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BTS Group

BTS Group

SEKm 2019 2020e 2021e
Sales 1866 2136 2322
Sales growth (%) 16,7 14,5 8,7
EBITDA 311 361 402
EBITDA margin (%) 16,7 16,9 17,3
EBIT adj 226 265 298
EBIT adj margin (%) 12,1 12,4 12,8
Pretax profit 216 256 290
EPS rep 7,8 9,34 10,57
EPS growth (%) 19,5 19,7 13,1
EPS adj 8,82 10,59 11,86
DPS 4,2 4,9 5,6
EV/EBITDA (x) 14,3 8,5 7,3
EV/EBIT adj (x) 19,8 11,6 9,9
P/E (x) 30,5 18,5 16,3
P/E adj (x) 27 16,3 14,6
EV/sales (x) 2,4 1,4 1,3
FCF yield (%) 3,9 7,2 8,2
Dividend yield (%) 1,8 2,8 3,2
Net IB debt/EBITDA -0,4 -0,8 -1
SEKm 2019 2020e 2021e
Sales 1866 2136 2322
COGS 0 0 0
Gross profit 1866 2136 2322
Other operating items -1554 -1776 -1920
EBITDA 311 361 402
Depreciation on tangibles -15 -20 -27
Depreciation on intangibles 0 0 0
EBITA 245 289 323
Goodwill impairment charges 0 0 0
Other impairment and amortisation -20 -24 -25
EBIT 226 265 298
Other financial items 0 0 0
Net financial items -10 -9 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 256 290
Tax -66 -77 -87
Net profit 150 179 203
Minority interest 1 1 1
Net profit discontinued 0 0 0
Net profit to shareholders 151 180 204
EPS 7,8 9,34 10,57
EPS Adj 8,82 10,59 11,86
Total extraordinary items after tax 0 0 0
Tax rate (%) -30,4 -30 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,7 16,9 17,3
EBITA margin (%) 13,2 13,5 13,9
EBIT margin (%) 12,1 12,4 12,8
Pretax margin (%) 11,6 12 12,5
Net margin (%) 8 8,4 8,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 16,7 14,5 8,7
EBITDA growth (%) 45,4 15,9 11,6
EBIT growth (%) 23 17,3 12,7
Net profit growth (%) 18,6 19,4 13,3
EPS growth (%) 19,5 19,7 13,1
Profitability 2019 2020 2021
ROE (%) 19,5 20,3 20,5
ROE Adj (%) 22,1 23 23,1
ROCE (%) 26,2 24,8 25,5
ROCE Adj(%) 28,5 27,1 27,6
ROIC (%) 18,9 22,5 29,6
ROIC Adj (%) 18,9 22,5 29,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 311 361 402
EBITDA Adj margin (%) 16,7 16,9 17,3
EBITA Adj 245 289 323
EBITA Adj margin (%) 13,2 13,5 13,9
EBIT Adj 226 265 298
EBIT Adj margin (%) 12,1 12,4 12,8
Pretax profit Adj 236 280 315
Net profit Adj 170 203 228
Net profit to shareholders Adj 170 204 229
Net Adj margin (%) 9,1 9,5 9,8
SEKm 2019 2020e 2021e
EBITDA 311 361 402
Net financial items -10 -9 -8
Paid tax -66 -77 -87
Non-cash items 0 0 0
Cash flow before change in WC 236 275 307
Change in WC 61 203 -6
Operating cash flow 218 291 302
CAPEX tangible fixed assets -23 -26 -28
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -14 -25 0
Free cash flow 180 240 273
Dividend paid -69 -81 -95
Share issues and buybacks 23 0 0
Other non cash items -237 212 0
Decrease in net IB debt -123 133 127
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 536 536 536
Indefinite intangible assets 0 0 0
Definite intangible assets 82 58 33
Tangible fixed assets 42 48 49
Other fixed assets 13 13 13
Fixed assets 851 833 809
Inventories 0 0 0
Receivables 514 534 581
Other current assets 187 0 0
Cash and liquid assets 316 449 576
Total assets 1869 1816 1966
Shareholders equity 840 939 1049
Minority 0 -1 -2
Total equity 840 938 1046
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 48 48 48
Other long-term liabilities 186 0 0
Short-term debt 0 0 0
Accounts payable 36 43 46
Other current liabilities 582 610 648
Total liabilities and equity 1869 1816 1966
Net IB debt -139 -272 -399
Net IB debt excl. pension debt -139 -272 -399
Capital invested 935 714 696
Working capital 83 -119 -114
EV breakdown 2019 2020 2021
Market cap. diluted (m) 4598 3338 3338
Net IB debt Adj -139 -272 -399
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 4459 3066 2940
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 109,8 115,9 122,8
Capital invested turnover (%) 224,7 259,1 329,5
Capital employed turnover (%) 216,8 200,4 198,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 21,4 19,3 19,2
Payables / sales (%) 1,9 1,8 1,9
Working capital / sales (%) 6,1 -0,8 -5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -16,6 -29 -38,1
Net debt / market cap (%) -4 -8,1 -11,9
Equity ratio (%) 44,9 51,6 53,2
Net IB debt adj. / equity (%) -16,6 -29 -38,1
Current ratio (%) 153 140,4 156
EBITDA / net interest (%) 3185,1 4242,7 5030,9
Net IB debt / EBITDA (%) -44,7 -75,4 -99,1
Interest cover (%) 2511,1 3395,6 4041
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 7,8 9,34 10,57
Dividend per share Adj 4,2 4,9 5,6
EPS Adj 8,82 10,59 11,86
BVPS 43,47 48,61 54,28
BVPS Adj 11,46 17,84 24,8
Net IB debt / share -7,2 -14,1 -20,6
Share price 177,92 172,8 172,8
Market cap. (m) 3437 3338 3338
Valuation 2019 2020 2021
P/E 30,5 18,5 16,3
EV/sales 2,39 1,44 1,27
EV/EBITDA 14,3 8,5 7,3
EV/EBITA 18,2 10,6 9,1
EV/EBIT 19,8 11,6 9,9
Dividend yield (%) 1,8 2,8 3,2
FCF yield (%) 3,9 7,2 8,2
P/BVPS 5,48 3,55 3,18
P/BVPS Adj 20,78 9,69 6,97
P/E Adj 27 16,3 14,6
EV/EBITDA Adj 14,3 8,5 7,3
EV/EBITA Adj 18,2 10,6 9,1
EV/EBIT Adj 19,8 11,6 9,9
EV/cap. employed 4,4 2,7 2,4
Investment ratios 2019 2020 2021
Capex / sales 1,3 1,2 1,2
Capex / depreciation 159,9 128,7 104,1
Capex tangibles / tangible fixed assets 55,1 53,4 57,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 34,5 41,5 55,1

Key Figure Counter

<p><span>It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

16,3

EV/EBIT

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<p>EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.</span></p>

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9,7

EV/Sales

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<p><span>EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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1,2

P/BVPS

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<div class="inner"> <p>P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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