Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

BTS Group

BTS Group

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 2024 2025e 2026e
Sales 2802 2767 2975
Sales growth (%) 4,4 -1,2 7,5
EBITDA 439 395 466
EBITDA margin (%) 15,7 14,3 15,7
EBIT adj. 298 270 315
EBIT adj. margin (%) 10,6 9,8 10,6
Pretax profit 468 218 305
EPS 19,95 7,99 11
EPS growth (%) 80,1 -60 37,8
EPS adj. 22,8 11,65 13,71
DPS 6,1 3,99 5,5
EV/EBITDA (x) 8,4 9,4 7,7
EV/EBIT adj. (x) 12,4 13,7 11,3
P/E (x) 9,9 24,8 18
P/E adj. (x) 8,7 17 14,4
EV/sales (x) 1,32 1,34 1,2
FCF yield (%) 5,1 3,6 7
Le. adj. FCF yld. (%) 3,6 2 5,4
Dividend yield (%) 3,1 2 2,8
Net IB debt/EBITDA (x) -0,3 -0,4 -0,6
Le. adj. ND/EBITDA (x) -0,7 -0,8 -1
SEKm 2024 2025e 2026e
Sales 2802 2767 2975
COGS 0 0 0
Gross profit 2802 2767 2975
Other operating items -2363 -2373 -2509
EBITDA 439 395 466
Depreciation and amortisation -74 -72 -76
of which leasing depreciation -60 -60 -60
EBITA 365 322 390
EO Items 0 -24 0
Impairment and PPA amortisation -67 -76 -75
EBIT 298 246 315
Net financial items 170 -28 -10
Pretax profit 468 218 305
Tax -81 -64 -91
Net profit 387 155 213
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 387 155 213
EPS 19,95 7,99 11
EPS adj. 22,8 11,65 13,71
Total extraordinary items after tax 0 -17 0
Leasing payments -60 -60 -60
Tax rate (%) 17,2 29,2 30
Gross margin (%) 100 100 100
EBITDA margin (%) 15,7 14,3 15,7
EBITA margin (%) 13 11,7 13,1
EBIT margin (%) 10,6 8,9 10,6
Pre-tax margin (%) 16,7 7,9 10,3
Net margin (%) 13,8 5,6 7,2
Sales growth (%) 4,4 -1,2 7,5
EBITDA growth (%) 4,1 -10,1 18
EBITA growth (%) 5,5 -11,6 20,9
EBIT growth (%) 3,5 -17,4 27,9
Net profit growth (%) 80,1 -60,1 38,1
EPS growth (%) 80,1 -60 37,8
Profitability N/A N/A N/A
ROE (%) 26,1 9,2 12,1
ROE adj. (%) 30,6 14,7 16,3
ROCE (%) 31,5 10,9 13,5
ROCE adj. (%) 18 15,4 16,7
ROIC (%) 21,5 14,8 17,5
ROIC adj. (%) 21,5 15,9 17,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 439 419 466
EBITDA adj. margin (%) 15,7 15,1 15,7
EBITDA lease adj. 379 359 406
EBITDA lease adj. margin (%) 13,5 13 13,6
EBITA adj. 365 347 390
EBITA adj. margin (%) 13 12,5 13,1
EBIT adj. 298 270 315
EBIT adj. margin (%) 10,6 9,8 10,6
Pretax profit Adj. 534 318 380
Net profit Adj. 454 248 288
Net profit to shareholders adj. 454 248 288
Net adj. margin (%) 16,2 9 9,7
SEKm 2024 2025e 2026e
EBITDA 439 395 466
Goodwill 1272 1368 1393
Net financial items 170 -28 -10
Other intangible assets 162 206 181
Paid tax -107 -64 -91
Tangible fixed assets 51 55 56
Non-cash items -180 -262 0
Right-of-use asset 142 142 142
Cash flow before change in WC 322 40 364
Total other fixed assets 39 39 39
Change in working capital 64 330 -4
Fixed assets 1666 1809 1810
Operating cash flow 386 370 360
Inventories 0 0 0
Capex tangible fixed assets -5 -16 -17
Receivables 727 720 773
Capex intangible fixed assets -25 -25 -25
Other current assets 267 0 0
Acquisitions and Disposals -159 -191 -50
Cash and liquid assets 703 712 843
Free cash flow 197 138 268
Total assets 3363 3241 3426
Dividend paid -111 -118 -77
Shareholders equity 1665 1701 1837
Share issues and buybacks 0 0 0
Minority 0 2 2
Leasing liability amortisation -60 -60 -60
Total equity 1665 1703 1839
Other non-cash items 202 264 0
Long-term debt 203 203 203
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 147 147 147
Total other long-term liabilities 311 96 96
Short-term debt 218 218 218
Accounts payable 58 55 59
Other current liabilities 761 818 864
Total liabilities and equity 3363 3241 3426
Net IB debt -135 -144 -275
Net IB debt excl. pension debt -135 -144 -275
Net IB debt excl. leasing -282 -291 -422
Capital employed 2233 2271 2407
Capital invested 1530 1559 1564
Working capital 175 -154 -150
Market cap. diluted (m) 3841 3841 3841
Net IB debt adj. -135 -144 -275
Market value of minority 0 2 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3705 3698 3567
Total assets turnover (%) 88,7 83,8 89,2
Working capital/sales (%) 7,4 0,4 -5,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,1 -8,5 -14,9
Net debt / market cap (%) -3,5 -3,8 -7,2
Equity ratio (%) 49,5 52,5 53,7
Net IB debt adj. / equity (%) -8,1 -8,5 -14,9
Current ratio 1,64 1,31 1,42
EBITDA/net interest 2,6 14 46,6
Net IB debt/EBITDA (x) -0,3 -0,4 -0,6
Net IB debt/EBITDA lease adj. (x) -0,7 -0,8 -1
Interest coverage 2,2 11,5 39
SEKm 2024 2025e 2026e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 19,95 7,99 11
Dividend per share 6,1 3,99 5,5
EPS adj. 22,8 11,65 13,71
BVPS 85,83 87,71 94,72
BVPS adj. 11,9 6,59 13,6
Net IB debt/share -6,97 -7,43 -14,16
Share price 198 198 198
Market cap. (m) 3841 3841 3841
P/E (x) 9,9 24,8 18
EV/sales (x) 1,3 1,3 1,2
EV/EBITDA (x) 8,4 9,4 7,7
EV/EBITA (x) 10,2 11,5 9,1
EV/EBIT (x) 12,4 15 11,3
Dividend yield (%) 3,1 2 2,8
FCF yield (%) 5,1 3,6 7
Le. adj. FCF yld. (%) 3,6 2 5,4
P/BVPS (x) 2,31 2,26 2,09
P/BVPS adj. (x) 16,64 30,03 14,55
P/E adj. (x) 8,7 17 14,4
EV/EBITDA adj. (x) 8,4 8,8 7,7
EV/EBITA adj. (x) 10,2 10,7 9,1
EV/EBIT adj. (x) 12,4 13,7 11,3
EV/CE (x) 1,7 1,6 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,5 1,4
Capex/depreciation 2 3,4 2,7
Capex tangibles / tangible fixed assets 9,9 29,3 30,5
Capex intangibles / definite intangibles 15,2 12,1 13,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 28,7 22,2 28,2

Equity research

Read earlier research

Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.8 % 40.6 % 26 Jun 2025
Stefan af Petersens 11.6 % 9.6 % 26 Jun 2025
Lannebo Kapitalförvaltning 12.1 % 8.7 % 31 Jul 2025
Nordea Funds 8.0 % 5.7 % 26 Jun 2025
SEB Funds 7.3 % 5.2 % 31 Jul 2025
AMF Pension & Fonder 4.1 % 2.9 % 31 Aug 2025
ODIN Fonder 3.6 % 2.6 % 31 Jul 2025
Andra AP-fonden 3.2 % 2.3 % 26 Jun 2025
Swedbank Robur Fonder 2.8 % 2.0 % 31 Jul 2025
Handelsbanken Fonder 2.2 % 1.6 % 31 Jul 2025
Source: Holdings by Modular Finance AB