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BTS Group

BTS Group

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1 0,6 3
Lease adj. ND/EBITDA -5,7 -1,9 -1,9
Sales 1464 1820 2031
Sales growth (%) -21,5 24,3 11,6
EBITDA 155 306 358
EBITDA margin (%) 10,6 16,8 17,6
EBIT adj 65 214 267
EBIT adj margin (%) 4,4 11,8 13,1
Pretax profit 51 201 257
EPS rep 1,81 7,28 9,3
EPS growth (%) -76,8 302,3 27,7
EPS adj 3,14 8,77 10,59
DPS 1,2 3,64 4,65
EV/EBITDA (x) 24,1 19,1 16
EV/EBIT adj (x) 58,1 27,3 21,5
P/E (x) 119,9 43,9 34,4
P/E adj (x) 69,1 36,5 30,2
EV/sales (x) 2,6 3,2 2,8
FCF yield (%) 2,3 1,4 3,9
Dividend yield (%) 0,6 1,1 1,5
Net IB debt/EBITDA -2,8 -1,1 -1,2
SEKm 2020 2021e 2022e
Leasing payments -52 -52 -52
Depreciation and amortisation -65 -63 -66
Of which leasing depreciation -52 -52 -52
EO items 0 0 0
Impairment and PPA amortisation -26 -29 -25
EBITDA lease Adj 103 254 306
EBITDA lease Adj margin (%) 7,1 14 15
Sales 1464 1820 2031
COGS 0 0 0
Gross profit 1464 1820 2031
Other operating items -1309 -1514 -1674
EBITDA 155 306 358
Depreciation on tangibles -13 -13 -16
Depreciation on intangibles 0 0 0
EBITA 90 243 292
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -28 -25
EBIT 65 214 267
Other financial items 0 0 0
Net financial items -14 -13 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 201 257
Tax -16 -61 -77
Net profit 35 141 180
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 141 180
EPS 1,81 7,28 9,3
EPS Adj 3,14 8,77 10,59
Total extraordinary items after tax 0 0 0
Tax rate (%) -31,2 -30,2 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 10,6 16,8 17,6
EBITA margin (%) 6,2 13,4 14,4
EBIT margin (%) 4,4 11,8 13,1
Pretax margin (%) 3,5 11,1 12,6
Net margin (%) 2,4 7,7 8,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,5 24,3 11,6
EBITDA growth (%) -50,1 96,9 16,9
EBIT growth (%) -71,4 231,7 24,4
Net profit growth (%) -76,8 303,4 27,7
EPS growth (%) -76,8 302,3 27,7
Profitability 2020 2021 2022
ROE (%) 4,5 18,3 20,3
ROE Adj (%) 7,8 22 23,2
ROCE (%) 6,9 23,3 25,8
ROCE Adj(%) 9,6 26,5 28,2
ROIC (%) 5,9 26,5 34,2
ROIC Adj (%) 5,9 26,5 34,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 155 306 358
EBITDA Adj margin (%) 10,6 16,8 17,6
EBITA Adj 90 243 292
EBITA Adj margin (%) 6,2 13,4 14,4
EBIT Adj 65 214 267
EBIT Adj margin (%) 4,4 11,8 13,1
Pretax profit Adj 76 230 282
Net profit Adj 61 169 205
Net profit to shareholders Adj 61 169 205
Net Adj margin (%) 4,1 9,3 10,1
SEKm 2020 2021e 2022e
Lease liability amortisation -52 -52 -52
Other intangible assets 75 75 50
Right-of-use asset 150 150 150
Total other fixed assets 17 17 17
Leasing liability 150 150 150
Total other long-term liabilities 311 48 48
Net IB debt excl. leasing -591 -476 -594
Net IB debt / EBITDA lease Adj (%) -571,6 -187,6 -194,4
EBITDA 155 306 358
Net financial items -14 -13 -10
Paid tax -16 -61 -77
Non-cash items 0 0 0
Cash flow before change in WC 126 232 271
Change in WC 116 -62 -4
Operating cash flow 242 170 266
CAPEX tangible fixed assets -22 -24 -27
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -126 -58 0
Free cash flow 94 88 240
Dividend paid -70 -23 -70
Share issues and buybacks 0 1 0
Other non cash items 81 134 0
Decrease in net IB debt 302 -125 118
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 549 578 578
Indefinite intangible assets 0 0 0
Definite intangible assets 75 76 51
Tangible fixed assets 35 49 61
Other fixed assets 17 17 17
Fixed assets 826 869 856
Inventories 0 0 0
Receivables 409 491 548
Other current assets 134 0 0
Cash and liquid assets 591 476 594
Total assets 1960 1836 1999
Shareholders equity 710 828 938
Minority 0 0 0
Total equity 710 828 938
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 263 0 0
Short-term debt 0 0 0
Accounts payable 36 36 41
Other current liabilities 754 774 822
Total liabilities and equity 1960 1836 1999
Net IB debt -441 -326 -444
Net IB debt excl. pension debt -441 -326 -444
Capital invested 579 550 542
Working capital -247 -319 -315
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4192 6182 6182
Net IB debt Adj -441 -326 -444
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 3751 5855 5738
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 76,5 95,9 105,9
Capital invested turnover (%) 193,4 312,8 362,8
Capital employed turnover (%) 156 193,1 192,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 27,2 22,8 21,8
Payables / sales (%) 2,4 2 1,9
Working capital / sales (%) -5,6 -15,5 -15,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -62,1 -39,4 -47,4
Net debt / market cap (%) -11 -5,3 -7,2
Equity ratio (%) 36,2 45,1 46,9
Net IB debt adj. / equity (%) -62,1 -39,4 -47,4
Current ratio (%) 138,3 115,2 127,9
EBITDA / net interest (%) 1117,6 2376,5 3576
Net IB debt / EBITDA (%) -283,8 -106,7 -124,1
Interest cover (%) 649,3 1887,9 2915,4
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1 0,6 3
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,81 7,28 9,3
Dividend per share Adj 1,2 3,6 4,6
EPS Adj 3,14 8,77 10,59
BVPS 36,75 42,88 48,53
BVPS Adj 4,45 9,06 16,01
Net IB debt / share -22,8 -16,9 -23
Share price 208,51 320 320
Market cap. (m) 4028 6182 6182
Valuation 2020 2021 2022
P/E 119,9 43,9 34,4
EV/sales 2,56 3,22 2,82
EV/EBITDA 24,1 19,1 16
EV/EBITA 41,5 24,1 19,7
EV/EBIT 58,1 27,3 21,5
Dividend yield (%) 0,6 1,1 1,5
FCF yield (%) 2,3 1,4 3,9
P/BVPS 5,91 7,46 6,59
P/BVPS Adj 48,81 35,31 19,99
P/E Adj 69,1 36,5 30,2
EV/EBITDA Adj 24,1 19,1 16
EV/EBITA Adj 41,5 24,1 19,7
EV/EBIT Adj 58,1 27,3 21,5
EV/cap. employed 4,4 6 5,3
Investment ratios 2020 2021 2022
Capex / sales 1,5 1,3 1,3
Capex / depreciation 167,1 221,1 188,8
Capex tangibles / tangible fixed assets 62 49,6 43,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 37,1 22,5 23

Key Figure Counter

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.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

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. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

34,4

EV/EBIT

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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 total cash and cash equivalents. 

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.

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21,1

EV/Sales

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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 total cash and cash equivalents. S is the company's total sales.

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2,8

P/BVPS

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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.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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6,5