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Christian Berner Tech Trade

Christian Berner Tech Trade

Leading partner for technical solutions

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 2020 2021e 2022e
Sales 695 762 825
Sales growth (%) -1,4 9,7 8,3
EBITDA 65 86 94
EBITDA margin (%) 9,3 11,3 11,4
EBIT adj 41 61 67
EBIT adj margin (%) 5,9 8 8,2
Pretax profit 41 58 64
EPS rep 1,66 2,39 2,63
EPS growth (%) -18,2 44,3 10
EPS adj 1,66 2,39 2,63
DPS 0,75 0,75 0,75
EV/EBITDA (x) 9,7 11 9,8
EV/EBIT adj (x) 15,4 15,4 13,7
P/E (x) 15,5 17,4 15,8
P/E adj (x) 15,6 17,4 15,8
EV/sales (x) 0,9 1,2 1,1
FCF yield (%) 11,9 8,7 7,1
Dividend yield (%) 2,9 1,8 1,8
Net IB debt/EBITDA 2,2 1,9 1,5
Lease adj. FCF yield (%) 4,8 5,5 7,1
Lease adj. ND/EBITDA 0,8 0,9 0,6
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Depreciation and amortisation -24 -25 -27
Of which leasing depreciation -19 -20 -21
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 86 94
EBITDA lease Adj margin (%) 9,3 11,3 11,4
Sales 695 762 825
COGS -425 -453 -495
Gross profit 270 309 330
Other operating items -205 -223 -236
EBITDA 65 86 94
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -1 -2 -3
EBITA 42 63 70
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 41 61 67
Other financial items 1 0 0
Net financial items 0 -3 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 41 58 64
Tax -9 -13 -14
Net profit 32 45 49
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 32 45 49
EPS 1,66 2,39 2,63
EPS Adj 1,66 2,39 2,63
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,4 -22,4 -22,4
Gross margin (%) 38,8 40,6 40
EBITDA margin (%) 9,3 11,3 11,4
EBITA margin (%) 6,1 8,3 8,5
EBIT margin (%) 5,9 8 8,2
Pretax margin (%) 5,9 7,6 7,7
Net margin (%) 4,6 5,9 6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,4 9,7 8,3
EBITDA growth (%) -9,3 32,9 9,3
EBIT growth (%) -20,2 50,7 9,9
Net profit growth (%) -15,1 39,9 10
EPS growth (%) -18,2 44,3 10
Profitability 2020 2021 2022
ROE (%) 19,5 23,5 22
ROE Adj (%) 19,5 23,5 22
ROCE (%) 12,4 14,4 14,1
ROCE Adj(%) 12,4 14,4 14,1
ROIC (%) 10,5 13,2 13,4
ROIC Adj (%) 10,5 13,2 13,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 65 86 94
EBITDA Adj margin (%) 9,3 11,3 11,4
EBITA Adj 42 63 70
EBITA Adj margin (%) 6,1 8,3 8,5
EBIT Adj 41 61 67
EBIT Adj margin (%) 5,9 8 8,2
Pretax profit Adj 41 58 64
Net profit Adj 32 45 49
Net profit to shareholders Adj 32 45 49
Net Adj margin (%) 4,6 5,9 6
SEKm 2020 2021e 2022e
EBITDA 65 86 94
Net financial items 0 -3 -4
Paid tax -17 -13 -14
Non-cash items 0 0 0
Cash flow before change in WC 48 70 76
Change in WC 15 8 -11
Operating cash flow 63 77 65
CAPEX tangible fixed assets -5 -8 -9
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals -34 -25 0
Free cash flow 23 43 55
Dividend paid -11 -14 -14
Share issues and buybacks 0 0 0
Other non cash items -97 -78 -24
Decrease in net IB debt -71 25 19
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 180 187 187
Indefinite intangible assets 0 0 0
Definite intangible assets 20 19 18
Tangible fixed assets 18 66 71
Other fixed assets 1 3 3
Fixed assets 311 367 371
Inventories 62 69 83
Receivables 78 85 91
Other current assets 12 12 12
Cash and liquid assets 49 59 80
Total assets 513 592 636
Shareholders equity 176 207 242
Minority 0 0 0
Total equity 176 207 242
Long-term debt 0 47 47
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 14 8 8
Lease liability amortisation 0 0 0
Other intangible assets 20 19 18
Right-of-use asset 93 93 92
Total other fixed assets 1 3 3
Leasing liability 94 92 92
Total other long-term liabilities 16 9 9
Net IB debt excl. leasing 51 77 56
Net IB debt / EBITDA lease Adj (%) 78,7 89,1 59,1
Other long-term liabilities 1 1 1
Short-term debt 100 89 89
Accounts payable 46 47 50
Other current liabilities 81 101 107
Total liabilities and equity 513 592 636
Net IB debt 145 166 145
Net IB debt excl. pension debt 145 166 145
Capital invested 336 383 397
Working capital 25 18 28
EV breakdown 2020 2021 2022
Market cap. diluted (m) 484 780 780
Net IB debt Adj 145 166 145
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 629 947 926
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 148,2 138 134,4
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 2,8 2,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 82 80,4 59,9
Net debt / market cap (%) 33,7 21,3 18,6
Equity ratio (%) 34,3 35 38,1
Net IB debt adj. / equity (%) 82 80,4 59,9
Current ratio (%) 81,1 90,5 103,2
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 223,2 193,4 154,4
Interest cover (%) 0 0 0
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,8 5,5 7,1
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,66 2,39 2,63
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 1,66 2,39 2,63
BVPS 9,39 11,04 12,92
BVPS Adj -1,26 0,03 2,02
Net IB debt / share 7,7 9 7,9
Share price 22,86 41,6 41,6
Market cap. (m) 429 780 780
Valuation 2020 2021 2022
P/E 15,5 17,4 15,8
EV/sales 0,9 1,24 1,12
EV/EBITDA 9,7 11 9,8
EV/EBITA 14,9 15 13,2
EV/EBIT 15,4 15,4 13,7
Dividend yield (%) 2,9 1,8 1,8
FCF yield (%) 11,9 8,7 7,1
P/BVPS 2,75 3,77 3,22
P/BVPS Adj -20,48 1375,8 20,63
P/E Adj 15,6 17,4 15,8
EV/EBITDA Adj 9,7 11 9,8
EV/EBITA Adj 14,9 15 13,2
EV/EBIT Adj 15,4 15,4 13,7
EV/cap. employed 1,7 2,2 2
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 112 183,7 164,4
Capex tangibles / tangible fixed assets 26,7 12,8 12,7
Capex intangibles / definite intangibles 2,9 3,9 4,7
Depreciation on intangibles / definite intangibles 7,2 8,3 15,5
Depreciation on tangibles / tangibles 18,6 5,1 4,6

Equity research

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Media

Christian Berner Tech Trade - Interview with CEO Bo Söderqvist (Q2 2018)
Christian Berner Tech Trade: Intervju med VD Bo Söderqvist (Q1 2018)

Main shareholders - Christian Berner Tech Trade

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 23.7 % 52.3 %
Lannebo Fonder 11.0 % 6.9 %
Ernström & C:o AB 10.1 % 6.3 %
Ksenia Berner 9.1 % 5.7 %
Isolde Stensdotter Berner 8.7 % 5.4 %
Ruby Stensdotter Berner 8.3 % 5.2 %
Andra AP-fonden 4.5 % 2.8 %
AMF Försäkring & Fonder 3.5 % 2.2 %
Förvaltningsaktiebolaget Zate 2.3 % 1.5 %
Avanza Pension 1.4 % 0.9 %

Insider list - Christian Berner Tech Trade

Name Quantity Code Date
Hans Lindqvist + 2 000 BUY 28 Apr 2020
Bo Söderqvist + 10 000 BUY 23 Apr 2020
Hans Lindqvist + 2 000 BUY 12 Jun 2018
Bo Söderqvist + 10 000 BUY 15 May 2018
Bo Söderqvist + 5 000 BUY 11 May 2018
Kerstin Elisabeth Gillsbro + 5 300 BUY 11 May 2018
Bo Söderqvist + 5 000 BUY 9 May 2018
Lars Gatenbeck + 5 000 BUY 8 May 2018
Christian Berner Invest Aktiebolag -8 214 651 SELL 23 Feb 2018
Gårdaverken AB +1 027 195 * 23 Feb 2018

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