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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 2019 2020e 2021e
Sales 1866 1821 2043
Sales growth (%) 16,7 -2,4 12,2
EBITDA 311 212 350
EBITDA margin (%) 16,7 11,7 17,1
EBIT adj 226 122 251
EBIT adj margin (%) 12,1 6,7 12,3
Pretax profit 216 114 243
EPS rep 7,8 4,15 8,84
EPS growth (%) 19,5 -46,8 112,9
EPS adj 8,82 5,35 10,14
DPS 0 2,08 4,42
EV/EBITDA (x) 14,3 17,4 10,2
EV/EBIT adj (x) 19,8 30,3 14,2
P/E (x) 30,5 49,2 23,1
P/E adj (x) 27 38,2 20,2
EV/sales (x) 2,4 2 1,7
FCF yield (%) 3,9 3,7 5,9
Dividend yield (%) 0 1 2,2
Net IB debt/EBITDA -0,4 -1,2 -1,1
SEKm 2019 2020e 2021e
Sales 1866 1821 2043
COGS 0 0 0
Gross profit 1866 1821 2043
Other operating items -1554 -1609 -1693
EBITDA 311 212 350
Depreciation on tangibles -15 -15 -22
Depreciation on intangibles 0 0 0
EBITA 245 145 276
Goodwill impairment charges 0 0 0
Other impairment and amortisation -20 -23 -25
EBIT 226 122 251
Other financial items 0 0 0
Net financial items -10 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 114 243
Tax -66 -34 -73
Net profit 150 80 170
Minority interest 1 1 1
Net profit discontinued 0 0 0
Net profit to shareholders 151 80 171
EPS 7,8 4,15 8,84
EPS Adj 8,82 5,35 10,14
Total extraordinary items after tax 0 0 0
Tax rate (%) -30,4 -30 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 16,7 11,7 17,1
EBITA margin (%) 13,2 8 13,5
EBIT margin (%) 12,1 6,7 12,3
Pretax margin (%) 11,6 6,2 11,9
Net margin (%) 8 4,4 8,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 16,7 -2,4 12,2
EBITDA growth (%) 45,4 -31,7 64,7
EBIT growth (%) 23 -46 105,6
Net profit growth (%) 18,6 -46,9 113
EPS growth (%) 19,5 -46,8 112,9
Profitability 2019 2020 2021
ROE (%) 19,5 9,1 17,3
ROE Adj (%) 22,1 11,7 19,9
ROCE (%) 26,2 11,2 20,3
ROCE Adj(%) 28,5 13,3 22,3
ROIC (%) 18,9 10,4 24,9
ROIC Adj (%) 18,9 10,4 24,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 311 212 350
EBITDA Adj margin (%) 16,7 11,7 17,1
EBITA Adj 245 145 276
EBITA Adj margin (%) 13,2 8 13,5
EBIT Adj 226 122 251
EBIT Adj margin (%) 12,1 6,7 12,3
Pretax profit Adj 236 137 268
Net profit Adj 170 103 195
Net profit to shareholders Adj 170 103 196
Net Adj margin (%) 9,1 5,6 9,5
SEKm 2019 2020e 2021e
EBITDA 311 212 350
Net financial items -10 -8 -8
Paid tax -66 -34 -73
Non-cash items 0 0 0
Cash flow before change in WC 236 170 269
Change in WC 61 212 -7
Operating cash flow 218 195 262
CAPEX tangible fixed assets -23 -26 -28
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -14 -25 0
Free cash flow 180 145 234
Dividend paid -69 0 -40
Share issues and buybacks 23 0 0
Other non cash items -237 212 0
Decrease in net IB debt -123 118 142
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 851 839 820
Inventories 0 0 0
Receivables 514 455 511
Other current assets 187 0 0
Cash and liquid assets 316 507 649
Total assets 1869 1801 1980
Shareholders equity 840 920 1051
Minority 0 -1 -2
Total equity 840 919 1049
Long-term debt 0 73 73
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 36 41
Other current liabilities 582 547 592
Total liabilities and equity 1869 1801 1980
Net IB debt -139 -257 -399
Net IB debt excl. pension debt -139 -257 -399
Capital invested 935 710 698
Working capital 83 -129 -122
EV breakdown 2019 2020 2021
Market cap. diluted (m) 4598 3951 3951
Net IB debt Adj -139 -257 -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 3693 3551
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 109,8 99,3 108,1
Capital invested turnover (%) 224,7 221,5 290,2
Capital employed turnover (%) 216,8 166,6 165,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 21,4 21 18,9
Payables / sales (%) 1,9 2 1,9
Working capital / sales (%) 6,1 -1,2 -6,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -16,6 -28 -38,1
Net debt / market cap (%) -4 -6,5 -10,1
Equity ratio (%) 44,9 51 53
Net IB debt adj. / equity (%) -16,6 -28 -38,1
Current ratio (%) 153 152,5 170,6
EBITDA / net interest (%) 3185,1 2636,2 4372,1
Net IB debt / EBITDA (%) -44,7 -121,2 -114,2
Interest cover (%) 2511,1 1799,7 3445,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 7,8 4,15 8,84
Dividend per share Adj 0 2,1 4,4
EPS Adj 8,82 5,35 10,14
BVPS 43,47 47,62 54,39
BVPS Adj 11,46 16,81 24,87
Net IB debt / share -7,2 -13,3 -20,7
Share price 177,92 204,5 204,5
Market cap. (m) 3437 3951 3951
Valuation 2019 2020 2021
P/E 30,5 49,2 23,1
EV/sales 2,39 2,03 1,74
EV/EBITDA 14,3 17,4 10,2
EV/EBITA 18,2 25,5 12,9
EV/EBIT 19,8 30,3 14,2
Dividend yield (%) 0 1 2,2
FCF yield (%) 3,9 3,7 5,9
P/BVPS 5,48 4,29 3,76
P/BVPS Adj 20,78 12,17 8,22
P/E Adj 27 38,2 20,2
EV/EBITDA Adj 14,3 17,4 10,2
EV/EBITA Adj 18,2 25,5 12,9
EV/EBIT Adj 19,8 30,3 14,2
EV/cap. employed 4,4 3,2 2,7
Investment ratios 2019 2020 2021
Capex / sales 1,3 1,4 1,4
Capex / depreciation 159,9 167,1 127,9
Capex tangibles / tangible fixed assets 55,1 48,8 48
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 34,5 29,2 37,5

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Main shareholders - BTS Group

Main shareholders Share capital % Voting shares % Verified
Henrik Ekelund 20.7 % 42.0 % 30 Sep 2019
Stefan af Petersens 12.1 % 9.9 % 31 Mar 2020
Nordea Fonder 11.7 % 8.4 % 31 May 2020
Swedbank Robur Fonder 9.7 % 6.9 % 31 May 2020
Lannebo Fonder 7.5 % 5.4 % 31 May 2020
SEB Fonder 4.9 % 3.5 % 31 May 2020
Tredje AP-fonden 4.9 % 3.5 % 31 Mar 2020
Stefan Hellberg 3.2 % 2.3 % 30 Sep 2019
Fjärde AP-fonden 2.6 % 1.9 % 31 Mar 2020
AMF Försäkring & Fonder 1.9 % 1.3 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - BTS Group

Name Quantity Code Date
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
Joel Sigrist + 9 469 BUY 12 Mar 2019

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