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BTS Group

BTS Group

SEKm 2019 2020e 2021e
Sales 1866 1571 1836
Sales growth (%) 16,7 -15,8 16,9
EBITDA 311 189 312
EBITDA margin (%) 16,7 12 17
EBIT adj 226 98 213
EBIT adj margin (%) 12,1 6,3 11,6
Pretax profit 216 88 205
EPS rep 7,8 3,21 7,47
EPS growth (%) 19,5 -58,9 132,9
EPS adj 8,82 4,43 8,76
DPS 0 1,6 3,73
EV/EBITDA (x) 14,3 19,3 11,3
EV/EBIT adj (x) 19,8 37,1 16,6
P/E (x) 30,5 63 27
P/E adj (x) 27 45,6 23,1
EV/sales (x) 2,4 2,3 1,9
FCF yield (%) 3,9 3,4 5,3
Dividend yield (%) 0 0,8 1,8
Net IB debt/EBITDA -0,4 -1,3 -1,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1866 1571 1836
COGS 0 0 0
Gross profit 1866 1571 1836
Other operating items -1554 -1382 -1525
EBITDA 311 189 312
Depreciation on tangibles -15 -15 -22
Depreciation on intangibles 0 0 0
EBITA 245 122 238
Goodwill impairment charges 0 0 0
Other impairment and amortisation -20 -24 -25
EBIT 226 98 213
Other financial items 0 0 0
Net financial items -10 -10 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 88 205
Tax -66 -26 -61
Net profit 150 62 143
Minority interest 1 0 1
Net profit discontinued 0 0 0
Net profit to shareholders 151 62 144
EPS 7,8 3,21 7,47
EPS Adj 8,82 4,43 8,76
Total extraordinary items after tax 0 0 0
Tax rate (%) -30,4 -29,8 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,7 12 17
EBITA margin (%) 13,2 7,8 12,9
EBIT margin (%) 12,1 6,3 11,6
Pretax margin (%) 11,6 5,6 11,1
Net margin (%) 8 3,9 7,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 16,7 -15,8 16,9
EBITDA growth (%) 45,4 -39,2 64,7
EBIT growth (%) 23 -56,4 116,1
Net profit growth (%) 18,6 -58,7 131,1
EPS growth (%) 19,5 -58,9 132,9
Profitability 2019 2020 2021
ROE (%) 19,5 7,1 15,1
ROE Adj (%) 22,1 9,8 17,7
ROCE (%) 26,2 8,6 16
ROCE Adj(%) 28,5 10,7 17,9
ROIC (%) 18,9 8,4 21,4
ROIC Adj (%) 18,9 8,4 21,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 311 189 312
EBITDA Adj margin (%) 16,7 12 17
EBITA Adj 245 122 238
EBITA Adj margin (%) 13,2 7,8 12,9
EBIT Adj 226 98 213
EBIT Adj margin (%) 12,1 6,3 11,6
Pretax profit Adj 236 112 230
Net profit Adj 170 86 168
Net profit to shareholders Adj 170 86 169
Net Adj margin (%) 9,1 5,4 9,2
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 311 189 312
Net financial items -10 -10 -8
Paid tax -66 -26 -61
Non-cash items 0 0 0
Cash flow before change in WC 236 153 242
Change in WC -18 33 -8
Operating cash flow 218 185 234
CAPEX tangible fixed assets -23 -26 -28
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -14 -25 0
Free cash flow 180 135 206
Dividend paid -69 0 -31
Share issues and buybacks 23 0 0
Other non cash items -237 212 0
Decrease in net IB debt -123 108 123
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 536 536 536
Indefinite intangible assets 0 0 0
Definite intangible assets 82 59 34
Tangible fixed assets 42 53 59
Other fixed assets 13 13 13
Fixed assets 851 838 820
Inventories 0 0 0
Receivables 514 393 459
Other current assets 187 0 0
Cash and liquid assets 316 617 740
Total assets 1869 1848 2019
Shareholders equity 840 902 1015
Minority 0 0 -1
Total equity 840 902 1014
Long-term debt 0 193 193
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 31 37
Other current liabilities 582 497 550
Total liabilities and equity 1869 1848 2019
Net IB debt -139 -247 -370
Net IB debt excl. pension debt -139 -247 -370
Capital invested 935 702 692
Working capital 83 -136 -128
EV breakdown 2019 2020 2021
Market cap. diluted (m) 4598 3902 3902
Net IB debt Adj -139 -247 -370
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 3655 3532
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 109,8 84,5 95
Capital invested turnover (%) 224,7 191,9 263,5
Capital employed turnover (%) 216,8 137,3 138,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 21,4 22,7 18,6
Payables / sales (%) 1,9 2,1 1,9
Working capital / sales (%) 6,1 -1,7 -7,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -16,6 -27,4 -36,5
Net debt / market cap (%) -4 -6,3 -9,5
Equity ratio (%) 44,9 48,8 50,2
Net IB debt adj. / equity (%) -16,6 -27,4 -36,5
Current ratio (%) 153 175,4 189,1
EBITDA / net interest (%) 3185,1 1880,5 3894,7
Net IB debt / EBITDA (%) -44,7 -130,8 -118,9
Interest cover (%) 2511,1 1212,8 2971
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 7,8 3,21 7,47
Dividend per share Adj 0 1,6 3,7
EPS Adj 8,82 4,43 8,76
BVPS 43,47 46,67 52,54
BVPS Adj 11,46 15,88 23,04
Net IB debt / share -7,2 -12,8 -19,2
Share price 177,92 202 202
Market cap. (m) 3437 3902 3902
Valuation 2019 2020 2021
P/E 30,5 63 27
EV/sales 2,39 2,33 1,92
EV/EBITDA 14,3 19,3 11,3
EV/EBITA 18,2 30 14,9
EV/EBIT 19,8 37,1 16,6
Dividend yield (%) 0 0,8 1,8
FCF yield (%) 3,9 3,4 5,3
P/BVPS 5,48 4,33 3,84
P/BVPS Adj 20,78 12,72 8,77
P/E Adj 27 45,6 23,1
EV/EBITDA Adj 14,3 19,3 11,3
EV/EBITA Adj 18,2 30 14,9
EV/EBIT Adj 19,8 37,1 16,6
EV/cap. employed 4,4 2,9 2,6
Investment ratios 2019 2020 2021
Capex / sales 1,3 1,6 1,5
Capex / depreciation 159,9 169,6 129,3
Capex tangibles / tangible fixed assets 55,1 48,5 47,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 34,5 28,6 36,8
N/A N/A N/A

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.

27,0

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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16,3

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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1,9

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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3,8