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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 2020 2021e 2022e
Sales 1464 1762 1965
Sales growth (%) -21,5 20,3 11,6
EBITDA 155 287 348
EBITDA margin (%) 10,6 16,3 17,7
EBIT adj 65 194 255
EBIT adj margin (%) 4,4 11 12,9
Pretax profit 51 182 245
EPS rep 1,81 6,59 8,84
EPS growth (%) -76,8 263,9 34,3
EPS adj 3,14 8,05 10,14
DPS 1,2 3,29 4,42
EV/EBITDA (x) 24,1 15,8 12,7
EV/EBIT adj (x) 58,1 23,4 17,4
P/E (x) 119,9 38,1 28,4
P/E adj (x) 69,1 31,2 24,8
EV/sales (x) 2,6 2,6 2,3
FCF yield (%) 2,3 1,6 4,8
Dividend yield (%) 0,6 1,3 1,8
Net IB debt/EBITDA -2,8 -1,1 -1,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1464 1762 1965
COGS 0 0 0
Gross profit 1464 1762 1965
Other operating items -1309 -1474 -1618
EBITDA 155 287 348
Depreciation on tangibles -13 -13 -16
Depreciation on intangibles 0 0 0
EBITA 90 222 280
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -28 -25
EBIT 65 194 255
Other financial items 0 0 0
Net financial items -14 -12 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 182 245
Tax -16 -55 -73
Net profit 35 127 171
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 127 171
EPS 1,81 6,59 8,84
EPS Adj 3,14 8,05 10,14
Total extraordinary items after tax 0 0 0
Tax rate (%) -31,2 -30 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 10,6 16,3 17,7
EBITA margin (%) 6,2 12,6 14,2
EBIT margin (%) 4,4 11 12,9
Pretax margin (%) 3,5 10,3 12,4
Net margin (%) 2,4 7,2 8,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,5 20,3 11,6
EBITDA growth (%) -50,1 84,9 21
EBIT growth (%) -71,4 200,4 31,1
Net profit growth (%) -76,8 265,5 34,3
EPS growth (%) -76,8 263,9 34,3
Profitability 2020 2021 2022
ROE (%) 4,5 16,7 19,7
ROE Adj (%) 7,8 20,4 22,6
ROCE (%) 6,9 21,3 25
ROCE Adj(%) 9,6 24,4 27,4
ROIC (%) 5,9 24,1 32,9
ROIC Adj (%) 5,9 24,1 32,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 155 287 348
EBITDA Adj margin (%) 10,6 16,3 17,7
EBITA Adj 90 222 280
EBITA Adj margin (%) 6,2 12,6 14,2
EBIT Adj 65 194 255
EBIT Adj margin (%) 4,4 11 12,9
Pretax profit Adj 76 210 270
Net profit Adj 61 156 196
Net profit to shareholders Adj 61 156 196
Net Adj margin (%) 4,1 8,8 10
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 155 287 348
Net financial items -14 -12 -10
Paid tax -16 -55 -73
Non-cash items 0 0 0
Cash flow before change in WC 126 221 264
Change in WC 116 -61 -4
Operating cash flow 242 160 260
CAPEX tangible fixed assets -22 -24 -27
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -126 -58 0
Free cash flow 94 77 234
Dividend paid -70 -23 -64
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 47 57
Other fixed assets 17 17 17
Fixed assets 826 867 852
Inventories 0 0 0
Receivables 409 476 531
Other current assets 134 0 0
Cash and liquid assets 591 466 584
Total assets 1960 1809 1967
Shareholders equity 710 815 923
Minority 0 0 0
Total equity 710 815 923
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 35 39
Other current liabilities 754 760 807
Total liabilities and equity 1960 1809 1967
Net IB debt -441 -316 -434
Net IB debt excl. pension debt -441 -316 -434
Capital invested 579 547 536
Working capital -247 -320 -316
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4192 4857 4857
Net IB debt Adj -441 -316 -434
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 4541 4423
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 76,5 93,5 104,1
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 -16,1 -16,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -62,1 -38,8 -47,1
Net debt / market cap (%) -11 -6,5 -8,9
Equity ratio (%) 36,2 45,1 46,9
Net IB debt adj. / equity (%) -62,1 -38,8 -47,1
Current ratio (%) 138,3 114,1 127,2
EBITDA / net interest (%) 1117,6 2395,4 3477,3
Net IB debt / EBITDA (%) -283,8 -109,9 -124,8
Interest cover (%) 649,3 1853,9 2795
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,81 6,59 8,84
Dividend per share Adj 1,2 3,3 4,4
EPS Adj 3,14 8,05 10,14
BVPS 36,75 42,12 47,67
BVPS Adj 4,45 8,34 15,19
Net IB debt / share -22,8 -16,3 -22,4
Share price 208,51 251 251
Market cap. (m) 4028 4857 4857
Valuation 2020 2021 2022
P/E 119,9 38,1 28,4
EV/sales 2,56 2,58 2,25
EV/EBITDA 24,1 15,8 12,7
EV/EBITA 41,5 20,4 15,8
EV/EBIT 58,1 23,4 17,4
Dividend yield (%) 0,6 1,3 1,8
FCF yield (%) 2,3 1,6 4,8
P/BVPS 5,91 5,96 5,26
P/BVPS Adj 48,81 30,09 16,53
P/E Adj 69,1 31,2 24,8
EV/EBITDA Adj 24,1 15,8 12,7
EV/EBITA Adj 41,5 20,4 15,8
EV/EBIT Adj 58,1 23,4 17,4
EV/cap. employed 4,4 4,7 4,1
Investment ratios 2020 2021 2022
Capex / sales 1,5 1,4 1,4
Capex / depreciation 167,1 185,9 163,5
Capex tangibles / tangible fixed assets 62 51,9 46,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 37,1 27,9 28,6
N/A N/A N/A

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 18.7 % 40.5 % 31 Aug 2020
Stefan af Petersens 12.1 % 9.9 % 31 Dec 2020
Nordea Fonder 11.2 % 8.0 % 31 Dec 2020
Lannebo Fonder 8.5 % 6.1 % 31 Jan 2021
Swedbank Robur Fonder 8.5 % 6.1 % 31 Dec 2020
SEB Fonder 8.0 % 5.7 % 31 Jan 2021
Kayne Anderson Rudnick 5.0 % 3.5 % 29 Oct 2020
Tredje AP-fonden 4.9 % 3.5 % 31 Dec 2020
Stefan Hellberg 3.2 % 2.3 % 30 Jun 2020
AMF Pension & Fonder 2.0 % 1.5 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - BTS Group

Name Quantity Code Date
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
Joel Sigrist - 1 400 SELL 23 Aug 2019
Stefan Brown + 3 000 BUY 20 Jun 2019
Philokypros andreou + 6 500 BUY 19 Jun 2019
Philokypros andreou + 9 469 BUY 12 Mar 2019

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