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Bergs Timber

Bergs Timber

Timber pure-play

Bergs Timber sells sawn and processed wood products. It operates through its two main segments: Sawmills and Further Processed.

Historically, Bergs Timber has been a typical sawmill group with a high degree of commoditised wood products. Going forward, however, the group’s strategy is to increase focus on value-added processing and perform complementary acquisitions. Combined with strong macroeconomic fundamentals, industry consolidation and improvement programs there should be room for earnings uplift over the coming years. The acquisition of Norvik Timber will transform the group into a more vertically integrated player with potential for margin improvement and a higher degree of earnings stability.

Risks include higher raw material costs, lower product prices and changes in the general economic cycle.

SEKm 2020 2021e 2022e
Sales 2132 2334 2198
Sales growth (%) -34,9 9,5 -5,8
EBITDA 212 245 234
EBITDA margin (%) 9,9 10,5 10,7
EBIT adj 137 164 153
EBIT adj margin (%) 6,4 7 7
Pretax profit 93 160 145
EPS rep 0,5 0,4 0,34
EPS growth (%) 281,2 -20,6 -14
EPS adj 0,31 0,4 0,34
DPS 0,2 0,16 0,14
EV/EBITDA (x) 4,9 9,8 10,4
EV/EBIT adj (x) 7,5 14,7 15,8
P/E (x) 6,2 16,9 19,7
P/E adj (x) 9,8 16,9 19,7
EV/sales (x) 0,5 1 1,1
FCF yield (%) 27,4 -2,2 1,7
Dividend yield (%) 6,5 2,4 2
Net IB debt/EBITDA -0,2 0,4 0,4
Lease adj. FCF yield (%) 27,4 -2,2 1,7
Lease adj. ND/EBITDA -0,2 0,4 0,4
SEKm 2020 2021e 2022e
Sales 2132 2334 2198
COGS -1311 -1286 -1276
Gross profit 821 1048 922
Other operating items -609 -803 -688
EBITDA 212 245 234
Depreciation on tangibles -75 -70 -70
Depreciation on intangibles 0 0 0
EBITA 137 164 153
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 137 164 153
Other financial items 0 0 0
Net financial items -44 -4 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 93 160 145
Tax 16 -23 -27
Net profit 109 137 118
Minority interest 0 0 0
Net profit discontinued 64 0 0
Net profit to shareholders 173 137 118
EPS 0,5 0,4 0,34
EPS Adj 0,31 0,4 0,34
Total extraordinary items after tax 0 0 0
Tax rate (%) 17,2 -14,4 -18,8
Gross margin (%) 38,5 44,9 41,9
EBITDA margin (%) 9,9 10,5 10,7
EBITA margin (%) 6,4 7 7
EBIT margin (%) 6,4 7 7
Pretax margin (%) 4,4 6,9 6,6
Net margin (%) 5,1 5,9 5,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -34,9 9,5 -5,8
EBITDA growth (%) 36,5 15,9 -4,5
EBIT growth (%) 128,3 20 -6,7
Net profit growth (%) 142,2 25,9 -14
EPS growth (%) 281,2 -20,6 -14
Profitability 2020 2021 2022
ROE (%) 14,7 10,6 8,7
ROE Adj (%) 9,3 10,6 8,7
ROCE (%) 9,7 11,8 9,9
ROCE Adj(%) 9,7 11,8 9,9
ROIC (%) 10,6 10,4 8,4
ROIC Adj (%) 10,6 10,4 8,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 212 245 234
EBITDA Adj margin (%) 9,9 10,5 10,7
EBITA Adj 137 164 153
EBITA Adj margin (%) 6,4 7 7
EBIT Adj 137 164 153
EBIT Adj margin (%) 6,4 7 7
Pretax profit Adj 93 160 145
Net profit Adj 109 137 118
Net profit to shareholders Adj 109 137 118
Net Adj margin (%) 5,1 5,9 5,4
Depreciation and amortisation -75 -81 -81
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 212 245 234
EBITDA lease Adj margin (%) 9,9 10,5 10,7
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 212 245 234
Net financial items -44 -4 -8
Paid tax 16 -23 -27
Non-cash items 0 0 0
Cash flow before change in WC 184 218 199
Change in WC 171 -199 41
Operating cash flow 355 20 240
CAPEX tangible fixed assets -63 -71 -200
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 292 -51 40
Dividend paid 0 -69 -55
Share issues and buybacks 0 0 0
Other non cash items 410 -9 0
Decrease in net IB debt 696 76 93
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 187 187 187
Definite intangible assets 0 0 0
Tangible fixed assets 665 670 789
Other fixed assets 7 7 7
Fixed assets 859 879 998
Inventories 349 456 425
Receivables 241 337 327
Other current assets 0 0 0
Cash and liquid assets 242 137 122
Total assets 1691 1810 1873
Shareholders equity 1251 1330 1393
Minority 0 0 0
Total equity 1251 1330 1393
Long-term debt 168 164 164
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 42 63 63
Accounts payable 206 221 220
Other current liabilities 0 0 0
Total liabilities and equity 1691 1810 1873
Net IB debt -32 90 105
Net IB debt excl. pension debt -32 90 105
Capital invested 1243 1452 1530
Working capital 384 573 532
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1064 2323 2323
Net IB debt Adj -32 90 105
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 1032 2413 2428
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 108,7 133,4 119,4
Capital invested turnover (%) 140,3 168,9 177,7
Capital employed turnover (%) 128,7 139,6 138
Inventories / sales (%) 23,8 16,7 15,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13 9,5 8,8
Working capital / sales (%) 24,2 20,5 25,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -2,6 6,8 7,5
Net debt / market cap (%) -3,7 3,9 4,5
Equity ratio (%) 74 73,5 74,4
Net IB debt adj. / equity (%) -2,6 6,8 7,5
Current ratio (%) 335,5 328 308,4
EBITDA / net interest (%) 480,9 6128,9 2927,1
Net IB debt / EBITDA (%) -15,1 36,6 44,8
Interest cover (%) 236,8 1043,3 1311,4
Lease liability amortisation 0 0 0
Other intangible assets 187 190 190
Right-of-use asset 0 0 0
Total other fixed assets 7 19 19
Leasing liability 0 0 0
Total other long-term liabilities 24 32 32
Net IB debt excl. leasing -32 90 105
Net IB debt / EBITDA lease Adj (%) -15,1 36,6 44,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 347 347 347
Fully diluted shares Adj 347 347 347
EPS 0,5 0,4 0,34
Dividend per share Adj 0,2 0,2 0,1
EPS Adj 0,31 0,4 0,34
BVPS 3,61 3,84 4,02
BVPS Adj 3,61 3,84 4,02
Net IB debt / share -0,1 0,3 0,3
Share price 2,51 6,7 6,7
Market cap. (m) 869 2323 2323
Valuation 2020 2021 2022
P/E 6,2 16,9 19,7
EV/sales 0,48 1,03 1,1
EV/EBITDA 4,9 9,8 10,4
EV/EBITA 7,5 14,7 15,8
EV/EBIT 7,5 14,7 15,8
Dividend yield (%) 6,5 2,4 2
FCF yield (%) 27,4 -2,2 1,7
P/BVPS 0,85 1,75 1,67
P/BVPS Adj 0,85 1,75 1,67
P/E Adj 9,8 16,9 19,7
EV/EBITDA Adj 4,9 9,8 10,4
EV/EBITA Adj 7,5 14,7 15,8
EV/EBIT Adj 7,5 14,7 15,8
EV/cap. employed 0,7 1,5 1,5
Investment ratios 2020 2021 2022
Capex / sales 3 3 9,1
Capex / depreciation 84,5 87,9 247,5
Capex tangibles / tangible fixed assets 9,5 10,6 25,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,2 12,1 10,2
Lease adj. FCF yield (%) 27,4 -2,2 1,7

Equity Research

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Media

Bergs Timber - Company presentation with CEO Peter Nilsson & CFO Anders Marklund
Bergs Timber - Company presentation with CEO Peter Nilsson and CFO Anders Marklund

Main shareholders - Bergs Timber

Main shareholders Share capital % Voting shares % Verified
Norvik Hf 63.6 % 63.6 % 30 Apr 2021
Futur Pension 4.0 % 4.0 % 22 Mar 2021
Åke Bergh 3.1 % 3.1 % 30 Apr 2021
Avanza Pension 1.3 % 1.3 % 30 Apr 2021
Nordnet Pensionsförsäkring 1.2 % 1.2 % 30 Apr 2021
Per Anders Bendt 1.2 % 1.2 % 30 Apr 2021
Swedbank Försäkring 0.7 % 0.7 % 30 Apr 2021
Therese Sundbye 0.7 % 0.7 % 30 Apr 2021
SEB Fonder 0.6 % 0.6 % 30 Apr 2021
Claes Mellgren 0.6 % 0.6 % 30 Apr 2021
Source: Holdings by Modular Finance AB

Insider list - Bergs Timber

Name Quantity Code Date
Peter Nilsson + 50 000 BUY 16 Mar 2021
Anders Marklund + 25 000 BUY 16 Mar 2021
Peter Nilsson + 50 000 BUY 17 Jun 2020
Patrik Ivarsson - 20 336 SELL 28 Mar 2019
Patrik Ivarsson - 5 239 SELL 18 Mar 2019
Peter Nilsson + 50 000 BUY 11 Mar 2019
Patrik Ivarsson - 7 425 SELL 25 Oct 2018
Patrik Ivarsson - 9 000 SELL 15 Oct 2018
Christina Marianne Brav + 7 000 BUY 11 Oct 2018
Anders Marklund + 25 000 BUY 5 Oct 2018

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