Timber pure-play

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 2029 3380
Sales growth (%) 32,7 66,9 66,6
EBITDA 83 205 336
EBITDA margin (%) 6,8 10,1 9,9
EBIT adj 36 166 252
EBIT adj margin (%) 3 8,2 7,5
Pretax profit 31 151 243
EPS rep 0,15 0,58 0,56
EPS growth (%) 626,6 280,1 -3,6
EPS adj 0,14 0,61 0,56
DPS 0 0,05 0,09
EV/EBITDA (x) 6,5 6,5 4
EV/EBIT adj (x) 14,9 8,1 5,3
P/E (x) 17,3 6,5 5,1
P/E adj (x) 18,2 6,2 5,1
EV/sales (x) 0,4 0,7 0,4
FCF yield (%) 3,8 -20,5 15,9
Dividend yield (%) 0 1,3 3,3
Net IB debt/EBITDA 1,2 2,5 1,2

Main shareholders

Bergs Timber

Main shareholders Share capital % Voting shares %
Landsbankinn Hf. 64.8 % 64.8 %
Norvik hf 64.7 % 64.7 %
Danica Pension 5.0 % 5.0 %
Setra Trävaror AB 3.2 % 3.2 %
Åke Bergh 3.1 % 3.1 %
Niklas Sjöfors 2.9 % 2.9 %
Swedbank Försäkring 0.9 % 0.9 %
Nordnet Pensionsförsäkring 0.7 % 0.7 %
Avanza Pension 0.5 % 0.5 %
Per-Åke Bergh 0.5 % 0.5 %