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Christian Berner Tech Trade

Christian Berner Tech Trade

Christian Berner Tech Trade is a Nordic-based tech trading company founded in 1887. It owns and develops B2B businesses within the processing, construction and engineering industries. CBTT currently holds eleven different companies, acquired since 2007. The group's operations are primarily focusing on filter technology, instrument & analysis, plants, machines & components, technical plastics, filling machines & products and packaging.

With an increased demand for sustainable solutions, customers strive to structure their value chain and focus on core business. Rebound in the Norwegian segment, better leverage of the current sales force. And also value-added acquisitions.

Lower activity in the construction and manufacturer industry, difficulties in improving the Norwegian operation, acquisition integration issues, inflated acquisitions multiples.

SEKm 2020 2021e 2022e
Sales 695 732 798
Sales growth (%) -1,4 5,3 9,1
EBITDA 65 82 90
EBITDA margin (%) 9,3 11,1 11,3
EBIT adj 41 58 65
EBIT adj margin (%) 5,9 7,9 8,1
Pretax profit 41 55 61
EPS rep 1,66 2,27 2,54
EPS growth (%) -18,2 36,7 12
EPS adj 1,66 2,27 2,54
DPS 0,75 0,75 0,75
EV/EBITDA (x) 9,7 8,9 7,8
EV/EBIT adj (x) 15,4 12,6 11
P/E (x) 15,5 14,3 12,8
P/E adj (x) 15,6 14,3 12,8
EV/sales (x) 0,9 1 0,9
FCF yield (%) 11,9 10,9 8,7
Dividend yield (%) 2,9 2,3 2,3
Net IB debt/EBITDA 2,2 1,4 1,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 695 732 798
COGS -425 -436 -480
Gross profit 270 296 319
Other operating items -205 -214 -228
EBITDA 65 82 90
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -1 -2 -3
EBITA 42 59 67
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 41 58 65
Other financial items 1 0 0
Net financial items 0 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 41 55 61
Tax -9 -12 -14
Net profit 32 43 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 32 43 48
EPS 1,66 2,27 2,54
EPS Adj 1,66 2,27 2,54
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,4 -22,4 -22,4
Gross margin (%) 38,8 40,4 39,9
EBITDA margin (%) 9,3 11,1 11,3
EBITA margin (%) 6,1 8,1 8,4
EBIT margin (%) 5,9 7,9 8,1
Pretax margin (%) 5,9 7,5 7,7
Net margin (%) 4,6 5,8 6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,4 5,3 9,1
EBITDA growth (%) -9,3 25,9 10,9
EBIT growth (%) -20,2 42 11,9
Net profit growth (%) -15,1 32,6 12
EPS growth (%) -18,2 36,7 12
Profitability 2020 2021 2022
ROE (%) 19,5 22,4 21,5
ROE Adj (%) 19,5 22,4 21,5
ROCE (%) 12,4 14,1 14,5
ROCE Adj(%) 12,4 14,1 14,5
ROIC (%) 10,5 13,4 14,8
ROIC Adj (%) 10,5 13,4 14,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 65 82 90
EBITDA Adj margin (%) 9,3 11,1 11,3
EBITA Adj 42 59 67
EBITA Adj margin (%) 6,1 8,1 8,4
EBIT Adj 41 58 65
EBIT Adj margin (%) 5,9 7,9 8,1
Pretax profit Adj 41 55 61
Net profit Adj 32 43 48
Net profit to shareholders Adj 32 43 48
Net Adj margin (%) 4,6 5,8 6
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 65 82 90
Net financial items 0 -3 -3
Paid tax -17 -12 -14
Non-cash items 0 0 0
Cash flow before change in WC 48 66 73
Change in WC 15 9 -11
Operating cash flow 63 76 63
CAPEX tangible fixed assets -5 -8 -9
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals -34 0 0
Free cash flow 23 67 53
Dividend paid -11 -14 -14
Share issues and buybacks 0 0 0
Other non cash items -97 -26 -24
Decrease in net IB debt -71 25 19
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 180 180 180
Indefinite intangible assets 0 0 0
Definite intangible assets 20 19 18
Tangible fixed assets 18 23 29
Other fixed assets 1 3 3
Fixed assets 311 318 322
Inventories 62 67 80
Receivables 78 81 88
Other current assets 12 11 12
Cash and liquid assets 49 82 101
Total assets 513 560 603
Shareholders equity 176 205 238
Minority 0 0 0
Total equity 176 205 238
Long-term debt 0 22 22
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 14 8 8
Other long-term liabilities 1 1 1
Short-term debt 100 89 89
Accounts payable 46 45 49
Other current liabilities 81 98 104
Total liabilities and equity 513 560 603
Net IB debt 145 118 99
Net IB debt excl. pension debt 145 118 99
Capital invested 336 332 346
Working capital 25 16 27
EV breakdown 2020 2021 2022
Market cap. diluted (m) 484 610 610
Net IB debt Adj 145 118 99
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 629 727 709
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 148,2 136,5 137,3
Capital invested turnover (%) 229,1 219,2 235,5
Capital employed turnover (%) 211 188,3 188,3
Inventories / sales (%) 9,2 8,8 9,2
Customer advances / sales (%) 3,2 3,1 4,2
Payables / sales (%) 6,4 6,3 5,9
Working capital / sales (%) 4 2,8 2,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 82 57,5 41,5
Net debt / market cap (%) 33,7 19,3 16,2
Equity ratio (%) 34,3 36,6 39,5
Net IB debt adj. / equity (%) 82 57,5 41,5
Current ratio (%) 81,1 99,4 111,1
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 223,2 144,5 109,3
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,66 2,27 2,54
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 1,66 2,27 2,54
BVPS 9,39 10,91 12,7
BVPS Adj -1,26 0,3 2,19
Net IB debt / share 7,7 6,4 5,4
Share price 22,86 32,5 32,5
Market cap. (m) 429 610 610
Valuation 2020 2021 2022
P/E 15,5 14,3 12,8
EV/sales 0,9 0,99 0,89
EV/EBITDA 9,7 8,9 7,8
EV/EBITA 14,9 12,3 10,5
EV/EBIT 15,4 12,6 11
Dividend yield (%) 2,9 2,3 2,3
FCF yield (%) 11,9 10,9 8,7
P/BVPS 2,75 2,98 2,56
P/BVPS Adj -20,48 107,34 14,82
P/E Adj 15,6 14,3 12,8
EV/EBITDA Adj 9,7 8,9 7,8
EV/EBITA Adj 14,9 12,3 10,5
EV/EBIT Adj 15,4 12,6 11
EV/cap. employed 1,7 1,8 1,6
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 112 183,7 164,4
Capex tangibles / tangible fixed assets 26,7 35 30,7
Capex intangibles / definite intangibles 2,9 3,8 4,5
Depreciation on intangibles / definite intangibles 7,2 7,9 15
Depreciation on tangibles / tangibles 18,6 14,1 11,2
N/A N/A N/A

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Christian Berner Tech Trade - Company presentation with CEO Bo Söderqvist

Main shareholders - Christian Berner Tech Trade

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 23.7 % 52.3 % 31 Dec 2020
Concejo AB 10.3 % 6.4 % 5 Feb 2021
Cervantes Capital 9.2 % 5.7 % 17 Feb 2021
Isolde Stensdotter Berner 8.7 % 5.4 % 31 Dec 2020
Lannebo Fonder 8.2 % 5.1 % 31 Dec 2020
Ksenia Berner 4.3 % 2.7 % 3 Feb 2021
Unionen 4.0 % 2.5 % 31 Dec 2020
Protector Forsikring ASA 3.6 % 2.2 % 31 Dec 2020
Avanza Pension 2.3 % 1.5 % 31 Dec 2020
Bo Söderqvist 1.2 % 0.8 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Christian Berner Tech Trade

Name Quantity Code Date
Hans Lindqvist + 2 000 BUY 28 Apr 2020
Bo Söderqvist + 10 000 BUY 23 Apr 2020
Hans Lindqvist + 2 000 BUY 12 Jun 2018
Bo Söderqvist + 10 000 BUY 15 May 2018
Bo Söderqvist + 5 000 BUY 11 May 2018
Kerstin Elisabeth Gillsbro + 5 300 BUY 11 May 2018
Bo Söderqvist + 5 000 BUY 9 May 2018
Lars Gatenbeck + 5 000 BUY 8 May 2018
Christian Berner Invest Aktiebolag -8 214 651 SELL 23 Feb 2018
Gårdaverken AB +1 027 195 * 23 Feb 2018

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