Pure-play timber stock

Bergs Timber

Bergs Timber is the only listed timber pure-play in Sweden. It sells sawn and processed wood products. ~80% of the group’s products are exported, mainly to the UK, US and other European countries. In January 2018, the company announced its intention to acquire Norvik Timber, a transformational acquisition that will approximately double the group’s production capacity and revenues. Norvik Timber is a vertically integrated group with sawmills, production of processed wood products like windows, houses and furniture, and distribution of own and third-party products.

Financials

Bergs Timber

SEKm 2017 2018 2019
Sales 1216 2041 3334
Sales growth (%) 32,7 67,8 63,4
EBITDA 83 204 341
EBITDA margin (%) 6,8 10 10,2
EBIT adj 36 167 257
EBIT adj margin (%) 3 8,2 7,7
Pretax profit 31 152 247
EPS rep 0,15 0,54 0,57
EPS growth (%) 626,6 255,4 4,9
EPS adj 0,14 0,58 0,57
DPS 0 0 0
EV/EBITDA (x) 6,7 6,2 4,7
EV/EBIT adj (x) 15,4 7,6 6,2
P/E (x) 17,3 6,5 6,2
P/E adj (x) 18,2 6 6,2
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 17,6 15,4 7,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,5 2,4 1,2