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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 695 740 802
Sales growth (%) -1,4 6,5 8,3
EBITDA 65 77 91
EBITDA margin (%) 9,3 10,4 11,4
EBIT adj 41 53 65
EBIT adj margin (%) 5,9 7,2 8,1
Pretax profit 41 52 62
EPS rep 1,66 2,14 2,55
EPS growth (%) -18,2 29 18,9
EPS adj 1,66 2,06 2,55
DPS 0,75 0,75 0,75
EV/EBITDA (x) 9,7 10,3 8,5
EV/EBIT adj (x) 15,4 14,9 11,9
P/E (x) 15,5 15,5 13,1
P/E adj (x) 15,6 16,2 13,1
EV/sales (x) 0,9 1,1 1
FCF yield (%) 11,9 10 8,6
Dividend yield (%) 2,9 2,3 2,3
Net IB debt/EBITDA 2,2 2,2 1,7
Lease adj. FCF yield (%) 4,8 6 8,6
Lease adj. ND/EBITDA 0,8 1,1 0,7
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Depreciation and amortisation -24 -24 -26
Of which leasing depreciation -19 -19 -20
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 77 91
EBITDA lease Adj margin (%) 9,3 10,4 11,4
Sales 695 740 802
COGS -425 -444 -481
Gross profit 270 297 320
Other operating items -205 -219 -229
EBITDA 65 77 91
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -1 -2 -3
EBITA 42 55 68
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 41 53 65
Other financial items 1 0 0
Net financial items 0 -2 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 41 52 62
Tax -9 -12 -14
Net profit 32 40 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 32 40 48
EPS 1,66 2,14 2,55
EPS Adj 1,66 2,06 2,55
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,4 -22,3 -22,4
Gross margin (%) 38,8 40,1 40
EBITDA margin (%) 9,3 10,4 11,4
EBITA margin (%) 6,1 7,4 8,5
EBIT margin (%) 5,9 7,2 8,1
Pretax margin (%) 5,9 7 7,7
Net margin (%) 4,6 5,4 6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,4 6,5 8,3
EBITDA growth (%) -9,3 19,1 18
EBIT growth (%) -20,2 31,2 22
Net profit growth (%) -15,1 25,2 18,9
EPS growth (%) -18,2 29 18,9
Profitability 2020 2021 2022
ROE (%) 19,5 21,2 21,8
ROE Adj (%) 19,5 21,2 21,8
ROCE (%) 12,4 12,9 13,8
ROCE Adj(%) 12,4 12,9 13,8
ROIC (%) 10,5 11,6 13
ROIC Adj (%) 10,5 11,6 13
Adj earnings numbers 2020 2021 2022
EBITDA Adj 65 77 91
EBITDA Adj margin (%) 9,3 10,4 11,4
EBITA Adj 42 55 68
EBITA Adj margin (%) 6,1 7,4 8,5
EBIT Adj 41 53 65
EBIT Adj margin (%) 5,9 7,2 8,1
Pretax profit Adj 41 52 62
Net profit Adj 32 40 48
Net profit to shareholders Adj 32 40 48
Net Adj margin (%) 4,6 5,4 6
SEKm 2020 2021e 2022e
EBITDA 65 77 91
Net financial items 0 -2 -4
Paid tax -17 -12 -14
Non-cash items 0 0 0
Cash flow before change in WC 48 64 74
Change in WC 15 7 -10
Operating cash flow 63 71 63
CAPEX tangible fixed assets -5 -8 -9
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals -34 -25 0
Free cash flow 23 37 54
Dividend paid -11 -14 -14
Share issues and buybacks 0 0 0
Other non cash items -97 -75 -24
Decrease in net IB debt -71 25 19
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 180 187 187
Indefinite intangible assets 0 0 0
Definite intangible assets 20 19 18
Tangible fixed assets 18 66 71
Other fixed assets 1 3 3
Fixed assets 311 368 372
Inventories 62 67 80
Receivables 78 82 88
Other current assets 12 11 12
Cash and liquid assets 49 53 72
Total assets 513 582 624
Shareholders equity 176 202 236
Minority 0 0 0
Total equity 176 202 236
Long-term debt 0 45 45
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 14 8 8
Lease liability amortisation 0 0 0
Other intangible assets 20 20 18
Right-of-use asset 93 93 93
Total other fixed assets 1 3 3
Leasing liability 94 92 92
Total other long-term liabilities 16 9 9
Net IB debt excl. leasing 51 81 62
Net IB debt / EBITDA lease Adj (%) 78,7 105 67,8
Other long-term liabilities 1 1 1
Short-term debt 100 89 89
Accounts payable 46 46 49
Other current liabilities 81 99 104
Total liabilities and equity 513 582 624
Net IB debt 145 171 151
Net IB debt excl. pension debt 145 171 151
Capital invested 336 382 397
Working capital 25 16 27
EV breakdown 2020 2021 2022
Market cap. diluted (m) 484 625 625
Net IB debt Adj 145 171 151
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 629 795 776
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 148,2 135,2 132,9
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 84,4 64,2
Net debt / market cap (%) 33,7 27,3 24,2
Equity ratio (%) 34,3 34,8 37,8
Net IB debt adj. / equity (%) 82 84,4 64,2
Current ratio (%) 81,1 87,5 99,7
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 223,2 221,3 166,3
Interest cover (%) 0 0 0
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,8 6 8,6
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,66 2,14 2,55
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 1,66 2,06 2,55
BVPS 9,39 10,78 12,58
BVPS Adj -1,26 -0,24 1,66
Net IB debt / share 7,7 9,2 8,2
Share price 22,86 33,3 33,3
Market cap. (m) 429 625 625
Valuation 2020 2021 2022
P/E 15,5 15,5 13,1
EV/sales 0,9 1,07 0,97
EV/EBITDA 9,7 10,3 8,5
EV/EBITA 14,9 14,5 11,4
EV/EBIT 15,4 14,9 11,9
Dividend yield (%) 2,9 2,3 2,3
FCF yield (%) 11,9 10 8,6
P/BVPS 2,75 3,09 2,65
P/BVPS Adj -20,48 -139,49 20,11
P/E Adj 15,6 16,2 13,1
EV/EBITDA Adj 9,7 10,3 8,5
EV/EBITA Adj 14,9 14,5 11,4
EV/EBIT Adj 15,4 14,9 11,9
EV/cap. employed 1,7 1,9 1,7
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 112 195 164,4
Capex tangibles / tangible fixed assets 26,7 12,4 12,4
Capex intangibles / definite intangibles 2,9 3,8 4,5
Depreciation on intangibles / definite intangibles 7,2 6,5 14,8
Depreciation on tangibles / tangibles 18,6 5 4,5

Equity research

Read earlier research

Media

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 Mar 2021
Concejo AB 10.3 % 6.4 % 31 Mar 2021
Cervantes Capital 10.0 % 6.3 % 18 Mar 2021
Isolde Stensdotter Berner 8.7 % 5.4 % 31 Mar 2021
Lannebo Fonder 6.1 % 3.8 % 31 Mar 2021
Ksenia Berner 4.3 % 2.7 % 3 Feb 2021
Unionen 4.0 % 2.5 % 31 Mar 2021
Protector Forsikring ASA 3.6 % 2.2 % 31 Mar 2021
Avanza Pension 1.6 % 1.0 % 31 Mar 2021
Bo Söderqvist 1.2 % 0.8 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Christian Berner Tech Trade

Name Quantity Code Date
Torbjörn Gustafsson + 1 000 BUY 4 May 2021
Carl Adam Rosenblad + 1 476 BUY 3 May 2021
Carl Adam Rosenblad + 8 524 BUY 30 Apr 2021
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

Show More