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BTS Group

BTS Group

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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.

Financials

SEKm 2022 2023e 2024e
Sales 2530 2730 2995
Sales growth (%) 32 7,9 9,7
EBITDA 420 436 523
EBITDA margin (%) 16,6 16 17,5
EBIT adj. 303 311 398
EBIT adj. margin (%) 12 11,4 13,3
Pretax profit 290 295 383
EPS 10,24 10,63 13,81
EPS growth (%) -7,6 3,8 29,8
EPS adj. 11,83 12,38 15,43
DPS 5,4 5,32 6,9
EV/EBITDA (x) 10,7 10 8
EV/EBIT adj. (x) 14,8 14 10,5
P/E (x) 23,6 22,8 17,5
P/E adj. (x) 20,4 19,5 15,7
EV/sales (x) 1,77 1,59 1,4
FCF yield (%) 2,6 5,8 7,1
Le. adj. FCF yld. (%) 1,3 4,5 5,7
Dividend yield (%) 2,2 2,2 2,9
Net IB debt/EBITDA (x) -0,5 -0,8 -1
Le. adj. ND/EBITDA (x) 1 1,3 1,4
SEKm 2022 2023e 2024e
Sales 2530 2730 2995
COGS 0 0 0
Gross profit 2530 2730 2995
Other operating items -2110 -2294 -2472
EBITDA 420 436 523
Depreciation and amortisation -72 -76 -80
of which leasing depreciation -60 -63 -66
EBITA 348 359 443
EO Items 0 0 0
Impairment and PPA amortisation -45 -49 -45
EBIT 303 311 398
Net financial items -14 -15 -15
Pretax profit 290 295 383
Tax -91 -89 -115
Net profit 198 206 268
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 198 206 268
EPS 10,24 10,63 13,81
EPS adj. 11,83 12,38 15,43
Total extraordinary items after tax 0 0 0
Leasing payments -60 -63 -66
Tax rate (%) 31,5 30,2 30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,6 16 17,5
EBITA margin (%) 13,8 13,2 14,8
EBIT margin (%) 12 11,4 13,3
Pre-tax margin (%) 11,5 10,8 12,8
Net margin (%) 7,8 7,6 8,9
Sales growth (%) 32 7,9 9,7
EBITDA growth (%) 16,8 3,8 20
EBITA growth (%) 3,1 3,2 23,2
EBIT growth (%) -0,6 2,5 28
Net profit growth (%) -7,6 4 29,8
EPS growth (%) -7,6 3,8 29,8
Profitability N/A N/A N/A
ROE (%) 18,1 16,3 19,1
ROE adj. (%) 22,2 20,1 22,3
ROCE (%) 19,9 19,2 23,1
ROCE adj. (%) 22,9 22,2 25,7
ROIC (%) 25,5 25,4 31,6
ROIC adj. (%) 25,5 25,4 31,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 420 436 523
EBITDA adj. margin (%) 16,6 16 17,5
EBITDA lease adj. 360 373 457
EBITDA lease adj. margin (%) 14,2 13,7 15,3
EBITA adj. 348 359 443
EBITA adj. margin (%) 13,8 13,2 14,8
EBIT adj. 303 311 398
EBIT adj. margin (%) 12 11,4 13,3
Pretax profit Adj. 335 344 428
Net profit Adj. 243 255 313
Net profit to shareholders adj. 243 255 313
Net adj. margin (%) 9,6 9,3 10,4
SEKm 2022 2023e 2024e
EBITDA 420 436 523
Goodwill 909 932 947
Net financial items -14 -15 -15
Other intangible assets 121 103 81
Paid tax -91 -89 -115
Tangible fixed assets 48 52 55
Non-cash items -120 -215 0
Right-of-use asset 138 138 138
Cash flow before change in WC 196 117 393
Total other fixed assets 28 28 28
Change in working capital 3 228 -5
Fixed assets 1244 1253 1249
Operating cash flow 199 345 388
Inventories 0 0 0
Capex tangible fixed assets -61 -17 -17
Receivables 723 737 809
Capex intangible fixed assets 0 -8 -8
Other current assets 215 0 0
Acquisitions and Disposals -15 -46 -30
Cash and liquid assets 577 674 808
Free cash flow 123 273 333
Total assets 2759 2664 2865
Dividend paid -93 -105 -103
Shareholders equity 1214 1322 1486
Share issues and buybacks 0 6 0
Minority 0 0 0
Leasing liability amortisation -60 -63 -66
Total equity 1214 1322 1486
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 60
Other current liabilities 866 874 935
Total liabilities and equity 2759 2664 2865
Net IB debt -215 -342 -505
Net IB debt excl. pension debt -215 -342 -505
Net IB debt excl. leasing -356 -483 -647
Capital employed 1576 1654 1789
Capital invested 999 980 981
Working capital 37 -191 -186
Market cap. diluted (m) 4689 4695 4695
Net IB debt adj. -215 -342 -505
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 4353 4189
Total assets turnover (%) 96,4 100,7 108,3
Working capital/sales (%) 1,5 -2,8 -6,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -25,9 -34
Net debt / market cap (%) -4,6 -7,3 -10,8
Equity ratio (%) 44 49,6 51,9
Net IB debt adj. / equity (%) -17,7 -25,9 -34
Current ratio 1,53 1,38 1,49
EBITDA/net interest 30,9 28,4 34,9
Net IB debt/EBITDA (x) -0,5 -0,8 -1
Net IB debt/EBITDA lease adj. (x) -1 -1,3 -1,4
Interest coverage 25,6 23,4 29,5
SEKm 2022 2023e 2024e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 10,24 10,63 13,81
Dividend per share 5,4 5,32 6,9
EPS adj. 11,83 12,38 15,43
BVPS 62,66 68,13 76,61
BVPS adj. 9,52 14,76 23,61
Net IB debt/share -11,09 -17,63 -26,05
Share price 242 242 242
Market cap. (m) 4689 4695 4695
P/E (x) 23,6 22,8 17,5
EV/sales (x) 1,77 1,59 1,4
EV/EBITDA (x) 10,7 10 8
EV/EBITA (x) 12,8 12,1 9,5
EV/EBIT (x) 14,8 14 10,5
Dividend yield (%) 2,2 2,2 2,9
FCF yield (%) 2,6 5,8 7,1
Le. adj. FCF yld. (%) 1,3 4,5 5,7
P/BVPS (x) 3,86 3,55 3,16
P/BVPS adj. (x) 25,41 16,4 10,25
P/E adj. (x) 20,4 19,5 15,7
EV/EBITDA adj. (x) 10,7 10 8
EV/EBITA adj. (x) 12,8 12,1 9,5
EV/EBIT adj. (x) 14,8 14 10,5
EV/CE (x) 2,8 2,6 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 2,4 0,9 0,8
Capex/depreciation 5,2 1,9 1,8
Capex tangibles / tangible fixed assets 126,5 32,9 31,1
Capex intangibles / definite intangibles 0 7,8 9,9
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 24,14 25,98 25,84

Equity research

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.6 % 40.5 % 29 Mar 2023
Stefan af Petersens 12.0 % 9.9 % 29 Mar 2023
SEB Fonder 10.7 % 7.6 % 30 Apr 2023
Lannebo Fonder 10.3 % 7.4 % 30 Apr 2023
Nordea Fonder 9.1 % 6.5 % 30 Apr 2023
Swedbank Robur Fonder 8.8 % 6.3 % 30 Apr 2023
Tredje AP-fonden 4.4 % 3.1 % 29 Mar 2023
AMF Pension & Fonder 2.0 % 1.5 % 31 May 2023
Handelsbanken Fonder 1.5 % 1.1 % 31 May 2023
Danske Invest 1.5 % 1.1 % 30 Apr 2023
Source: Holdings by Modular Finance AB

Insider list - BTS Group

Name Quantity Code Date
Jessica Parisi - 30 600 SELL 18 Jun 2021
Jessica Parisi - 30 600 SELL 17 Jun 2021
Jessica Parisi - 1 597 SELL 27 May 2021
Philokypros andreou + 610 BUY 26 Mar 2021
Nils Henrik Ekelund - 400 000 SELL 31 Aug 2020
Joel Sigrist - 5 063 SELL 22 May 2020
Joel Sigrist - 6 SELL 20 May 2020
Joel Sigrist - 3 000 SELL 9 Mar 2020
Dag Halvar Sehlin + 16 000 BUY 21 Feb 2020
Dag Sehlin - 16 000 SELL 21 Feb 2020

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