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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 2063 2105
Sales growth (%) -34,9 -3,2 2,1
EBITDA 212 206 208
EBITDA margin (%) 9,9 10 9,9
EBIT adj 137 136 138
EBIT adj margin (%) 6,4 6,6 6,6
Pretax profit 93 128 130
EPS rep 0,5 0,29 0,3
EPS growth (%) 281,2 -40,9 1,9
EPS adj 0,31 0,29 0,3
DPS 0,2 0,12 0,12
EV/EBITDA (x) 4,9 6,2 5,6
EV/EBIT adj (x) 7,5 9,3 8,5
P/E (x) 6,2 13,5 13,2
P/E adj (x) 9,8 13,5 13,2
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 27,4 10,6 9,7
Dividend yield (%) 6,5 3 3
Net IB debt/EBITDA -0,2 -0,5 -1
Lease adj. FCF yield (%) 27,4 10,6 9,7
Lease adj. ND/EBITDA -0,2 -0,5 -1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 2132 2063 2105
COGS -1311 -1178 -1213
Gross profit 821 884 892
Other operating items -609 -678 -684
EBITDA 212 206 208
Depreciation on tangibles -75 -70 -70
Depreciation on intangibles 0 0 0
EBITA 137 136 138
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 137 136 138
Other financial items 0 0 0
Net financial items -44 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 93 128 130
Tax 16 -26 -26
Net profit 109 102 104
Minority interest 0 0 0
Net profit discontinued 64 0 0
Net profit to shareholders 173 102 104
EPS 0,5 0,29 0,3
EPS Adj 0,31 0,29 0,3
Total extraordinary items after tax 0 0 0
Tax rate (%) 17,2 -20 -20
Gross margin (%) 38,5 42,9 42,4
EBITDA margin (%) 9,9 10 9,9
EBITA margin (%) 6,4 6,6 6,6
EBIT margin (%) 6,4 6,6 6,6
Pretax margin (%) 4,4 6,2 6,2
Net margin (%) 5,1 5 5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -34,9 -3,2 2,1
EBITDA growth (%) 36,8 -2,9 1,2
EBIT growth (%) 128,3 -0,9 1,8
Net profit growth (%) 142,2 -6,2 1,9
EPS growth (%) 281,2 -40,9 1,9
Profitability 2020 2021 2022
ROE (%) 14,7 8,1 7,9
ROE Adj (%) 9,3 8,1 7,9
ROCE (%) 9,7 9,5 9,3
ROCE Adj(%) 9,7 9,5 9,3
ROIC (%) 10,6 8,9 9,3
ROIC Adj (%) 10,6 8,9 9,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 212 206 208
EBITDA Adj margin (%) 9,9 10 9,9
EBITA Adj 137 136 138
EBITA Adj margin (%) 6,4 6,6 6,6
EBIT Adj 137 136 138
EBIT Adj margin (%) 6,4 6,6 6,6
Pretax profit Adj 93 128 130
Net profit Adj 109 102 104
Net profit to shareholders Adj 109 102 104
Net Adj margin (%) 5,1 5 5
Depreciation and amortisation -75 -70 -70
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 212 206 208
EBITDA lease Adj margin (%) 9,9 10 9,9
N/A N/A N/A
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 212 206 208
Net financial items -44 -8 -8
Paid tax 16 -26 -26
Non-cash items 0 0 0
Cash flow before change in WC 184 172 174
Change in WC 171 45 31
Operating cash flow 355 218 206
CAPEX tangible fixed assets -63 -72 -72
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 292 146 134
Dividend paid 0 -69 -41
Share issues and buybacks 0 0 0
Other non cash items 410 0 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 665 667 669
Other fixed assets 7 7 7
Fixed assets 859 861 863
Inventories 349 342 321
Receivables 241 182 173
Other current assets 0 0 0
Cash and liquid assets 242 318 411
Total assets 1691 1703 1768
Shareholders equity 1251 1284 1347
Minority 0 0 0
Total equity 1251 1284 1347
Long-term debt 168 168 168
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 42 42
Accounts payable 206 185 187
Other current liabilities 0 0 0
Total liabilities and equity 1691 1703 1768
Net IB debt -32 -108 -201
Net IB debt excl. pension debt -32 -108 -201
Capital invested 1243 1200 1170
Working capital 384 339 307
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1064 1377 1377
Net IB debt Adj -32 -108 -201
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 1268 1175
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 108,7 121,6 121,3
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 17,5 15,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -2,6 -8,4 -14,9
Net debt / market cap (%) -3,7 -7,9 -14,6
Equity ratio (%) 74 75,4 76,2
Net IB debt adj. / equity (%) -2,6 -8,4 -14,9
Current ratio (%) 335,5 371,1 395,5
EBITDA / net interest (%) 481,8 2572,9 2603,9
Net IB debt / EBITDA (%) -15,1 -52,6 -96,5
Interest cover (%) 236,8 1165,3 1185,9
Lease liability amortisation 0 0 0
Other intangible assets 187 187 187
Right-of-use asset 0 0 0
Total other fixed assets 7 7 7
Leasing liability 0 0 0
Total other long-term liabilities 24 24 24
Net IB debt excl. leasing -32 -108 -201
Net IB debt / EBITDA lease Adj (%) -15,1 -52,6 -96,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 347 347 347
Fully diluted shares Adj 347 347 347
EPS 0,5 0,29 0,3
Dividend per share Adj 0,2 0,1 0,1
EPS Adj 0,31 0,29 0,3
BVPS 3,61 3,7 3,89
BVPS Adj 3,61 3,7 3,89
Net IB debt / share -0,1 -0,3 -0,6
Share price 2,51 3,97 3,97
Market cap. (m) 869 1377 1377
Valuation 2020 2021 2022
P/E 6,2 13,5 13,2
EV/sales 0,48 0,61 0,56
EV/EBITDA 4,9 6,2 5,6
EV/EBITA 7,5 9,3 8,5
EV/EBIT 7,5 9,3 8,5
Dividend yield (%) 6,5 3 3
FCF yield (%) 27,4 10,6 9,7
P/BVPS 0,85 1,07 1,02
P/BVPS Adj 0,85 1,07 1,02
P/E Adj 9,8 13,5 13,2
EV/EBITDA Adj 4,9 6,2 5,6
EV/EBITA Adj 7,5 9,3 8,5
EV/EBIT Adj 7,5 9,3 8,5
EV/cap. employed 0,7 0,8 0,8
Investment ratios 2020 2021 2022
Capex / sales 3 3,5 3,4
Capex / depreciation 84 102,9 102,9
Capex tangibles / tangible fixed assets 9,5 10,8 10,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,3 10,5 10,5
Lease adj. FCF yield (%) 27,4 10,6 9,7
N/A N/A N/A

Equity Research

Read earlier research

Media

Bergs Timber - Company presentation with CEO Peter Nilsson and CFO Anders Marklund
Bergs Timber - Interview with CFO Anders Marklund (in Swedish)

Main shareholders - Bergs Timber

Main shareholders Share capital % Voting shares % Verified
Norvik Hf 63.6 % 63.6 % 31 Dec 2020
Futur Pension 5.3 % 5.3 % 30 Mar 2020
Niklas Sjöfors 3.6 % 3.6 % 31 Dec 2020
Åke Bergh 3.1 % 3.1 % 31 Dec 2020
Per Anders Bendt 2.0 % 2.0 % 31 Dec 2020
Nordnet Pensionsförsäkring 1.4 % 1.4 % 31 Dec 2020
Swedbank Försäkring 1.1 % 1.1 % 31 Dec 2020
Therese Sundbye 0.7 % 0.7 % 31 Dec 2020
Íslandsbanki hf. 0.7 % 0.7 % 31 Dec 2020
Jan Stefan Edberg 0.6 % 0.6 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Bergs Timber

Name Quantity Code Date
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
Norvik hf. +170 000 000 BUY 8 Jun 2018
Patrik Larsson + 1 000 BUY 28 Feb 2018

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