth (%) 0,5 9,1 16
EBITA growth (%) -0,7 9,6 18,4
EBIT growth (%) -5 9,6 23,1
Net profit growth (%) 8,3 9,7 11,6
EPS growth (%) 8,1 9,7 11,6
Profitability N/A N/A N/A
ROE (%) 17,1 17,3 17,5
ROE adj. (%) 21,7 21,9 21,5
ROCE (%) 18,6 20 21,6
ROCE adj. (%) 21,2 22,7 24,9
ROIC (%) 23,5 24,2 26,2
ROIC adj. (%) 23,5 24,2 26,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 422 460 534
EBITDA adj. margin (%) 15,7 16,2 17,3
EBITDA lease adj. 368 405 479
EBITDA lease adj. margin (%) 13,7 14,3 15,5
EBITA adj. 346 379 448
EBITA adj. margin (%) 12,9 13,4 14,5
EBIT adj. 288 316 388
EBIT adj. margin (%) 10,7 11,1 12,6
Pretax profit Adj. 353 388 435
Net profit Adj. 272 299 323
Net profit to shareholders adj. 272 299 323
Net adj. margin (%) 10,2 10,5 10,4
SEKm 2023 2024e 2025e
EBITDA 422 460 534
Goodwill 1104 1129 1154
Net financial items 7 9 -13
Other intangible assets 154 130 110
Paid tax -80 -89 -113
Tangible fixed assets 43 42 36
Non-cash items -296 -243 0
Right-of-use asset 137 137 137
Cash flow before change in WC 53 137 408
Total other fixed assets 28 28 28
Change in working capital 113 231 0
Fixed assets 1466 1467 1467
Operating cash flow 166 368 408
Inventories 0 0 0
Capex tangible fixed assets -25 -25 -25
Receivables 714 766 835
Capex intangible fixed assets -15 -15 -15
Other current assets 243 0 0
Acquisitions and Disposals -65 -50 -50
Cash and liquid assets 532 529 675
Free cash flow 60 278 318
Total assets 2956 2762 2977
Dividend paid -105 -111 -118
Shareholders equity 1301 1426 1571
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -55 -55
Total equity 1301 1426 1571
Other non-cash items 75 243 0
Long-term debt 55 55 55
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 140 140 140
Total other long-term liabilities 443 84 84
Short-term debt 107 107 107
Accounts payable 49 57 62
Other current liabilities 861 893 958
Total liabilities and equity 2956 2762 2977
Net IB debt -230 -227 -372
Net IB debt excl. pension debt -230 -227 -372
Net IB debt excl. leasing -370 -367 -513
Capital employed 1603 1728 1873
Capital invested 1071 1199 1198
Working capital 47 -184 -184
Market cap. diluted (m) 6304 6304 6304
Net IB debt adj. -230 -227 -372
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 6074 6077 5932
Total assets turnover (%) 93,9 99,2 107,8
Working capital/sales (%) 3,9 -2,4 -6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -15,9 -23,7
Net debt / market cap (%) -3,6 -3,6 -5,9
Equity ratio (%) 44 51,6 52,8
Net IB debt adj. / equity (%) -17,7 -15,9 -23,7
Current ratio 1,46 1,22 1,34
EBITDA/net interest 59,6 50,3 41,1
Net IB debt/EBITDA (x) -0,5 -0,5 -0,7
Net IB debt/EBITDA lease adj. (x) -1 -0,9 -1,1
Interest coverage 48,8 41,4 34,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 11,07 12,15 13,55
Dividend per share 5,7 6,07 6,77
EPS adj. 13,24 14,51 15,72
BVPS 67,05 73,5 80,98
BVPS adj. 2,22 8,58 15,8
Net IB debt/share -11,86 -11,7 -19,19
Share price 325 325 325
Market cap. (m) 6304 6304 6304
P/E (x) 29,3 26,8 24
EV/sales (x) 2,26 2,14 1,92
EV/EBITDA (x) 14,4 13,2 11,1
EV/EBITA (x) 17,6 16 13,2
EV/EBIT (x) 21,1 19,3 15,3
Dividend yield (%) 1,8 1,9 2,1
FCF yield (%) 1 4,4 5
Le. adj. FCF yld. (%) 0,1 3,5 4,2
P/BVPS (x) 4,85 4,42 4,01
P/BVPS adj. (x) 146,37 37,88 20,57
P/E adj. (x) 24,6 22,4 20,7
EV/EBITDA adj. (x) 14,4 13,2 11,1
EV/EBITA adj. (x) 17,6 16 13,2
EV/EBIT adj. (x) 21,1 19,3 15,3
EV/CE (x) 3,8 3,5 3,2
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 1,4 1,3
Capex/depreciation 1,8 1,5 1,3
Capex tangibles / tangible fixed assets 58,1 59,8 68,5
Capex intangibles / definite intangibles 9,8 11,5 13,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 51,84 62,82 83,16

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.8 % 40.6 % 18 Jun 2024
Stefan af Petersens 11.6 % 9.6 % 26 Jun 2024
Lannebo Fonder 11.0 % 7.9 % 30 Jun 2024
Nordea Funds 9.4 % 6.7 % 26 Jun 2024
SEB Fonder 7.9 % 5.7 % 30 Jun 2024
Swedbank Robur Fonder 7.7 % 5.5 % 26 Jun 2024
Handelsbanken Fonder 2.6 % 1.8 % 30 Jun 2024
AMF Pension & Fonder 2.4 % 1.7 % 30 Jun 2024
Alcur Fonder 2.3 % 1.6 % 31 May 2024
Enter Fonder 2.0 % 1.4 % 30 Jun 2024
Source: Holdings by Modular Finance AB