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Christian Berner Tech Trade

Christian Berner Tech Trade

Christian Berner Tech Trade is a Nordic-based tech trading company founded in 1887. It owns and develops B2B businesses within the processing, construction and engineering industries. CBTT currently holds eleven different companies, acquired since 2007. The group's operations are primarily focusing on filter technology, instrument & analysis, plants, machines & components, technical plastics, filling machines & products and packaging.

With an increased demand for sustainable solutions, customers strive to structure their value chain and focus on core business. Rebound in the Norwegian segment, better leverage of the current sales force. And also value-added acquisitions.

Lower activity in the construction and manufacturer industry, difficulties in improving the Norwegian operation, acquisition integration issues, inflated acquisitions multiples.

SEKm 2021 2022e 2023e
Sales 743 810 840
Sales growth (%) 6,9 9 3,7
EBITDA 59 90 102
EBITDA margin (%) 8 11,1 12,1
EBIT adj 39 63 72
EBIT adj margin (%) 5,3 7,8 8,6
Pretax profit 29 60 68
EPS rep 1,21 2,49 2,83
EPS growth (%) -27,1 106,1 13,3
EPS adj 1,71 2,44 2,83
DPS 0,75 1,25 1,41
EV/EBITDA (x) 13,6 6,3 5,1
EV/EBIT adj (x) 20,5 8,8 7,1
P/E (x) 27,8 8,7 7,6
P/E adj (x) 19,7 8,8 7,6
EV/sales (x) 1,1 0,7 0,6
FCF yield (%) 2,4 15,1 22,4
Dividend yield (%) 2,2 5,8 6,5
Net IB debt/EBITDA 3 1,7 1,1
Lease adj. FCF yield (%) -5 8,1 17
Lease adj. ND/EBITDA 1,4 0,8 0,3
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation -29 -28 -29
Of which leasing depreciation -24 -24 -25
EO items -9 -2 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 69 92 102
EBITDA lease Adj margin (%) 9,2 11,3 12,1
Sales 743 810 840
COGS -450 -471 -485
Gross profit 294 339 355
Other operating items -234 -250 -254
EBITDA 59 90 102
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -1 -2 -3
EBITA 31 61 72
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 30 61 72
Other financial items 1 0 0
Net financial items -1 -1 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 60 68
Tax -6 -13 -15
Net profit 23 47 53
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 47 53
EPS 1,21 2,49 2,83
EPS Adj 1,71 2,44 2,83
Total extraordinary items after tax -9,3 -2,3 0
Tax rate (%) -21 -21,9 -22,4
Gross margin (%) 39,5 41,9 42,3
EBITDA margin (%) 8 11,1 12,1
EBITA margin (%) 4,2 7,6 8,6
EBIT margin (%) 4 7,5 8,6
Pretax margin (%) 3,9 7,4 8,1
Net margin (%) 3,1 5,8 6,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 6,9 9 3,7
EBITDA growth (%) -8,4 50,9 13,4
EBIT growth (%) -26,2 103,3 18
Net profit growth (%) -29,2 105,8 13,3
EPS growth (%) -27,1 106,1 13,3
Profitability 2021 2022 2023
ROE (%) 12,5 23 22,6
ROE Adj (%) 17,6 24,2 22,6
ROCE (%) 7,1 13 14
ROCE Adj(%) 9,3 13,5 14
ROIC (%) 6,7 12,6 14,9
ROIC Adj (%) 8,8 13,1 14,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 69 92 102
EBITDA Adj margin (%) 9,2 11,3 12,1
EBITA Adj 40 64 72
EBITA Adj margin (%) 5,4 7,9 8,6
EBIT Adj 39 63 72
EBIT Adj margin (%) 5,3 7,8 8,6
Pretax profit Adj 38 62 68
Net profit Adj 32 49 53
Net profit to shareholders Adj 32 49 53
Net Adj margin (%) 4,3 6,1 6,3
SEKm 2021 2022e 2023e
EBITDA 59 90 102
Net financial items -1 -1 -4
Paid tax -4 -13 -15
Non-cash items 0 0 0
Cash flow before change in WC 54 75 82
Change in WC -31 -5 18
Operating cash flow 22 70 101
CAPEX tangible fixed assets -7 -8 -9
CAPEX intangible fixed assets 0 -1 -1
Acquisitions and disposals -23 -4 0
Free cash flow -8 57 91
Dividend paid -14 -14 -23
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -71 25 19
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 194 194 194
Indefinite intangible assets 0 0 0
Definite intangible assets 20 19 18
Tangible fixed assets 21 29 34
Other fixed assets 1 3 3
Fixed assets 336 345 347
Inventories 85 89 84
Receivables 101 109 97
Other current assets 8 9 10
Cash and liquid assets 80 100 145
Total assets 609 652 683
Shareholders equity 187 220 249
Minority 0 0 0
Total equity 187 220 249
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 14 8 8
Lease liability amortisation -24 -24 -22
Other intangible assets 35 36 37
Right-of-use asset 84 85 82
Total other fixed assets 1 1 1
Leasing liability 83 80 80
Total other long-term liabilities 10 10 10
Net IB debt excl. leasing 95 75 30
Net IB debt / EBITDA lease Adj (%) 138,7 82 29,6
Other long-term liabilities 1 1 1
Short-term debt 175 175 175
Accounts payable 51 57 55
Other current liabilities 105 111 114
Total liabilities and equity 609 652 683
Net IB debt 177 155 110
Net IB debt excl. pension debt 177 155 110
Capital invested 372 383 367
Working capital 38 40 22
EV breakdown 2021 2022 2023
Market cap. diluted (m) 630 405 405
Net IB debt Adj 177 155 110
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 807 560 515
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 132,4 128,5 125,9
Capital invested turnover (%) 229,1 219,2 235,5
Capital employed turnover (%) 211 188,3 188,3
Inventories / sales (%) 9,2 8,8 9,2
Customer advances / sales (%) 3,2 3,1 4,2
Payables / sales (%) 6,4 6,3 5,9
Working capital / sales (%) 4,3 4,9 3,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 94,7 70,6 44
Net debt / market cap (%) 28,8 38,2 27
Equity ratio (%) 30,7 33,7 36,5
Net IB debt adj. / equity (%) 94,7 70,6 44
Current ratio (%) 77,8 84,5 91,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 298,2 173 108
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -5 8,1 17
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,21 2,49 2,83
Dividend per share Adj 0,8 1,2 1,4
EPS Adj 1,71 2,44 2,83
BVPS 9,96 11,7 13,28
BVPS Adj -2,26 -0,54 0,99
Net IB debt / share 9,5 8,3 5,9
Share price 32,72 21,6 21,6
Market cap. (m) 614 405 405
Valuation 2021 2022 2023
P/E 27,8 8,7 7,6
EV/sales 1,09 0,69 0,61
EV/EBITDA 13,6 6,3 5,1
EV/EBITA 26,1 9,1 7,1
EV/EBIT 26,9 9,2 7,1
Dividend yield (%) 2,2 5,8 6,5
FCF yield (%) 2,4 15,1 22,4
P/BVPS 3,37 1,85 1,63
P/BVPS Adj -14,89 -39,9 21,75
P/E Adj 19,7 8,8 7,6
EV/EBITDA Adj 11,8 6,1 5,1
EV/EBITA Adj 20,1 8,8 7,1
EV/EBIT Adj 20,5 8,8 7,1
EV/cap. employed 1,8 1,2 1
Investment ratios 2021 2022 2023
Capex / sales 1 1,1 1,2
Capex / depreciation 138,8 197,7 240
Capex tangibles / tangible fixed assets 34,4 27,2 27
Capex intangibles / definite intangibles 0 2,2 2,3
Depreciation on intangibles / definite intangibles 2,4 0,7 0
Depreciation on tangibles / tangibles 20,8 14,2 12,3

Equity research

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Media

Christian Berner - Company presentation with CEO Bo Söderqvist & CFO Torbjörn Gustafsson
Christian Berner Tech Trade - Company presentation with CEO Bo Söderqvist

Main shareholders - Christian Berner Tech Trade

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 23.8 % 52.4 % 2 May 2022
Cervantes Capital 11.2 % 7.0 % 31 Mar 2022
Concejo AB 10.3 % 6.4 % 30 Apr 2022
Isolde Stensdotter Berner 8.7 % 5.4 % 30 Apr 2022
Lannebo Fonder 6.6 % 4.1 % 30 Apr 2022
Ksenia Berner 4.2 % 2.7 % 30 Apr 2022
Unionen 4.0 % 2.5 % 30 Apr 2022
Protector Forsikring ASA 2.7 % 1.7 % 30 Apr 2022
Avanza Pension 2.0 % 1.3 % 30 Apr 2022
Mikael Gunnarsson 1.8 % 1.1 % 30 Apr 2022
Source: Holdings by Modular Finance AB

Insider list - Christian Berner Tech Trade

Name Quantity Code Date
Lars Westlund + 5 000 BUY 17 May 2022
Joachim Berner + 17 848 BUY 29 Apr 2022
Lars Gatenbeck + 7 000 BUY 10 Dec 2021
Kerstin Elisabeth Gillsbro + 1 715 BUY 9 Dec 2021
Lars Gatenbeck + 10 000 BUY 8 Dec 2021
Bo Söderqvist - 1 978 SELL 2 Dec 2021
Bo Söderqvist - 800 SELL 30 Nov 2021
Bo Söderqvist - 400 SELL 29 Nov 2021
Bo Söderqvist - 427 SELL 25 Nov 2021
Bo Söderqvist - 1 600 SELL 19 Nov 2021

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