Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

BTS Group

BTS Group

Implementing business strategies on a large scale

BTS offers client-tailored programmes and products to turn strategy into action for the largest companies in the world. BTS takes over when management consultants have told companies what to do, and operates in a global market. Financial targets include: 1) 20% sales growth, primarily organic, 2) a 15% EBITA margin, and 3) an equity ratio that does not fall below 50% over an extended period.

BTS operates in a global, growing and fragmented market, meaning that it has ample room for growth over a long period of time. The pace of change for large enterprises requires strategic shifts. The implementation of new strategies is thus crucial, and this is what BTS offers. The company is a leader in offering strategy implementation services and products, while only capturing less than 1% of the global market. The market for strategy implementation is expected to grow 4-5% over time.

Macro factors affect global activity for management consulting services, and therefore also strategy implementation. Volatile markets and recessions make companies less active in terms of transformation, which could affect BTS negatively. The company is also dependent on its employees, meaning that brand value and company culture are crucial.

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 3,2 3,7
Lease adj. ND/EBITDA -2,2 -2 -2,2
Sales 1940 2222 2418
Sales growth (%) 32,5 14,5 8,8
EBITDA 353 391 434
EBITDA margin (%) 18,2 17,6 18
EBIT adj 259 291 335
EBIT adj margin (%) 13,3 13,1 13,8
Pretax profit 293 275 327
EPS rep 11,33 9,97 11,84
EPS growth (%) 525,8 -12 18,8
EPS adj 10,37 11,61 13,29
DPS 4 4,98 5,92
EV/EBITDA (x) 17,2 15,2 13,4
EV/EBIT adj (x) 23,5 20,5 17,4
P/E (x) 29,7 33,7 28,4
P/E adj (x) 32,4 28,9 25,3
EV/sales (x) 3,1 2,7 2,4
FCF yield (%) 1,8 4 4,5
Dividend yield (%) 1,2 1,5 1,8
Net IB debt/EBITDA -1,1 -1,4 -1,6
SEKm 2021 2022e 2023e
Leasing payments -52 -52 -52
Depreciation and amortisation -63 -68 -71
Of which leasing depreciation -52 -52 -52
EO items 50 0 0
Impairment and PPA amortisation -31 -32 -28
EBITDA lease Adj 252 339 382
EBITDA lease Adj margin (%) 13 15,3 15,8
Sales 1940 2222 2418
COGS 0 0 0
Gross profit 1940 2222 2418
Other operating items -1587 -1831 -1983
EBITDA 353 391 434
Depreciation on tangibles -13 -16 -20
Depreciation on intangibles 0 0 0
EBITA 340 323 363
Goodwill impairment charges 0 0 0
Other impairment and amortisation -28 -25 -22
EBIT 308 291 335
Other financial items 0 0 0
Net financial items -16 -16 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 293 275 327
Tax -74 -83 -98
Net profit 219 193 229
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 219 193 229
EPS 11,33 9,97 11,84
EPS Adj 10,37 11,61 13,29
Total extraordinary items after tax 49,7 0 0
Tax rate (%) -25,3 -30 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 18,2 17,6 18
EBITA margin (%) 17,5 14,5 15
EBIT margin (%) 15,9 13,1 13,8
Pretax margin (%) 15,1 12,4 13,5
Net margin (%) 11,3 8,7 9,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 32,5 14,5 8,8
EBITDA growth (%) 127,4 10,6 11,1
EBIT growth (%) 377,4 -5,6 15
Net profit growth (%) 527,7 -12 18,8
EPS growth (%) 525,8 -12 18,8
Profitability 2021 2022 2023
ROE (%) 27,1 20 21
ROE Adj (%) 24,8 23,3 23,6
ROCE (%) 32,2 26,1 27
ROCE Adj(%) 30,3 29 29,3
ROIC (%) 40,8 37,6 44,5
ROIC Adj (%) 34,3 37,6 44,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 304 391 434
EBITDA Adj margin (%) 15,7 17,6 18
EBITA Adj 290 323 363
EBITA Adj margin (%) 14,9 14,5 15
EBIT Adj 259 291 335
EBIT Adj margin (%) 13,3 13,1 13,8
Pretax profit Adj 275 307 355
Net profit Adj 200 224 257
Net profit to shareholders Adj 200 224 257
Net Adj margin (%) 10,3 10,1 10,6
SEKm 2021 2022e 2023e
Lease liability amortisation -52 -52 -52
Other intangible assets 73 41 13
Right-of-use asset 150 150 150
Total other fixed assets 17 17 17
Leasing liability 150 150 150
Total other long-term liabilities 48 48 48
Net IB debt excl. leasing -555 -686 -833
Net IB debt / EBITDA lease Adj (%) -220,5 -202,4 -217,9
EBITDA 353 391 434
Net financial items -16 -16 -8
Paid tax -74 -83 -98
Non-cash items 0 0 0
Cash flow before change in WC 264 292 328
Change in WC -65 -6 -4
Operating cash flow 199 287 324
CAPEX tangible fixed assets -24 -27 -29
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -58 0 0
Free cash flow 117 260 295
Dividend paid -23 -77 -96
Share issues and buybacks 1 0 0
Other non cash items 184 0 0
Decrease in net IB debt -125 118 124
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 578 578 578
Indefinite intangible assets 0 0 0
Definite intangible assets 76 51 29
Tangible fixed assets 48 59 68
Other fixed assets 17 17 17
Fixed assets 866 844 826
Inventories 0 0 0
Receivables 524 600 653
Other current assets 0 0 0
Cash and liquid assets 555 686 833
Total assets 1945 2130 2312
Shareholders equity 907 1022 1154
Minority 0 0 0
Total equity 907 1022 1154
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 0 0 0
Short-term debt 0 0 0
Accounts payable 39 44 48
Other current liabilities 801 866 911
Total liabilities and equity 1945 2130 2312
Net IB debt -405 -536 -683
Net IB debt excl. pension debt -405 -536 -683
Capital invested 549 534 519
Working capital -316 -311 -307
EV breakdown 2021 2022 2023
Market cap. diluted (m) 6495 6495 6495
Net IB debt Adj -405 -536 -683
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 6090 5959 5812
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 99,4 109 108,8
Capital invested turnover (%) 312,8 362,8 401,7
Capital employed turnover (%) 193,1 192,9 189,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 22,8 21,8 22,1
Payables / sales (%) 2 1,9 1,9
Working capital / sales (%) -14,5 -14,1 -12,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -44,7 -52,5 -59,2
Net debt / market cap (%) -6,3 -8,3 -10,5
Equity ratio (%) 46,6 48 49,9
Net IB debt adj. / equity (%) -44,7 -52,5 -59,2
Current ratio (%) 124 136,7 150,1
EBITDA / net interest (%) 2280 2443,3 5428
Net IB debt / EBITDA (%) -114,6 -137,1 -157,3
Interest cover (%) 2191,1 2018,3 4535,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 3,2 3,7
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 11,33 9,97 11,84
Dividend per share Adj 4 5 5,9
EPS Adj 10,37 11,61 13,29
BVPS 46,9 52,86 59,71
BVPS Adj 13,23 20,84 29,14
Net IB debt / share -21 -27,7 -35,3
Share price 334,38 336 336
Market cap. (m) 6464 6495 6495
Valuation 2021 2022 2023
P/E 29,7 33,7 28,4
EV/sales 3,14 2,68 2,4
EV/EBITDA 17,2 15,2 13,4
EV/EBITA 17,9 18,5 16
EV/EBIT 19,7 20,5 17,4
Dividend yield (%) 1,2 1,5 1,8
FCF yield (%) 1,8 4 4,5
P/BVPS 7,16 6,36 5,63
P/BVPS Adj 25,4 16,13 11,53
P/E Adj 32,4 28,9 25,3
EV/EBITDA Adj 20 15,2 13,4
EV/EBITA Adj 21 18,5 16
EV/EBIT Adj 23,5 20,5 17,4
EV/cap. employed 5,8 5,1 4,5
Investment ratios 2021 2022 2023
Capex / sales 1,2 1,2 1,2
Capex / depreciation 210 165,9 150,5
Capex tangibles / tangible fixed assets 50,2 45,3 42,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,9 27,3 28,4

Equity research

Read earlier research

Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.6 % 40.5 % 31 Dec 2021
Stefan af Petersens 12.0 % 9.9 % 31 Dec 2021
SEB Fonder 10.7 % 7.7 % 31 Dec 2021
Nordea Fonder 9.3 % 6.6 % 31 Dec 2021
Lannebo Fonder 9.2 % 6.6 % 31 Dec 2021
Swedbank Robur Fonder 8.9 % 6.3 % 31 Dec 2021
Tredje AP-fonden 4.9 % 3.5 % 31 Dec 2021
Kayne Anderson Rudnick 3.6 % 2.6 % 31 Dec 2021
Stefan Hellberg 3.2 % 2.3 % 31 Dec 2020
Enter Fonder 2.3 % 1.6 % 31 Dec 2021
Source: Holdings by Modular Finance AB

Insider list - BTS Group

Name Quantity Code Date
Jessica Parisi - 30 600 SELL 18 Jun 2021
Jessica Parisi - 30 600 SELL 17 Jun 2021
Jessica Parisi - 1 597 SELL 27 May 2021
Philokypros andreou + 610 BUY 26 Mar 2021
Nils Henrik Ekelund - 400 000 SELL 31 Aug 2020
Joel Sigrist - 5 063 SELL 22 May 2020
Joel Sigrist - 6 SELL 20 May 2020
Joel Sigrist - 3 000 SELL 9 Mar 2020
Dag Halvar Sehlin + 16 000 BUY 21 Feb 2020
Dag Sehlin - 16 000 SELL 21 Feb 2020

Show More