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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 2021 2022e 2023e
Sales 759 836 880
Sales growth (%) 9,1 10,2 5,2
EBITDA 71 97 101
EBITDA margin (%) 9,4 11,6 11,4
EBIT adj 47 68 72
EBIT adj margin (%) 6,1 8,2 8,2
Pretax profit 40 64 68
EPS rep 1,71 2,67 2,83
EPS growth (%) 2,8 56,2 6,2
EPS adj 1,85 2,67 2,83
DPS 0,75 0,75 0,75
EV/EBITDA (x) 9,3 6,6 6,1
EV/EBIT adj (x) 14,2 9,4 8,4
P/E (x) 15,8 10,1 9,5
P/E adj (x) 14,6 10,1 9,5
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) 11,7 11,3 13,4
Dividend yield (%) 2,8 2,8 2,8
Net IB debt/EBITDA 2,2 1,4 1
Lease adj. FCF yield (%) 5,9 11,3 13,4
Lease adj. ND/EBITDA 0,9 0,5 0,1
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation -28 -29 -28
Of which leasing depreciation -24 -23 -21
EO items -3 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 75 97 101
EBITDA lease Adj margin (%) 9,8 11,6 11,4
Sales 759 836 880
COGS -471 -500 -534
Gross profit 288 336 346
Other operating items -217 -239 -245
EBITDA 71 97 101
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -2 -3 -3
EBITA 44 71 76
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 43 68 72
Other financial items 0 0 0
Net financial items -3 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 40 64 68
Tax -8 -14 -15
Net profit 32 50 53
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 32 50 53
EPS 1,71 2,67 2,83
EPS Adj 1,85 2,67 2,83
Total extraordinary items after tax -3,3 0 0
Tax rate (%) -20,7 -22,4 -22,4
Gross margin (%) 37,9 40,2 39,3
EBITDA margin (%) 9,4 11,6 11,4
EBITA margin (%) 5,8 8,5 8,6
EBIT margin (%) 5,7 8,2 8,2
Pretax margin (%) 5,3 7,7 7,8
Net margin (%) 4,2 6 6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 9,1 10,2 5,2
EBITDA growth (%) 10,3 35,7 3,8
EBIT growth (%) 6,2 57,7 6,2
Net profit growth (%) -0,3 56,2 6,2
EPS growth (%) 2,8 56,2 6,2
Profitability 2021 2022 2023
ROE (%) 17,3 23,6 21,3
ROE Adj (%) 19,1 23,6 21,3
ROCE (%) 9,6 13,2 13
ROCE Adj(%) 10,4 13,2 13
ROIC (%) 9,9 14,5 15
ROIC Adj (%) 10,7 14,5 15
Adj earnings numbers 2021 2022 2023
EBITDA Adj 75 97 101
EBITDA Adj margin (%) 9,8 11,6 11,4
EBITA Adj 47 71 76
EBITA Adj margin (%) 6,2 8,5 8,6
EBIT Adj 47 68 72
EBIT Adj margin (%) 6,1 8,2 8,2
Pretax profit Adj 44 64 68
Net profit Adj 35 50 53
Net profit to shareholders Adj 35 50 53
Net Adj margin (%) 4,7 6 6
SEKm 2021 2022e 2023e
EBITDA 71 97 101
Net financial items -3 -4 -4
Paid tax -8 -14 -15
Non-cash items 0 0 0
Cash flow before change in WC 60 79 81
Change in WC 7 -12 -3
Operating cash flow 67 67 79
CAPEX tangible fixed assets -8 -9 -10
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals -29 0 0
Free cash flow 31 57 68
Dividend paid -14 -14 -14
Share issues and buybacks 0 0 0
Other non cash items -57 -27 -24
Decrease in net IB debt 25 19 31
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 193 193 193
Indefinite intangible assets 0 0 0
Definite intangible assets 19 18 15
Tangible fixed assets 22 28 34
Other fixed assets 3 3 3
Fixed assets 342 345 350
Inventories 69 84 88
Receivables 84 92 97
Other current assets 12 12 12
Cash and liquid assets 117 138 170
Total assets 624 671 717
Shareholders equity 194 230 269
Minority 0 0 0
Total equity 194 230 269
Long-term debt 95 95 95
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 8 8 8
Lease liability amortisation 0 0 0
Other intangible assets 32 30 28
Right-of-use asset 92 92 93
Total other fixed assets 3 3 3
Leasing liability 91 91 91
Total other long-term liabilities 7 7 7
Net IB debt excl. leasing 67 46 14
Net IB debt / EBITDA lease Adj (%) 89,5 47,4 13,9
Other long-term liabilities 1 1 1
Short-term debt 89 89 89
Accounts payable 47 51 54
Other current liabilities 100 108 112
Total liabilities and equity 624 671 717
Net IB debt 156 135 103
Net IB debt excl. pension debt 156 135 103
Capital invested 357 372 379
Working capital 17 29 32
EV breakdown 2021 2022 2023
Market cap. diluted (m) 507 507 507
Net IB debt Adj 156 135 103
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 662 641 609
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 133,4 129,1 126,7
Capital invested turnover (%) 219,2 235,5 246,1
Capital employed turnover (%) 188,3 188,3 187,1
Inventories / sales (%) 8,8 9,2 9,6
Customer advances / sales (%) 3,1 4,2 4,1
Payables / sales (%) 6,3 5,9 5,9
Working capital / sales (%) 2,8 2,8 3,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 80,2 58,5 38,2
Net debt / market cap (%) 25,4 26,6 20,3
Equity ratio (%) 31,1 34,3 37,5
Net IB debt adj. / equity (%) 80,2 58,5 38,2
Current ratio (%) 109,2 120,9 133
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 217,9 139 102,1
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 5,9 11,3 13,4
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,71 2,67 2,83
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 1,85 2,67 2,83
BVPS 10,35 12,26 14,34
BVPS Adj -1,65 0,36 2,59
Net IB debt / share 8,4 7,3 5,6
Share price 32,72 27 27
Market cap. (m) 614 507 507
Valuation 2021 2022 2023
P/E 15,8 10,1 9,5
EV/sales 0,87 0,77 0,69
EV/EBITDA 9,3 6,6 6,1
EV/EBITA 15 9 8
EV/EBIT 15,3 9,4 8,4
Dividend yield (%) 2,8 2,8 2,8
FCF yield (%) 11,7 11,3 13,4
P/BVPS 2,61 2,2 1,88
P/BVPS Adj -16,33 74,09 10,44
P/E Adj 14,6 10,1 9,5
EV/EBITDA Adj 8,9 6,6 6,1
EV/EBITA Adj 14 9 8
EV/EBIT Adj 14,2 9,4 8,4
EV/cap. employed 1,4 1,3 1,1
Investment ratios 2021 2022 2023
Capex / sales 1,1 1,2 1,2
Capex / depreciation 179,7 164,4 150
Capex tangibles / tangible fixed assets 34,5 33 28,5
Capex intangibles / definite intangibles 2,4 2,8 3,2
Depreciation on intangibles / definite intangibles 2,6 9,1 12,7
Depreciation on tangibles / tangibles 17,2 12 10,3

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Media

Christian Berner - Company presentation with CEO Bo Söderqvist & CFO Torbjörn Gustafsson
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 2021
Concejo AB 10.3 % 6.4 % 31 Dec 2021
Cervantes Capital 10.2 % 6.4 % 31 Dec 2021
Isolde Stensdotter Berner 8.7 % 5.4 % 31 Dec 2021
Lannebo Fonder 6.1 % 3.8 % 31 Dec 2021
Ksenia Berner 4.2 % 2.7 % 31 Dec 2021
Unionen 4.0 % 2.5 % 31 Dec 2021
Protector Forsikring ASA 2.7 % 1.7 % 31 Dec 2021
Avanza Pension 2.5 % 1.6 % 31 Dec 2021
Mikael Gunnarsson 1.8 % 1.1 % 31 Dec 2021
Source: Holdings by Modular Finance AB

Insider list - Christian Berner Tech Trade

Name Quantity Code Date
Lars Gatenbeck + 7 000 BUY 10 Dec 2021
Kerstin Elisabeth Gillsbro + 1 715 BUY 9 Dec 2021
Lars Gatenbeck + 10 000 BUY 8 Dec 2021
Bo Söderqvist - 1 978 SELL 2 Dec 2021
Bo Söderqvist - 800 SELL 30 Nov 2021
Bo Söderqvist - 400 SELL 29 Nov 2021
Bo Söderqvist - 427 SELL 25 Nov 2021
Bo Söderqvist - 1 600 SELL 19 Nov 2021
Bo Söderqvist - 9 750 SELL 18 Nov 2021
Bo Söderqvist - 21 080 SELL 12 Nov 2021

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