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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 2021 2022e 2023e
Lease adj. FCF yield (%) 1 4,6 4,7
Lease adj. ND/EBITDA -1,2 -1,7 -2
Sales 1917 2559 2737
Sales growth (%) 30,9 33,5 7
EBITDA 359 432 461
EBITDA margin (%) 18,8 16,9 16,8
EBIT adj 256 314 340
EBIT adj margin (%) 13,3 12,3 12,4
Pretax profit 289 299 324
EPS rep 11,09 10,74 11,73
EPS growth (%) 512,9 -3,2 9,2
EPS adj 10,22 13,06 14,04
DPS 4,8 5,36 5,86
EV/EBITDA (x) 21,3 12 10,9
EV/EBIT adj (x) 29,9 16,6 14,8
P/E (x) 36,3 27,1 24,8
P/E adj (x) 39,4 22,3 20,7
EV/sales (x) 4 2 1,8
FCF yield (%) 1,7 6 6,1
Dividend yield (%) 1,2 1,8 2
Net IB debt/EBITDA -0,5 -1 -1,3
SEKm 2021 2022e 2023e
Leasing payments -54 -80 -80
Depreciation and amortisation -71 -73 -76
Of which leasing depreciation -54 -80 -80
EO items 50 0 0
Impairment and PPA amortisation -33 -45 -45
EBITDA lease Adj 256 352 381
EBITDA lease Adj margin (%) 13,3 13,8 13,9
Sales 1917 2559 2737
COGS 0 0 0
Gross profit 1917 2559 2737
Other operating items -1557 -2127 -2276
EBITDA 359 432 461
Depreciation on tangibles -13 -13 -16
Depreciation on intangibles 0 0 0
EBITA 338 359 385
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -28 -25
EBIT 305 314 340
Other financial items 0 0 0
Net financial items -16 -15 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 289 299 324
Tax -75 -92 -97
Net profit 215 208 227
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 215 208 227
EPS 11,09 10,74 11,73
EPS Adj 10,22 13,06 14,04
Total extraordinary items after tax 49,7 0 0
Tax rate (%) -25,8 -30,6 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 18,8 16,9 16,8
EBITA margin (%) 17,6 14 14,1
EBIT margin (%) 15,9 12,3 12,4
Pretax margin (%) 15,1 11,7 11,8
Net margin (%) 11,2 8,1 8,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 30,9 33,5 7
EBITDA growth (%) 131,3 20,2 6,7
EBIT growth (%) 372,4 2,9 8,3
Net profit growth (%) 515,6 -3,2 9,2
EPS growth (%) 512,9 -3,2 9,2
Profitability 2021 2022 2023
ROE (%) 25,4 20 19,6
ROE Adj (%) 23,4 24,3 23,4
ROCE (%) 22,8 22,1 23,2
ROCE Adj(%) 21,5 25,2 26,2
ROIC (%) 28,2 27,3 34,1
ROIC Adj (%) 23,6 27,3 34,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 310 432 461
EBITDA Adj margin (%) 16,2 16,9 16,8
EBITA Adj 288 359 385
EBITA Adj margin (%) 15 14 14,1
EBIT Adj 256 314 340
EBIT Adj margin (%) 13,3 12,3 12,4
Pretax profit Adj 272 344 369
Net profit Adj 198 253 272
Net profit to shareholders Adj 198 253 272
Net Adj margin (%) 10,3 9,9 9,9
SEKm 2021 2022e 2023e
Lease liability amortisation -54 -80 -80
Other intangible assets 115 78 33
Right-of-use asset 148 148 148
Total other fixed assets 22 22 22
Leasing liability 151 151 151
Total other long-term liabilities 142 56 56
Net IB debt excl. leasing -313 -589 -749
Net IB debt / EBITDA lease Adj (%) -122,5 -167,4 -196,7
EBITDA 359 432 461
Net financial items -16 -15 -16
Paid tax -75 -92 -97
Non-cash items 0 0 0
Cash flow before change in WC 269 326 348
Change in WC 43 53 22
Operating cash flow 312 379 370
CAPEX tangible fixed assets -21 -24 -26
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -160 -15 0
Free cash flow 130 341 344
Dividend paid -23 -93 -104
Share issues and buybacks 0 0 0
Other non cash items -308 194 0
Decrease in net IB debt 302 -125 118
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 830 838 838
Indefinite intangible assets 0 0 0
Definite intangible assets 75 76 51
Tangible fixed assets 33 63 93
Other fixed assets 17 17 17
Fixed assets 1147 1147 1133
Inventories 0 0 0
Receivables 557 691 739
Other current assets 194 0 0
Cash and liquid assets 594 770 880
Total assets 2492 2609 2752
Shareholders equity 983 1098 1221
Minority 0 0 0
Total equity 983 1098 1221
Long-term debt 281 181 131
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 48 48 48
Other long-term liabilities 263 0 0
Short-term debt 0 0 0
Accounts payable 35 51 55
Other current liabilities 901 1071 1138
Total liabilities and equity 2492 2609 2752
Net IB debt -162 -438 -598
Net IB debt excl. pension debt -162 -438 -598
Capital invested 877 716 679
Working capital -185 -431 -453
EV breakdown 2021 2022 2023
Market cap. diluted (m) 7808 5638 5638
Net IB debt Adj -162 -438 -598
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 7645 5200 5040
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 86,1 100,3 102,1
Capital invested turnover (%) 193,4 312,8 362,8
Capital employed turnover (%) 156 193,1 192,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 27,2 22,8 21,8
Payables / sales (%) 2,4 2 1,9
Working capital / sales (%) -6,6 -12 -16,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -16,5 -39,9 -49
Net debt / market cap (%) -2,5 -7,8 -10,6
Equity ratio (%) 39,5 42,1 44,4
Net IB debt adj. / equity (%) -16,5 -39,9 -49
Current ratio (%) 137,3 125,3 131
EBITDA / net interest (%) 2242 2971 2880,9
Net IB debt / EBITDA (%) -45,2 -101,5 -129,8
Interest cover (%) 2107,9 2467,5 2405,9
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 4,6 4,7
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 11,09 10,74 11,73
Dividend per share Adj 4,8 5,4 5,9
EPS Adj 10,22 13,06 14,04
BVPS 50,75 56,67 63,02
BVPS Adj 1,97 9,44 18,1
Net IB debt / share -8,4 -22,6 -30,9
Share price 334,38 291 291
Market cap. (m) 6478 5638 5638
Valuation 2021 2022 2023
P/E 36,3 27,1 24,8
EV/sales 3,99 2,03 1,84
EV/EBITDA 21,3 12 10,9
EV/EBITA 22,6 14,5 13,1
EV/EBIT 25,1 16,6 14,8
Dividend yield (%) 1,2 1,8 2
FCF yield (%) 1,7 6 6,1
P/BVPS 7,94 5,13 4,62
P/BVPS Adj 204,07 30,82 16,07
P/E Adj 39,4 22,3 20,7
EV/EBITDA Adj 24,7 12 10,9
EV/EBITA Adj 26,5 14,5 13,1
EV/EBIT Adj 29,9 16,6 14,8
EV/cap. employed 5,4 3,6 3,4
Investment ratios 2021 2022 2023
Capex / sales 1,1 0,9 0,9
Capex / depreciation 124,8 -349,3 -649
Capex tangibles / tangible fixed assets 65,9 37,5 28
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 52,8 -10,7 -4,3

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.6 % 40.5 % 28 Sep 2022
Stefan af Petersens 12.0 % 9.9 % 28 Sep 2022
Lannebo Fonder 10.6 % 7.6 % 31 Oct 2022
SEB Fonder 10.5 % 7.5 % 31 Oct 2022
Nordea Fonder 9.1 % 6.5 % 30 Sep 2022
Swedbank Robur Fonder 8.8 % 6.3 % 30 Sep 2022
Tredje AP-fonden 4.4 % 3.1 % 28 Sep 2022
AMF Pension & Fonder 2.0 % 1.5 % 31 Oct 2022
Enter Fonder 1.6 % 1.2 % 31 Oct 2022
Danske Invest 1.5 % 1.0 % 30 Sep 2022
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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