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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 2919 3203
Sales growth (%) 4,4 4,2 9,7
EBITDA 439 466 535
EBITDA margin (%) 15,7 16 16,7
EBIT adj. 298 317 385
EBIT adj. margin (%) 10,6 10,9 12
Pretax profit 468 299 375
EPS 19,95 10,87 13,55
EPS growth (%) 80,1 -45,5 24,6
EPS adj. 22,8 13,53 16,08
DPS 6,1 5,44 6,78
EV/EBITDA (x) 10,3 9,5 8
EV/EBIT adj. (x) 15,1 14 11,1
P/E (x) 12 22 17,6
P/E adj. (x) 10,5 17,7 14,9
EV/sales (x) 1,61 1,52 1,34
FCF yield (%) 4,3 4 6,8
Le. adj. FCF yld. (%) 3 2,7 5,5
Dividend yield (%) 2,6 2,3 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 2919 3203
COGS 0 0 0
Gross profit 2802 2919 3203
Other operating items -2363 -2453 -2668
EBITDA 439 466 535
Depreciation and amortisation -74 -75 -79
of which leasing depreciation -60 -60 -60
EBITA 365 391 455
EO Items 0 0 0
Impairment and PPA amortisation -67 -73 -70
EBIT 298 317 385
Net financial items 170 -18 -10
Pretax profit 468 299 375
Tax -81 -89 -113
Net profit 387 210 263
Minority interest 0 1 0
Net profit discontinued 0 0 0
Net profit to shareholders 387 211 263
EPS 19,95 10,87 13,55
EPS adj. 22,8 13,53 16,08
Total extraordinary items after tax 0 0 0
Leasing payments -60 -60 -60
Tax rate (%) 17,2 29,8 30
Gross margin (%) 100 100 100
EBITDA margin (%) 15,7 16 16,7
EBITA margin (%) 13 13,4 14,2
EBIT margin (%) 10,6 10,9 12
Pre-tax margin (%) 16,7 10,3 11,7
Net margin (%) 13,8 7,2 8,2
Sales growth (%) 4,4 4,2 9,7
EBITDA growth (%) 4,1 6,1 14,7
EBITA growth (%) 5,5 7,1 16,6
EBIT growth (%) 3,5 6,5 21,5
Net profit growth (%) 80,1 -45,7 25
EPS growth (%) 80,1 -45,5 24,6
Profitability N/A N/A N/A
ROE (%) 26,1 12,3 14,3
ROE adj. (%) 30,6 16,6 18,1
ROCE (%) 31,5 13,9 16
ROCE adj. (%) 18 17,1 18,9
ROIC (%) 21,5 17,8 20,4
ROIC adj. (%) 21,5 17,8 20,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 439 466 535
EBITDA adj. margin (%) 15,7 16 16,7
EBITDA lease adj. 379 406 475
EBITDA lease adj. margin (%) 13,5 13,9 14,8
EBITA adj. 365 391 455
EBITA adj. margin (%) 13 13,4 14,2
EBIT adj. 298 317 385
EBIT adj. margin (%) 10,6 10,9 12
Pretax profit Adj. 534 373 445
Net profit Adj. 454 284 333
Net profit to shareholders adj. 454 284 333
Net adj. margin (%) 16,2 9,7 10,4
SEKm 2024 2025e 2026e
EBITDA 439 466 535
Goodwill 1272 1368 1393
Net financial items 170 -18 -10
Other intangible assets 162 209 189
Paid tax -107 -89 -113
Tangible fixed assets 51 51 49
Non-cash items -180 -267 0
Right-of-use asset 142 142 142
Cash flow before change in WC 322 92 412
Total other fixed assets 39 39 39
Change in working capital 64 327 -6
Fixed assets 1666 1809 1812
Operating cash flow 386 418 406
Inventories 0 0 0
Capex tangible fixed assets -5 -16 -17
Receivables 727 759 833
Capex intangible fixed assets -25 -25 -25
Other current assets 267 0 0
Acquisitions and Disposals -159 -191 -50
Cash and liquid assets 703 765 914
Free cash flow 197 186 314
Total assets 3363 3333 3558
Dividend paid -111 -118 -105
Shareholders equity 1665 1757 1915
Share issues and buybacks 0 0 0
Minority 0 1 1
Leasing liability amortisation -60 -60 -60
Total equity 1665 1759 1916
Other non-cash items 202 269 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 58 64
Other current liabilities 761 852 914
Total liabilities and equity 3363 3333 3558
Net IB debt -135 -197 -346
Net IB debt excl. pension debt -135 -197 -346
Net IB debt excl. leasing -282 -344 -493
Capital employed 2233 2327 2484
Capital invested 1530 1562 1570
Working capital 175 -151 -146
Market cap. diluted (m) 4636 4636 4636
Net IB debt adj. -135 -197 -346
Market value of minority 0 1 1
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4501 4440 4291
Total assets turnover (%) 88,7 87,2 93
Working capital/sales (%) 7,4 0,4 -4,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,1 -11,2 -18,1
Net debt / market cap (%) -2,9 -4,3 -7,5
Equity ratio (%) 49,5 52,8 53,8
Net IB debt adj. / equity (%) -8,1 -11,2 -18,1
Current ratio 1,64 1,35 1,46
EBITDA/net interest 2,6 26,1 53,5
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 21,9 45,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 19,95 10,87 13,55
Dividend per share 6,1 5,44 6,78
EPS adj. 22,8 13,53 16,08
BVPS 85,83 90,6 98,71
BVPS adj. 11,9 9,33 17,19
Net IB debt/share -6,97 -10,17 -17,84
Share price 239 239 239
Market cap. (m) 4636 4636 4636
P/E (x) 12 22 17,6
EV/sales (x) 1,61 1,52 1,34
EV/EBITDA (x) 10,3 9,5 8
EV/EBITA (x) 12,3 11,4 9,4
EV/EBIT (x) 15,1 14 11,1
Dividend yield (%) 2,6 2,3 2,8
FCF yield (%) 4,3 4 6,8
Le. adj. FCF yld. (%) 3 2,7 5,5
P/BVPS (x) 2,78 2,64 2,42
P/BVPS adj. (x) 20,08 25,62 13,91
P/E adj. (x) 10,5 17,7 14,9
EV/EBITDA adj. (x) 10,3 9,5 8
EV/EBITA adj. (x) 12,3 11,4 9,4
EV/EBIT adj. (x) 15,1 14 11,1
EV/CE (x) 2 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,4 1,3
Capex/depreciation 2 2,7 2,2
Capex tangibles / tangible fixed assets 9,9 31,2 34,6
Capex intangibles / definite intangibles 15,2 12 13,2
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 28,66 29,94 38,9

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.8 % 40.6 % 31 Dec 2024
Stefan af Petersens 11.6 % 9.6 % 27 Mar 2025
Lannebo Kapitalförvaltning 12.0 % 8.6 % 30 Apr 2025
Nordea Funds 7.6 % 5.4 % 27 Mar 2025
SEB Funds 7.3 % 5.2 % 30 Apr 2025
Swedbank Robur Fonder 4.9 % 3.5 % 31 Mar 2025
ODIN Fonder 3.9 % 2.8 % 30 Apr 2025
AMF Pension & Fonder 3.4 % 2.4 % 30 Apr 2025
Handelsbanken Fonder 2.6 % 1.8 % 30 Apr 2025
Alcur Fonder 2.3 % 1.6 % 31 Mar 2025
Source: Holdings by Modular Finance AB